Below is a list of account balances for Currie Hospital as of December 31, 2013. Prepare a balance sheet as of December 31, 2013, in proper form. (Hint: You will need to compute the net assets account. Assume that all net assets at the beginning of the year are unrestricted.)

Account

Balance
Gross plant & equipment

$6,000,000
Accounts payable

130,000
Inventories

100,000
Other current liabilities

70,000
Net accounts receivable

650,000
Accrued expenses

100,000
Accumulated depreciation

200,000
Long-term debt

5,000,000
Cash

210,000

Currie Hospital

Balance Sheet
As of December 31, 2013

Assets
Current Assets:
Cash $210,000
Net Accounts Receivable $650,000
Inventories $100,000
Total Current Assets $960,000

Property and Equipment:
Gross Plant & Equipment $6,000,000
Less: Accumulated Depreciation $200,000
Net Property and Equipment $5,800,000

Total Assets $6,760,000

Liabilities and Net Assets
Current Liabilities:
Accounts Payable $130,000
Accrued Expenses $100,000
Other Current Liabilities $70,000
Total Current Liabilities $300,000

Long-Term Debt $5,000,000

Total Liabilities $5,300,000

Net Assets:
Unrestricted Net Assets $1,460,000

Total Liabilities and Net Assets $6,760,000

To prepare a balance sheet, we need to categorize each account into its respective section: assets, liabilities, and equity.

1. ASSETS:
- Gross plant & equipment: $6,000,000
- Net accounts receivable: $650,000
- Inventories: $100,000
- Cash: $210,000

2. LIABILITIES:
- Accounts payable: $130,000
- Other current liabilities: $70,000
- Accrued expenses: $100,000
- Long-term debt: $5,000,000

Now, let's calculate the net assets (equity) account by subtracting the accumulated depreciation from the gross plant & equipment:

Net assets = Gross plant & equipment - Accumulated depreciation
Net assets = $6,000,000 - $200,000
Net assets = $5,800,000

3. EQUITY:
- Net assets: $5,800,000

Now we can prepare the balance sheet:

Currie Hospital
Balance Sheet as of December 31, 2013

ASSETS
Gross plant & equipment $6,000,000
Net accounts receivable $650,000
Inventories $100,000
Cash $210,000
Total Assets $6,960,000

LIABILITIES
Accounts payable $130,000
Other current liabilities $70,000
Accrued expenses $100,000
Long-term debt $5,000,000
Total Liabilities $5,300,000

EQUITY
Net assets $5,800,000

TOTAL LIABILITIES & EQUITY $6,960,000

To prepare the balance sheet as of December 31, 2013, we need to categorize the accounts into their respective sections.

Here is the balance sheet in proper form:

Currie Hospital
Balance Sheet
December 31, 2013

Assets:
Cash: $210,000
Net Accounts Receivable: $650,000
Inventories: $100,000
Gross Plant & Equipment: $6,000,000
Accumulated Depreciation: ($200,000) (*Note: Accumulated depreciation is a contra-asset account and is deducted from the gross plant & equipment.)

Total Assets: $6,760,000

Liabilities:
Accounts Payable: $130,000
Accrued Expenses: $100,000
Other Current Liabilities: $70,000
Long-Term Debt: $5,000,000

Total Liabilities: $5,300,000

Net Assets:
Net Assets = Total Assets - Total Liabilities
Net Assets: $6,760,000 - $5,300,000 = $1,460,000

Equity:
Unrestricted Net Assets: $1,460,000

Total Liabilities and Net Assets: $5,300,000 + $1,460,000 = $6,760,000

Note that the balance sheet presents the financial position of Currie Hospital as of December 31, 2013.