Presented below are account balances for Monterey Hospital. In addition, cash transactions for the year ended December 31, 2020, are summarized in the T-account.
The hospital issued $600,000 of long-term debt during the year and purchased $307,000 of equipment. No fixed assets were sold.
Required:
Using the information above and the Excel template provided, prepare:
a. A Statement of Operations and a Statement of Changes in Net Assets for the year ended December 31, 2020.
b. Statements of Cash Flow assuming:
1. Monterey Hospital is a private not-for-profit.
2. Monterey Hospital is a government-owned hospital.
