Lakeland Medical Center included the following items in its financial statements:

Requirements
1. How much net income did Lakeland earn for the month?
2. Show two ways Lakeland can report receivables on its classified balance sheet.

Transcribed Image Text:

Allowance for doubtful accounts $ 110 Service revenue $ 14,600 Cash Accounts receivable Accounts payable 1,400 Other assets 350 2,330 Cost of services sold and other expenses 12,700 1,110 Notes payable 3,280