Using the adjustment data listed in P3-2 for San Mateo Health Care, indicate the effects of each
Question:
Using the adjustment data listed in P3-2 for San Mateo Health Care, indicate the effects of each adjustment on the liquidity metric Quick Assets and profitability metric Net Income - Accrual Basis.
P3-2
Adjustment data for San Mateo Health Care Inc. for January are as follows:
1. Insurance expired, $900.
2. Supplies on hand on January 31, $1,200.
3. Depreciation on building, $2,300.
4. Unearned rent revenue earned, $3,000.
5. Wages owed employees but not paid, $2,900.
6. Services provided but not billed to patients, $5,000.
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