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4.8 Given below are balance sheets as of December 31, 2015, and December 31, 2014, for University Hospital. Using the balance sheer and the additional information provided, complete the income statem of University Hospital for the year ended December 31, 2015. University Hospital Balance Sheets December 31 2015 2014 Assets $ 75,000 $ 50,000 Cash Accounts receivable 32,000 22,000 Net property, plant, and equipment Total assets 90,000 $197,000 100,000 $172,000 Liabilities $ 37,000 $ 30,000 142,000 Equity 160,000 Total Liabilities and Equity $197,000 $172,000 Additional information: University Hospital paid no dividends and there were no other transactions affecting equity during 2015. • There were no collections during 2015 on accounts receivable outstand- ing at December 31, 2014, but all receivables are considered collectible. • There was no charity care or contractual discounts and allowances during 2015. • University Hospital purchases all medical supplics on account. University Hospital did not purchase or sell any property, plant, and equipment during 2015. University Hospital Income Statement Year Ended December 31, 2015 Net patient service revenue Total revenue Supplies expense Depreciation expense Total expenses Net income

4.8 Given below are balance sheets as of December 31, 2015, and December 31, 2014, for University Hospital. Using the balance sheer and the additional information provided, complete the income statem of University Hospital for the year ended December 31, 2015. University Hospital Balance Sheets December 31 2015 2014 Assets $ 75,000 $ 50,000 Cash Accounts receivable 32,000 22,000 Net property, plant, and equipment Total assets 90,000 $197,000 100,000 $172,000 Liabilities $ 37,000 $ 30,000 142,000 Equity 160,000 Total Liabilities and Equity $197,000 $172,000 Additional information: University Hospital paid no dividends and there were no other transactions affecting equity during 2015. • There were no collections during 2015 on accounts receivable outstand- ing at December 31, 2014, but all receivables are considered collectible. • There was no charity care or contractual discounts and allowances during 2015. • University Hospital purchases all medical supplics on account. University Hospital did not purchase or sell any property, plant, and equipment during 2015. University Hospital Income Statement Year Ended December 31, 2015 Net patient service revenue Total revenue Supplies expense Depreciation expense Total expenses Net income

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter12: Balanced Scorecard And Other Performance Measures
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4.8 Given below are balance sheets as of December 31, 2015, and December 31, 2014, for University Hospital. Using the balance sheer and the additional information provided, complete the income statem of University Hospital for the year ended December 31, 2015. University Hospital Balance Sheets December 31 2015 2014 Assets $ 75,000 $ 50,000 Cash Accounts receivable 32,000 22,000 Net property, plant, and equipment Total assets 90,000 $197,000 100,000 $172,000 Liabilities $ 37,000 $ 30,000 142,000 Equity 160,000 Total Liabilities and Equity $197,000 $172,000 Additional information: University Hospital paid no dividends and there were no other transactions affecting equity during 2015. • There were no collections during 2015 on accounts receivable outstand- ing at December 31, 2014, but all receivables are considered collectible. • There was no charity care or contractual discounts and allowances during 2015. • University Hospital purchases all medical supplics on account.
Transcribed Image Text:4.8 Given below are balance sheets as of December 31, 2015, and December 31, 2014, for University Hospital. Using the balance sheer and the additional information provided, complete the income statem of University Hospital for the year ended December 31, 2015. University Hospital Balance Sheets December 31 2015 2014 Assets $ 75,000 $ 50,000 Cash Accounts receivable 32,000 22,000 Net property, plant, and equipment Total assets 90,000 $197,000 100,000 $172,000 Liabilities $ 37,000 $ 30,000 142,000 Equity 160,000 Total Liabilities and Equity $197,000 $172,000 Additional information: University Hospital paid no dividends and there were no other transactions affecting equity during 2015. • There were no collections during 2015 on accounts receivable outstand- ing at December 31, 2014, but all receivables are considered collectible. • There was no charity care or contractual discounts and allowances during 2015. • University Hospital purchases all medical supplics on account.
University Hospital did not purchase or sell any property, plant, and equipment during 2015. University Hospital Income Statement Year Ended December 31, 2015 Net patient service revenue Total revenue Supplies expense Depreciation expense Total expenses Net income
Transcribed Image Text:University Hospital did not purchase or sell any property, plant, and equipment during 2015. University Hospital Income Statement Year Ended December 31, 2015 Net patient service revenue Total revenue Supplies expense Depreciation expense Total expenses Net income
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