Question
Calculate the following with the details below: Total Assets = Total Liabilities = Total Equity = Net Income = Retained Earnings at 11/30= Equipment (net)
Calculate the following with the details below:
Total Assets =
Total Liabilities =
Total Equity =
Net Income =
Retained Earnings at 11/30=
Equipment (net) =
Family Health Care's November Transactions:
a.On November 1, received $1,800 from Jones Company as rent for the use of Family Health Care's land as a temporary parking lot from November 2019 through March 2020.
b.On November 1, paid $2,400 for an insurance premium on a 2-year, general business policy.
c.On November 1, paid $6,000 for an insurance premium on a six-month medical malpractice policy.
d.Dr. Landry invested an additional $5,000 in the business in exchange for capital stock.
e.Purchased supplies for $240 on account.
f.Purchased $8,500 of office equipment.Paid $1,700 cash as a down payment, with the remaining $6,800 due in five monthly installments of $1,360 beginning January 1.
g.Provided services of $6,100 to patients on account.
h.Received $5,500 for services provided to patients who paid cash.
i.Received $4,200 from insurance companies, which paid on patients' accounts of services that have been provided.
j.Paid $100 on account for supplies that had been purchased.
k.Expenses paid during November were as follows:gages, $2,790; rent, $800; utilities $580; interest, $100; and miscellaneous, $420.
l.Paid dividends of $1,200 to stockholders (Dr. Landry).
Adjustments for November:
a.Prepaid insurance expired, $1,100.
b.Supplies used, $150.
c.Depreciation on office equipment, $160.
d.Unearned revenue earned, $360.
e.Wages owed but not paid to employees, $220.
f.Services provided but not billed to insurance companies, $750.
ASSETS=LIABILITIES+EQUITY
Cash+A/R +Prepaid+Supplies+Office-A/D+Land = Notes+A/P+Wages+Unearned+C/S +Retained
InsuranceEquipPayPayRevEarnings
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Beginning Balances:
7,32012,00010,000 6,0003,320
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