Eva-
The income statement provides the result of the operation over a period, that reflects revenues, expenses, and profitability (Reiter, 2018). The balance sheet is different from the income statement. The balance sheet provides a view of the financial status of a facility at a specific identified time (Reiter, 2018). The statement of cash flow shows where money is made and how that cash is spent (Reiter, 2018). Each of these statements have an interrelationship that breaks down the financial operation of a healthcare facility.
As noted, that the income statement reviews the entirety of the financials of a facility, it is tied directly to the balance sheet and the statement of cash flows. The income statement provides an overview and is inclusive of the information provided in the latter two statements. The balance sheet uses information from the income statement but narrows the information from a specific time frame and will show the financial status for that designated time. The cash flow statement also pulls information form the income statement. The information gathered in the cash flow gives a clearer picture of how the money earned (the revenue) and how it is spent (expenses). While each of these statements can stand alone, together they come together like a puzzle and all the pieces give the administrators or investors a look at the who picture of the financial status of the facility. This information can be helpful when determining budgets and capital expenditures for upcoming years and additional hiring of employees if needed.
Reiter, K. (2018). Gapenski’s Fundamentals of Healthcare Finance, Third Edition (Gateway to Healthcare Management)(3rd ed.). Health Administration Press.
Keila-
The income statement has results of operation of business with a period of time. The three section are revenues, expenses, and profitability. The two types of profitability are profits that operating income and net income. The income statement does summarize the financial results from the business operations. Explanatory and supplementary information is contained. The income statement does have a large organization that is long and complex. This focuses on revenues, expenses, and profitability. Balance sheets is where the income statement does a report with results of operation with a period of time. The balance sheet presents a snapshot of business’s resources and financing. This is a three financial statement reports the financial position of a business at a single point in time. This list the assets of the business claims that are assets for finance. The three basic section to balance sheets are total assets, total liabilities and equity. The balance sheet changes every day, when business increases or decreases. This shows business’s financial position when the date is given. The balance sheet list is at the end of the reporting period. The statement of cash flow is an income statement that is converted from accrual accounting to cash accounting. This statement of cash flows reports when the business gets its cash and what the steps it does with that cash the business gets. The three major sections are focusing on operating flows, the second one is investing flows, and the last one is finance flows. The cash balance shoes at the end of the period.
Song, P. H., & Reiter, K. L. (2018). Gapenski’s fundamentals of Healthcare Finance, third edition. Health Administration Press.
Mary-
On the 2017 National Drug and Alcohol IQ Challenge I scored 62%, or 8 of 13 correct. I was surprised to discover although the percentage of teens drinking alcohol over the past ten years has declined as I responded this statement was false, because I know alcohol continues to be easily accessible to minors. I also responded incorrectly to the drug adolescents use most continues to be alcohol, which I thought would be vaping. I discovered my thoughts about adolescents using alcohol were correct, but the numbers are declining over time, and apparently, they are not being replaced by other substances. It would be interesting to correlate these findings to specific diversion efforts affecting these results. Alcohol consumption in adolescents continues to be an issue but reducing the percentage over time reflects successful efforts to educate and prevent abuse of alcohol.
Ashley-
To my surprise, I missed three questions and scored a 77%. For someone who has a lot of teenagers in her life, I expected to know all the answers. I was not surprised, however, by the questions I got wrong. The number of high schooler seniors who have reported vaping THC is lower than I expected. The percentage of high schoolers who have reported vaping THC is only 14%. While this number is still too high, as this is a very dangerous choice, I expected it to be higher. I do believe, though, that not all high school seniors feel comfortable answering this question honestly.
With the exception of the final two Brainiac questions regarding the anatomy of the brain, I was able to answer all of the other questions correctly. I found the science behind why teenagers and young adults make the decisions they do to be interesting. Scientists believe that teenagers make riskier choices than adults because the prefrontal cortex of the brain has not fully developed yet.
I would like to think the people in my community would score well on this quiz. The majority of the people who make up my community are parents of adolescents. With children who will soon be approaching their teen years, it is important to be well versed in the dangers that they will be presented with.
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