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Financial statements provide a comprehensive overview of an organization’s performance and how it competes with other firms within the same industry. This essay aims to highlight the income statement of New York Presbyterian hospital for the year ended 2017. New York Presbyterian hospital is one of America’s most integrated and comprehensive healthcare delivery facilities. By collaborating with two of the renowned medical institution-Columbia University and Weill Cornel Medicine-the institution is consistently known as the industry leader in innovation and groundbreaking research, besides, it’s both a for profit and non-profit.
The New York Presbyterian hospital basically operates four types of financial statements, for instance, the statement of financial position also the balance which indicates a company’s financial position at a specific date by assets against liabilities and equity. Secondly, the hospital maintains an income statement or the profit and loss account where it presents its financial position over a given period based on loss incurred or profits realized. Another type of financial s New York Presbyterian hospital prepares is the cash flow statement which cash movement and bank balances of the institution of a given period by classifying the funds movement into three fundamental segments namely operating, investing, and financing activities. Lastly is the statement of equity that traces movements of the owners’ equities over time.
The cash method of accounting differs from accrual technique I that the cash method recognizes immediately the expenses and revenues while the accrual method anticipates them. In the case of New York Presbyterian hospital, the facility uses the cash method of accounting.
In summary, a review of the hospital’s facility, reveals a company with a disciplined way of presenting its financials. Besides, the company appears viable because it reports a net-profit therefore, I do not have any concerns for the company.
New York Presbyterian Hospita. "Facts and Financials - NewYork-Presbyterian." NYP.org - NewYork-Presbyterian, www.nyp.org/about-us/facts-and-financials . Accessed 12 Nov. 2018.
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