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Financial Statements Review

In: Business and Management

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Financial Statements Review
Ashley Dunn
HCS/405
November 14, 2013
Robert McDaniel

Financial Statements Review
The Patton-Fuller Community Hospital is a full-service, for-profit hospital with 600-beds. Since 1975, the hospital has made every effort to provide advanced patient care for both inpatient and outpatient treatment in Northwest valley. The Patton-Fuller Community Hospital is owned by a 14 person board, in which 12 are active physicians. Collectively, the board works on a budget that best aids the board and the hospital. The goal is to make a profit while providing patients with the best care around. This paper will discuss the summary of the financial statements issued for the Patton-Fuller Community Hospital in the years 2008-2009 (Patton-Fuller Community Hospital, 2009).
The effect of revenue sources on financial reporting at the hospital will vary depending on the amount of revenue being generated and the specific source of the revenue. Revenue sources should be included in financial reporting for the hospital's records. (“Telemedicine”, 2013. According to the documents provided, it look as if the financial officer had over-estimated the list in payment remittances, making it seem as if they would be healthier than they actually are. When providing figures for accounts receivable in 2009 the financial officer projected the total at $59,787, with a net allowance for bad debt for the same time-period at $10,757 while the audited account shows a very different picture. Accounts receivable for 2009 revealed a total $58,787, a one million dollar lower receivable difference. In addition, the net allowance for bad debt is shown at, $11,757, a one million dollar increase. The differences showing the audited amounts appear to show a vast difference. In addition, reveal a two million dollar deficit, from the unaudited version. in time This

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