Smith's Clinic is a fictional not-for-profit healthcare organization. Based on the following information from 2021, construct...

 

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Smith's Clinic is a fictional not-for-profit healthcare organization. Based on the following information from 2021, construct an income statement (or statement of operations). Be sure to include net operating revenue, total expenses, and net income (or excess of revenue over expenses if appropriate). Make sure to correctly format the statement and list items in the proper order. • Salaries and benefits $260,000 Other revenue 10,000 Depreciation expense $ 50,000 General/administrative Interest expense 10,000 Investment income 40,000 Supplies 30,000 Insurance 3,000 expenses 70,000 Premium revenue 20,000 Operating income (10,000) Net patient service revenue 500,000 Purchased services 90,000 Smith's Clinic is a fictional not-for-profit healthcare organization. Based on the following information from 2021, construct an income statement (or statement of operations). Be sure to include net operating revenue, total expenses, and net income (or excess of revenue over expenses if appropriate). Make sure to correctly format the statement and list items in the proper order. • Salaries and benefits $260,000 Other revenue 10,000 Depreciation expense $ 50,000 General/administrative Interest expense 10,000 Investment income 40,000 Supplies 30,000 Insurance 3,000 expenses 70,000 Premium revenue 20,000 Operating income (10,000) Net patient service revenue 500,000 Purchased services 90,000

Answer rating: 100% (QA)

Based on the given information here is the income statement statement of operations for ... View the full answer