Healthcare Financial Management and Economics Week 7 Assignment – NorthWest Medical Center

Assignment: Developing Financial Statements

All organizations, including those in the healthcare industry, need to make money to be profitable and survive. Financial statements, such as balance sheets, profit and loss statements, and cash flow statements, summarize this profitability and an organization’s overall financial status. For this Assignment, you practice developing three key financial statements using data from the NorthWest Medical Center.

NorthWest Medical Center

North Medical Center is a large NorthWestern acute care and ambulatory facility serving an urban city population.

Givens (in '000s):
Insurance expense	$70,000
Cash	$20,000
Patient revenues (net of contractuals)	$614,000
Net accounts receivable	$25,000
Ending balance, temporarily restricted net assets	$8,700
Wages payable	$9,100
Prepaid expense	$1,100
Long-term debt	$189,700
Supply expense	$66,000
Gross plant, property, and equipment	$556,000
Net assets released from temporary restriction	$8,000
Depreciation expense	$10,000
General expense	$95,000
Transfer to parent corporation	($8,000)
Beginning balance, unrestricted net assets	$203,400
Accounts payable	$18,000
Beginning balance, temporarily restricted net assets	$16,700
Provision for bad debt expense	$5,400
Labor expense	$145,000
Accumulated depreciation	$99,000
Long-term investments	$148,400
Ending balance, unrestricted net assets	$426,000

To prepare for this Assignment:

Examine the data from NorthWest Medical Center. Reflect on how you will use this data to develop a Balance Sheet, Profit and Loss Statement, and Cash Flow Statement. Refer to the course text for additional guidance.

The Assignment:

Complete a Balance Sheet, Profit and Loss Statement (Statement of Operations), and Cash Flow Statement (Statement of Changes in Net Assets) using the Week 7 Financial Statement Excel Template located in the Learning Resources.

Your Assignment is due by Day 7 of Week 7.

Academic Writer & Editor

The Assignment:

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