Revenue and related transactions

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Business Finance

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16- Revenue and Related Transactions. During 19 its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following revenue- related transactions (amounts summarized for the year). 1. Services provided to inpatients and outpatients amounted to $9,600,000, of which $450,000 was for charity care, $928,000 was paid by uninsured patients, and $8,222,000 was billed to Medicare, Medicaid, and insurance companies. 2. Donated pharmaceuticals and medical supplies valued at $265,000 were received and utilized as general expenses. 3. Medicare, Medicaid, and third-party payors (insurance companies) approved and paid $5,365,000 of the $8,222,000 billed by the hospital during the year (see transaction 1). 4. An unconditional contribution of $5,000,000 was received in cash from a donor to construct a new facility for care of Alzheimers patients. The full amount is expendable for that purpose. No activity occurred on this project during the current year. $ 8,981,000 48,800 297,900 36,100 9,363,800 $4,577,500 1,286,420 2,016,660 1,307,120 9,187,700 1,500 9,189,200 174,600 ILLUSTRATION 16-4 Illustration of a Two-Part Statement of Operations SIERRA REGIONAL HOSPITAL Statement of Operations Year Ended September 30, 2017 Unrestricted revenues, gains, and other support Net patient service revenue Other revenue Contributions Investment income Total revenues and gains Expenses and losses: Nursing services Other professional services General services Fiscal and administrative services Total expenses Loss on disposal of equipment Total expenses and losses Excess of revenue and gains over expenses and losses Net assets released from restrictions: Satisfaction of equipment acquisition restrictions Increase in unrestricted net assets Statement of Changes in Net Assets Year Ended September 30, 2017 Unrestricted net assets (see Part 1 above): Excess of revenue and gains over expenses and losses Net assets released from restrictions Increase in unrestricted net assets Temporarily restricted net assets: Contributions Investment income Increase in provision for uncollectible pledges Loss on sale of investments Net assets released from restrictions Decrease in temporarily restricted net assets Permanently restricted net assets: Contributions Increase in permanently restricted net assets Increase in net assets Net assets at beginning of year Net assets at end of year 100,000 274,600 $ 174,600 100,000 274,600 25,000 77,000 (66,300) (26,000) (100,000) (90,300) 24,000 24,000 208,300 11,708,500 $11,916,800
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Running head: REVENUE AND RELATED TRANSACTIONS

REVENUE AND RELATED TRANSACTIONS
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