Multiple statements. The following are account balances as of September 30, 20X1, for Exton Outpatient Center. Prepare (a) a balance sheet, (b) a statement of operations, and (c) a statement of changes in net assets for September 30, 20X1.
Givens
Insurance expense $55,000
Depreciation expense $33,000
Cash $61,000
General expense $255,000
Patient revenue (net of contractuals ) $1,100,000
Transfer to parent corporation $55,000
Net accounts receivable $350,000
Beginning balance, unrestricted net assets $275,000
Ending balance, temporarily restricted net assets $48,000
Accounts payable $23,000
Wages payable $37,000
Beginning balance, temporarily restricted net assets $70,000
Prepaid expenses $8,000
Provision for bad debts $8,000
Long-term debt $270,000
Labor expense $470,000
Supply expense $65,000
Accumulated depreciation $450,000
Gross plant, property, and equipment $900,000
Ending / beginning balance, permanently restricted net assets $35,000
Net assets released from temporary restriction $22,000
Ending balance, unrestricted net assets $456,000