Using the Ending Balances data for each account and the basic models for a Balance Sheet and
Question:
Using the Ending Balances data for each account and the basic models for a Balance Sheet and Income Statement as provided below:
a. Prepare the Physician's Clinic Balance Sheet for March 31, 20xx b. Prepare the Physician's Clinic Income Statement for March 1 - 31, 20xx
PHYSICIAN'S CLINIC ENDING BALANCES OF ACCOUNTS MARCH 1-31, 20xx
Debit Credit
Cash 30,750 Inventory 5,200 Accounts Receivable 16,450 Equipment 16,000
Supply Expense 31,200 S & W Expense 82,400 Utilities Expense 8,700 Insurance Expense 2,900 Repairs Expense 1,600 Other Expense 7,300
Accounts Payable 1,700 Loan Payable 15,000
Net Assets 50,000
Patient Service Revenue 122,200 Other Operations Revenue 13,600
TOTAL $202,500 = $202,500
PHYSICIAN'S CLINIC BALANCE SHEET March 20xx
ASSETS
Current Assets
Cash _________
A/R _________
minus allowances and un-collectibles ($500) 500______
Net AR _________
Inventory _________
Total Current Assets _________
Plant, Property & Equipment _________
Other Assets 0
Total Assets ___________
EQUITIES
Current Liabilities
A/P __________
Loan Payable __________
Total Current Liabilities _________
Long-Term Debt 0
Total Liabilities ___________
Net Assets ___________
Total Liabilities and Net Assets ____________
PHYSICIAN'S CLINIC INCOME STATEMENT MARCH 1 - 31, 20xx
OPERATING REVENUE
Patient Services Revenue _________
Minus allowances and uncollectables______500
Net Patient Services Revenue _________
Other Operating Revenue _________
Total Operating Revenue __________
OPERATING EXPENSES
Supply Expense __________
S & W Expense __________
Utilities Expense __________
Insurance Expense __________
Repairs Expense __________
Other Expenses __________
Total Operating Expenses _____________
Net Operating Income (Excess of Revenue over Expenses) _____________
Expert Answer:
Lets start with the Physicians Clinic Balance Sheet for March 31 20xx Physicians Clinic Balance Shee... View the full answer
