Patton Fuller Financial Statement Analysis

Patton- Fuller Financial Statement Review
Learning Team B
HCS/405
June 22, 2015
Joe Gazdik

Patton- Fuller Financial Statement Review
The success of any organization is heavily based on its ability to appropriately handle every aspect of its financials. Those aspects include a range of financial activities that include the inflow of cash and the outflow of cash which can be affected by a number of events including the raising of revenue through products or services, investments, purchases, debts and sales to name a few. With the number events that can take place within a particular reporting period, it is important that those transactions be monitored and tracked so that year end reports can reflect the most accurate overview
This report is compiled from financial statements that include their Balance sheet as December 31 for 2009 and 2008(audited) and the Statement of Revenue and Expense 2009 and 2008 (audited). In addition to the audited balance sheet and the audited statement of revenue and expense, other financial reports were utilized by Patton- Fuller which includes Balance Sheet as December 31 for 2009 unaudited, the Statement of Revenue and Expense 2009 and 2008 (unaudited), the Statement of Retained Earnings and Stockholders’ Equity and the Interim Statement of Income (unaudited) though these reports were not included within the annual report. In comparing the audited and unaudited reports there were differences were observed between the two. For the balance sheets, the unaudited balance sheet reflects $128,867 under total assets whereas the audited sheet reflects $127,867. This difference of $1000.00 is the result of the change in current assets reported under the patient account receivable whereas the net allowance for bad debts was increased. As a result of this change, the total current assets reported for 2009 changed in addition to the total amount of assets reported. Other differences were observed in the area of total liabilities and equity where the audited balance sheet reflects a decrease of $1000.00 which is a change from the unaudited reporting of
Utilizing this would show how the organization has increased or decrease in sales, profits, and assets. Further review of the financial reports indicates that on the Patton Fuller Financial Statement there was a huge negative decrease in the Investment Income. This caused a -123.48% drop. Other sources of revenue showed a positive increase from 2008 to 2009. Further review of the full report reflects that findings that indicate that the sources of revenue and the expenses in 2008 were much lower than 2009. The unaudited expenses show that there was $41,391 difference between the two years. The expenses that increased within the two years were the salaries and benefits of employees, supplies needed, and utilities. Within this time frame from the point where there was a negative impact, the organization was able to increase revenue and turn around what had been a negative into a