Randolph Noble opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Randolph Noble, Professional Corporation (P.C.), experienced the following events:
1. Analyze the effects of these events on the accounting equation of the medical practice of Randolph Noble, P.C. Use a format similar to that of Exhibit 2-1, Panel B, with headings for Cash, Accounts Receivable, Medical Supplies, Land, Accounts Payable, Note Payable, Common Stock, and Retained Earnings.
2. After completing the analysis, answer these questions about the business.
a. How much are total assets?
b. How much does the business expect to collect from patients?
c. How much does the business owe in total?
d. How much of the business's assets does Noble really own?
e. How much net income or net loss did the business experience during its first month of operations?