Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

---------------------------------------------------------------------------------------------------------------------------------

Beginning Balances:

7,32012,00010,000 6,0003,320

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_2

Step: 3

blur-text-image_3

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

Introduction to Managerial Accounting

Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan

5th Canadian edition

77429494, 1259105709, 1260480798, 978-1259105708

More Books

Students also viewed these Accounting questions

Question

c) Solve for x log2(x1)log2(x+3)=log2(x1)

Answered: 1 week ago

Question

2. Find five metaphors for communication.

Answered: 1 week ago