Patton-Fuller Financial Statement Summary
Our team paper consists of reviewing healthcare financial statements. The time span is one year, and it starts 2008 and ends 2009. We will review how the unaudited statements differed from the audited. We will also pay attention to the differences in revenue and expenses, the effect of revenue sources and explain how expenses are grouped for control and planning. We need all of these aspects in order for a company or organization to be successful. In going over the financial statements from 2008 to ...view middle of the document...
06%. But it still negative because we have a negative balance of 1.94% or negative 311.
The investment income had a loss of 123.48% that is why we have a negative 62
The net income $ 15,846 negative dropped $ 15, 473 leaving a balance of $ 373 negative which it means it only dropped 97.64%, that is why the hospital has a balance of $ 373 negative or 2.36% negative balance. The hospital is doing better than the prior year but it still to work on accomplish positive results in working revenues and expenses.
The audited and unaudited financial statements differed because the unaudited statement had more entities involving more detail. According to the audited statement the net loss for the hospital decreased in 2009. This was because of the increase in the revenue. It looks as if all the expenses increased excluding the debts and depreciation. We took a look at the audited statement and it shows that since the current assets and the fixed assets have gone up this had to have an effect on the debt ratio. In the end we would want to rely on the audited statement as it is more accurate and factual.
Baker, J. J., & Baker, R.W. (2011). Health Care Finance: Basic Tools for Nonfinancial
Managers (3rd ed.). Retrieved from The University of Phoenix eBook Collection