Healthcare Financial Management and Economics Week 7 Assignment — Sharpe Medical Center Developing Financial Statements All organizations, including those in the healthcare industry, need to make money to be profitable and survive. Financial statements, such as balance sheets, profit and loss statements, and cash flow statements, summarize an organization’s profitability and overall financial status. For this Assignment, you practice developing three key financial statements using data from the Sharpe Medical Center. Sharpe Medical Center Sharpe Medical Center is a large Midwestern acute care and ambulatory facility serving an urban city population. Givens (in '000s): Inventory $4,000 Patient revenues (net of contractual allowance) $302,000 Gross plant, property, and equipment $375,000 Net accounts receivable $85,000 Ending balance, temporarily restricted net assets $6,000 Wages payable $6,600 Long-term debt $218,400 Supply expense $34,000 Net assets released from temporary restriction $7,000 Depreciation expense $44,000 General expense $95,000 Provision for bad debt expense $4,500 Cash and cash equivalents $18,000 Transfer to parent corporation ($3,900) Beginning balance, unrestricted net assets $239,400 Accounts payable $11,000 Beginning balance, temporarily restricted net assets $13,000 Interest expense $6,000 Labor expense $123,000 Accumulated depreciation $22,000 Long-term investments $20,000 Ending balance, unrestricted net assets $238,000 To prepare for this Assignment: Examine the data from Sharpe Medical Center. Reflect on how you will use this data to develop a Balance Sheet, Profit and Loss Statement, and Cash Flow Statement. Refer to the course text for additional guidance. © 2015 Laureate Education, Inc. Page 2 of 2 The Assignment: Complete a Balance Sheet, Profit and Loss Statement (Statement of Operations), and Cash Flow Statement (Statement of Changes in Net Assets) using