Accounting principles Balance Sheet Assets: Cash Accounts Receivable Inventory Equipment Building $500,000 250,000 250,000 350,000 900,000 Liabilities: Accounts Payable Short Term Note Long Term Debt $200,000 100,000 700,000 Total Liabilities: $ Total $ Fund Balance: $ 1. Calculate the beginning fund balance. 2. During the accounting period $100,500 (402 patients are billed at an average price of $250) and $145,000 is collected. Show the effects of these transactions on the balance sheet. 3. During the period, $57,000 in salaries is paid, $18,000 of inventory is used, $15,000 of depreciation of equipment is recorded and $10,000 of building depreciation is recognized, show the effects of these transactions on the balance sheet. 4. Additional transactions: pay off $50,000 of the short term note, purchase additional equipment for $60,000 in cash and receive $5,000 in rent, show the effects on the balance sheet. 5. Prepare an income statement and balance sheet for this organization. Did the organization make or lose money from operations