4 Consider the following financial statements for BestCare HMO, a not-for-profit managed care plan:

17.4 Consider the following financial statements for BestCare HMO, anot-for-profit managed care plan:BestCare HMOStatement of Operations and Change in Net AssetsYear Ended June 30, 2007(in thousands)Revenue:Premiums earned $26,682Co-insurance 1,689Interest and other income 242Total revenue $28,613Expenses:Salaries and benefits $15,154Medical supplies and drugs 7,507Insurance 3,963Provision for bad debts 19Depreciation 367Interest 385C h a p t e r 1 7 : F i n a n c i a l C o n d i t i o n A n a l y s i s 591[591], (31)Lines: 1175 to 1209———1.42549pt PgVar———Normal PagePgEnds: TEX[591], (31)Total expenses $27,395Net income $ 1,218Net assets, beginning of year $ 900Net assets, end of year $ 2,118BestCare HMOBalance SheetJune 30, 2007(in thousands)AssetsCash and cash equivalents $ 2,737Net premiums receivable 821Supplies 387Total current assets $ 3,945Net property and equipment $ 5,924Total assets $ 9,869Liabilities and Net AssetsAccounts payable–medical services $ 2,145Accrued expenses 929Notes payable 141Current portion of long-term debt 241Total current liabilities $ 3,456Long-term debt $ 4,295Total liabilities $ 7,751Net assets (equity) $ 2,118Total liabilities and net assets $ 9,869a. Perform a Du Pont analysis on BestCare. Assume that the industryaverage ratios are as follows:Total margin 3.8%Total asset turnover 2.1Equity multiplier 3.2Return on equity (ROE) 25.5%b. Calculate and interpret the following ratios for BestCare:Industry AverageReturn on assets (ROA) 8.0%Current ratio 1.3Days cash on hand 41daysAverage collection period 7daysDebt ratio 69%Debt-to-equity ratio 2.2

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