Financial Statement Project

In the template below, you are given a trial balance for year ended December 31, 20X3. Using the trial balance, Complete the spreadsheet and save.

A B C D E F G H South Shore Medical Clinic Trial Balance December 31, 20X3 Debit Credit 6 Cash $ 50,000 7 Accounts Receivable 55,000 8 Supplies 10,000 9 Inventory 40,000 10 Equipment 75,000 11 Building 150,000 12 Accounts Payable $ 25,000 13 Current Portion - Long Term Debt 35,000 14 Long Term Debt, net of Current Portion 100,000 15 Owner's Equity 200,000 16 Service Fee Revenue 125,000 17 Salaries Expense 78,500 18 Rent Expense 24,000 19 Utilities Expense 2,500 20 Totals $ 485,000 $ 485,000 21 22 23 24 25 26 27 28 29 30 31 32 Trial Balance Income Statement Balance Sheet Questions + ReadyA B C D E F G H Task #1: Using the Trial Balance, prepare an Income Statement. South Shore Medical Clinic Income Statement 5 For the year ending December 31, 20X3 Revenues: 8 9 Service Fee Revenue 10 11 Total Revenues 12 13 14 Expenses: 15 6 Salaries Expense Rent Expense 18 Utilities Expense 19 20 Total Expenses 21 22 Income: 23 Net Income 24 25 26 27 28 29 30 31 Trial Balance Income Statement Balance Sheet Questions (+A B C D E F 1 Task #2: Using the Trial Balance, enter the appropriate amounts for each account. Classify each as an Asset, Liability, or Equity account then specify if they are current or non-current. 4 Account Account Balance Type of Account Current/NonCurrent Cash 6 Inventory Supplies 8 Building Equipment 10 Accounts Receivable 11 Accounts Payable 12 Current Portion - Long Term Debt 13 Long Term Debt, net of Current Portion 14 Owner's Equity 15 16 Task #3: Once complete, prepare a Balance Sheet listing the accounts and account balances in the appropriate order. (Keep in mind that Net Income Increases the Owner's Equity Account). 17 18 19 South Shore Medical Clinic 20 Balance Sheet 21 December 31, 20X3 22 23 ASSETS LIABILITIES & NET WORTH 24 Current Assets Current Liabilities 25 Cash Accounts Payable 26 Accounts Receivable Current Portion - Long Term Debt 27 Supplies Total Current Liabilities 28 Inventory 29 Total Current Assets Non-current Liabilities Trial Balance Income Statement Balance Sheet Questions + EnterA C D E F CO 28 Inventory 29 Total Current Assets Non-current Liabilities Long Term Debt, net of Current Portion 30 31 Non-current Assets Total Non-Current Liabilities 32 Equipment 33 Building NET WORTH 34 Total Non-current Assets Owner's Equity $ 200,000 35 TOTAL LIABILITIES & NET WORTH 36 TOTAL ASSETS 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 Trial Balance Income Statement Balance Sheet Questions + interA7 X V fc A B Questions: 4 1. Briefly describe whether or not you think this company is profitable. 6 2. Is the company collecting enough in revenue to cover their expenses? 7 8 3. Comment on any suggestions you might have for the company's owners. LO 10 11 12 13 14 15 16 17 18 Trial Balance Income Statement Balance Sheet Questions Ready