HW Assignment

Note: Total Revenues Total Expenses = Profit

1. Using the entries below, complete the table below to create a simple income statement and find the Net Income for XYZ Medical Center.

Supplies $50,000

Depreciation $80,000

Healthcare premiums (received) $75,000

Salaries and Benefits $100,000

Other Operating revenues $45,000

Patient services revenue: $150,000

Revenues:	$
Total Revenues
Expenses:
Total Expenses
Net Income (Loss)

2. Define revenues
3. Define expenses
4. Define net income
5. Was XYC clinic profitable? How do you know?