Balance Sheet Liabilities Accounts Payable Assets: Cash Accounts Receivable Inventory Equipment Building $500,000 250,000 250,000 350,000 900,000 $200,000 100,000 700,000 Short Term Note Long Term Debt Total Liabilities: S 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 $150,000 is collected. Show the effects of these transactioans on the balance sheet. 3 During the period, $56,000 in salaries is paid, $20,000 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. Additional transactions: pay off $50,000 of the short term note, purchase additional equipment for $50,000 in cash and receive $5,000 in rent, show the effects on the balance sheet 4 5 Prepare an income statement and balance sheet for this organization. Did the organization make or lose money from operations? T-accounts Assets Liabilities Cash A/P (debit (credit (debit) (credif) $500,000 $200,000 A/R ST Note $250,000 $100,000 Inventory LT Debt $250,000 $700,000 Equipment $350,000| Fund Balance Equity (credit (debit) Buildings $900,000