wards Lake Community Hospital balance sheet as of December 31, 2017, follows.
| EDWARDS LAKE COMMUNITY HOSPITAL | |||||||||
| Balance Sheet | |||||||||
| As of December 31, 2017 | |||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash and Cash Equivalents | $ | 272,600 | |||||||
| Accounts and notes receivable (net of uncollectible accounts of $15,900) | 26,600 | ||||||||
| Inventory | 72,600 | ||||||||
| Total current assets | 371,800 | ||||||||
| Assets limited as to use: | |||||||||
| Cash | $ | 17,240 | |||||||
| Investments | 229,720 | ||||||||
| Total assets limited as to use | 246,960 | ||||||||
| Property, plant, and equipment: | |||||||||
| Land | 210,600 | ||||||||
| Buildings (net of accumulated depreciation of $1,623,100) | 2,893,500 | ||||||||
| Equipment (net of accumulated depreciation of $1,024,600) | 1,859,000 | ||||||||
| Total property, plant, and equipment | 4,963,100 | ||||||||
| Total assets | $ | 5,581,860 | |||||||
| Liabilities and Net Assets | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 19,300 | |||||||
| Accrued payroll | 45,200 | ||||||||
| Current portion of mortgage payable | 505,000 | ||||||||
| Total current liabilities | 569,500 | ||||||||
| Long-term debt—mortgage payable | 2,510,000 | ||||||||
| Total liabilities | 3,079,500 | ||||||||
| Net assets: | |||||||||
| Unrestricted | |||||||||
| Undesignated | 2,083,260 | ||||||||
| Designated for plant | 246,860 | ||||||||
| Temporarily restricted | 172,240 | 2,502,360 | |||||||
| Total liabilities and net assets | $ | 5,581,860 | |||||||
| The following are the transactions of Edwards Lake Community Hospital during the fiscal year ended December 31, 2017. |
| (1) | Information related to accrual of revenues and gains is as follows: |
| Patient services revenue, gross | $ | 3,501,000 |
| Charity care | 211,760 | |
| Contractual adjustments to patient service revenues | 1,521,000 | |
| Other operating revenues | 998,950 | |
| (2) | Cash received includes: |
| Interest on investments in Assets Limited as to Use | 7,450 | |
| Collections of receivables | 2,961,100 | |
| (3) | Expenses of $891,500 were recorded in accounts payable and $1,454,990 in accrued payroll. Since some of the nursing expenses met a temporary net asset restriction, $94,500 was released from temporary restrictions. |
| Administration expenses | 446,980 | |
| General services expenses | 524,610 | |
| Nursing services expenses | 1,031,900 | |
| Other professional services expenses | 343,000 | |
| (4) | Cash paid includes: |
| Interest expense (allocated half to nursing services and half to general services) | $ | 281,000 |
| Payment on mortgage principal | 505,000 | |
| Accounts payable for purchases | 837,000 | |
| Accrued payroll | 1,280,000 | |
| (5) | Interest of $1,230 accrued on investments in Assets Limited as to Use. |
| (6) | Depreciation charges for the year amounted to $117,500 for the buildings and $129,000 for equipment. Depreciation was allocated 45 percent to nursing services, 15 percent to other professional services and 20 percent to each administrative and general services. |
| (7) | Other information: |
| (a) | Provision for uncollectible receivables was determined to be adequate. |
| (b) | Supplies inventory balances: |
| 12/31/2016 | 12/31/2017 | |||||||
| Administration | $ | 8,300 | $ | 7,500 | ||||
| General services | 9,000 | 9,500 | ||||||
| Nursing services | 17,500 | 17,000 | ||||||
| Other professional services | 37,800 | 41,000 | ||||||
| Totals | $ | 72,600 | $ | 75,000 | ||||
