Multiple statements. The following are account balances (in thousands) for Lima Health Plan. Prepare (a) a balance sheet and (b) an income statement for the year ended December 31, 20X0.
Givens (in ’000s)
Income tax benefit of operating loss $8,000
Net property and equipment $2,000
Physician services expense $164,000
Premium revenue $125,000
Marketing expense $11,000
Compensation expense $13,000
Interest income and other revenue $6,000
Outside referral expense $4,000
Medicare revenue $131,000
Occupancy and depreciation expense $2,000
Medical claims payable $37,000
Accounts receivable $3,000
Emergency room expense $14,000
Inpatient services expense $101,000
Interest expense $2,000
Medicaid revenue $35,000
Owners’ equity $61,500
Cash and cash equivalents $97,000
Long-term debt $3,500
Other administrative expense $2,000