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Health Care Case Study: Financial Statements

775 words - 4 pages

Health Care Case Study: Financial Statements
University of Phoenix
Health Care Financial Accounting
December 06, 2010

Health Care Case Study: Financial Statements
This paper is a health care case study of financial statements for Patton-Fuller Community Hospital. This summary is a review of the annual report and financial statements and the differences between the audited and the unaudited statements. The financial ratios are examined to determine if there has been improvement from 2008 to 2009 and to explain the cause. This paper will also summarize the relationship between revenue sources and expenses and explain the effect of revenue sources on financial reporting. ...view middle of the document...

The current ratio and the quick ratio have decreased nearly three-fold. Days cash on hand has decreased two-fold, and days receivables have increased.
The solvency ratios indicate the ability for a company to meet its long-term commitments. Both the debt service ratio and the liabilities to fund balance indicate that the company will not able to survive over the long-term.
Patton Fuller’s profitability ratios show that the organization is not doing well. Both the operating margin and the return on total assets have decreased significantly, showing that the organization is experiencing difficulty generating earnings compared to its costs.
Effect of Revenue on Financial Reporting
The expense report, which consists of assets from both an audited and unaudited annual report dated from 2008 to 2009, is the total of revenue acquired throughout the year. It is important to review the balance sheet and to understand the T account. The T account displays the two sides of the report: the left side indicates the debits and the right side indicates the credits. In the unaudited balance sheet in 2009 an incorrect entry of $13,797,000 and the correct entry was $14,797,000, which is a difference of $1,000,000. The operating income on the 2009 unaudited report entry was $6,890,000 and the correct entry is $3,110,000 this is a difference of $2,540,000. Incorrect report...

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