Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounts Other revenue 7 , 5 0 0 Net property plant and equipment 2 2 , 0 0 0 Physician services expense 3 5 ,

Accounts
Other revenue 7,500
Net property plant and equipment 22,000
Physician services expense 35,000
Premium revenue 90,000
Marketing expense 8,000
Compensation expense 17,000
Interest income and other revenue 20,000
Outside referral expense 15,000
Medicare revenue 25,000
Occupancy and depreciation expense 4,000
Current portion of long-term debt 3,200
Accounts receivable 6,100
Emergency room expense 7,000
Inpatient services expense 131,000
Interest expense 3,000
Medicaid revenue 5,000
Owners' equity 13,300
Cash and cash equivalents 2,800
Long-term debt 14,400
Other administrative expense 3,000
Instructions--
Organize these accounts into a balance sheet and income statement. It will probably work best to use a simple format for the income statement that doesn't distinguish between operating and non-operating income. Similarly, don't worry about the distinction about current and non-current assets/liabilities (though you can certainly think about/discuss what categories these accounts would fall into).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

10th Edition

324300980, 978-0324300987

More Books

Students also viewed these Accounting questions

Question

What is the best conclusion for Xbar Chart? UCL A X B C B A LCL

Answered: 1 week ago