Sheet1
0 Exam I
Spring 2019
Chapters 1-9
All work is to be completed in Excel along with the co
ect Excel formulas unless otherwise noted.
Part I. 5 points
Add the following columns Patient 1 Patient 2 Patient 3
Across and down $900 $100 $1,000
(show Excel formulas) $800 $200 $2,000
$700 $300 $3,000
$600 $400 $4,000
$500 $500 $5,000
Part II
Prepare a statement of operations from the following 20 points
relevant accounts
Show Excel formulas
cash $ 500,000.00
Accounts receivable $ 400,000.00
Patient revenue $ 600,000.00
Inventory $ 50,000.00
Accounts Payable $ 60,000.00
Depreciation $ 55,000.00
Labor $ 150,000.00
Interest $ 35,000.00
Interest Payable $ 41,000.00
Interest revenue $10,000.00
Property $65,000.00
III. Prepare a classified balance sheet (credit will not be given if it is not classified) 20 points
from the following relevant accounts
Show Excel formulas
Cash $ 10,000.00
Patient receivable $ 50,000.00
Patient revenue $ 60,000.00
Prepaid Insurance $ 30,000.00
Insurance expense $ 40,000.00
Inventory (asset) $ 55,000.00
Labor $ 65,000.00
Plant and Equipment $ 100,000.00
Accounts payable $ 11,000.00
Wages payable $ 12,000.00
wage expense $ 13,000.00
Mortgage Payable $ 14,000.00
Net asset without donor restrictions $ 50,000.00
Net asset with donor restrictions ????????
Part IV.
Complete the following equations. Excel formulas not need for this problem 5 points
1. Assets= $100,000, Liabilities = $41,000, Net assets =?
2. Assets=?????, Liabilities = $56,000, Net Assets = $60,000
3. Assets= $50,000, Liabilities = ??????, Net Assets= $11,000
Part V. Record the following transaction in T accounts. Excel formulas not needed 20 points
1. Billed Third party $56,000
2. Received $10,000 from transaction 1
3. Paid wages of $50,000
4. Purchased medical supplies of $40,000 on account
5. Paid the purchase in transaction 4
Part VI.
Prepare a stement of cash flow INDIRECT only. 20 points
Do not preapre a direct method statement.
Show Excel formulas
Net income $100,000
Cash December 31, 2018 $500,000
Cash December XXXXXXXXXX ???????
Depreciation Expense $1,000
Increase in inventory $2,000
Decrease in acocunts payable $3,000
Increase in Prepaid insurance $4,000
Purchsaed stock $5,000
Purcahsed land $6,000
Paid mortgage $7,000
Paid car loan $2,200
Increase in wages payable $3,300
Part VII 10 points
In a couple of paragraphs (minimum 2) describe the
relevance of financial statements to the healthcare industry.
(what would happen if financial statemnts were not required by
federal and state law)
Sheet1
Template # 7
Spring 2019
Prepare T Accounts similar to what you have studied last week.
Example
paid Utility bill of $1,000
Utility Expense Cash
Dr Cr Dr C
$1,000 $1,000
1. Received cash from cash paying clients $50,000
2. Purchased medical supplies $18,000 paying cash
3. Billed Third Party $100,000 for clients services
4. Purchased auto insurance policy $5,000 paying cash
5. Received payment from Third Party $30,000 billed in transaction 3
6. recorded depreciation of plant and equipment of $43,000
7. Recorded Wages of employees $75,000