Please see the attachment and let me know if you need the copies from textbook.
Finkler, S. A., Calabrese, T. D., & Ward, D. M. (2019).
Accounting fundamentals for health care management.(Third ed.) Burlington, MA: World Headquarter
Sheet1 0Exam I Spring 2019 Chapters 1-9 All work is to be completed in Excel along with the correct Excel formulas unless otherwise noted. Part I.5 points Add the following columnsPatient 1Patient 2Patient 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$5,000 Part II Prepare a statement of operations from the following20 points relevant accounts Show Excel formulas cash$ 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 problem5 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 needed20 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 31 2019??????? 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 VII10 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 ExpenseCash DrCrDrCr $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