Statement of Activities—Hospital The following events were recorded on the books of Mercy…

 

Statement of Activities—Hospital

 

The following events were recorded on the books of Mercy Hospital for the year ended December 31, 2020.

 

1. Revenue from patient services totaled $16,000,000. The allowance for uncollectibles was established at $3,400,000. Of the $16,000,000 revenue, $6,000,000 was recognized under cost reimbursement agreements. This revenue is subject to audit and retroactive adjustment by third-party payers (estimated adjustments are included in the allowance account).

 

2. Patient service revenue is accounted for at established rates on the accrual basis.

 

3. Other operating revenue totaled $346,000, of which $160,000 was from specific purpose funds.

 

4. Mercy received $410,000 in unrestricted gifts and bequests. They are recorded at fair market value when received.

 

5. Endowment funds earned $160,000 in unrestricted income.

 

6. Board designated funds earned $82,000 in income.

 

7. Mercy’s operating expenses for the year amounted to $13,370,000. This included $500,000 in straight-line depreciation. Required: Prepare a statement of activities for Mercy Hospital for the year ended December 31, 2020.

 

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