Multiple statements. The following are account balances (in thousands) at September 30, 20X1, for Media Health Plan. Prepare (a) a balance sheet and (b) an income statement.
Givens (in ’000s)
Income tax expense $600
Prepaid expenses $3,000
Physician services expense $7,000
Premium revenue $23,000
Cash and cash equivalents $18,900
Marketing expense $600
Compensation expense $1,900
Other noncurrent assets $3,100
Interest income and other revenue $2,100
Accrued expenses $3,700
Outside referral expense $4,000
Claims payable—medical $18,000
Medicare revenue $9,000
Occupancy and depreciation expense $400
Owners’ equity $5,300
Emergency room expense $2,400
Net property and equipment $5,000
Premium receivables $2,800
Inpatient service expense $8,400
Notes payable $1,700
Interest expense $900
Unearned premium revenue $2,000
Medicaid revenue $7,000
Long-term debt $2,100
Other administrative expense $600