Description
Review the Week 7 Assignment document provided to you by the Instructor. Examine the data from the medical center described in the document. Reflect on how you will use this data to develop a balance sheet, profit and loss statement (statement of operations), and cash flow statement (statement of changes in net assets). Refer to the course text for additional guidance.
The Assignment:
Complete a balance sheet, profit and loss statement (statement of operations), and cash flow statement (statement of changes in net assets) using the “Week 7 Financial Statement Excel Template”.
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Explanation & Answer
Attached.
Sharpe Medical Center
Balance Sheet (in '000s)
For the Year Ended September 30, 2016
9/30/2016
Current assets
Cash and cash equivalents
Net accounts receivable
Inventory
Total current assets
$18,000
85,000
4,000
107,000
Gross plant, property, and equipment
(less accumulated depreciation)
Net plant, property & equipment
Long-term investments
375,000
22,000
353,000
20,000
Total assets
$480,000
Current liabilities
Accou...