Answer the following questions:(a) Other than a Statement of Financial Position (i.e. balance sheet), what are the remaining financial statements required of private not-for-profit health care entities?(b) What accounts appear in the equity section of the balance sheet of commercial hospitals, government owned hospitals, and private not-for-profit hospitals?
What will be an ideal response?
(a) Health care entities are required to present a Balance Sheet, Statement of Operations, a Statement of Changes in Net Assets, and a Statement of Cash Flows.
(b) Health care entities may be commercial (for profit) businesses or nonprofit. The nonprofit entities may be further categorized as private not-for-profits or public (government-owned).
The accounts appearing in the equity section of the balance sheet depend on the type of health care entity.
| • | Commercial entities will have paid in capital (e.g. common stock) and retained |
| • | Private not-for-profit entities will have Unrestricted, Temporarily Restricted, and |
| • | Public entities will display Net Investment in Capital Assets, Restricted, and |
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