2. Calculate and interpret the following ratios for BestCare:
Return on assets- 8.0%
Current ratio- 1.3
Days cash on hand- 41 days
Average collection period- 7 days
Debt ratio- 69%
Debt-to-equity ratio- 2.2
Times interest earned ratio- 2.8
Fixed asset turnover ratio- 5.2
Statement of Operations and Change in Net Assets
Year Ended June 30, 2004
Premiums earned $26,682
Interest and other income 242
Total revenue $28,613
Salaries and beneп¬Ѓts $15,154
Medical supplies and drugs 7,507
Provision for bad debts 19
Total expenses $27,395
556 Healthcare Finance
Net income $ 1,218
Net assets, beginning of year $ 900
Net assets, end of year $ 2,118
June 30, 2004
Cash and cash equivalents $ 2,737
Net premiums receivable 821
Total current assets $ 3,945
Net property and equipment $ 5,924
Total assets $ 9,869
Liabilities and Net Assets
Accounts payableвЂ“medical services $ 2,145
Accrued expenses 929
Notes payable 141
Current portion of long-term debt 241
Total current liabilities $ 3,456
Long-term debt $ 4,295
Total liabilities $ 7,751
Net assets (equity) $ 2,118
Total liabilities and net assets $ 9,869
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