Can someone please help me answer number 6 on this assignment? I have the rest done but I am stuck on number 6 only. Any help would be much appreciated. Thank You!

HM1030: Week 1 Assignment What is the importance of accounting in business? This assignment helps you apply your knowledge from this week's presentations and readings. As future managers in the healthcare setting, it is important that graduates know the basics of accounting to manage financial functions for decision making. This could include creating and managing budgets, calculating and issuing patient bills, and negotiating insurance claims. 55 Basic Vocabulary Answer the following questions. 1. Define the following terms: TERM DEFINATION / MEANING Sole Proprietorship A business owned by one person and accounted for separately. Partnership A business owned by two or more people, called partners, who are jointly liable for tax and other obligations. Corporation Also called a C corporation is a business legally separate from its owner or owners, meaning it is responsible for its own acts and its own debts. Income Statement Describes a company's revenues and expenses along with the resulting net income or loss over a period of time. Statement of Owner's Equity Explains changes in equity from net income(or loss) and from any owner investments and withdrawals over a period of time. Balance Sheet Describes a company's financial position (types and amounts of assets, liabilities, and equity) at a point in time. Type answer here Statement of Cash Flow Identifies cash inflows (receipts) and cash outflows (payments) over a period of time. 2. Define the following terms: TERM DEFINATION / MEANING Financial Statement Analysis Applies analytical tools to financial statements and related data for making business decisions. Ultimate Medical Academy. 1 Liquidity and Efficiency Ability to meet short-term obligations and to efficiently generate revenues. Solvency Ability to generate future revenues and meet long term obligations. Profitability Ability to provide financial rewards to attract and retain financing. Market Prospects Ability to generate positive market expectations. Horizontal Analysis Comparison of a company's financial condition and performance. Vertical Analysis Comparison of a company's financial condition and performance to a base amount. Ratio Analysis Measurement of key relations between financial statement items. Ultimate Medical Academy. 2 3. What is the role of ethics and accounting in business? Technology 4. State the formula for the accounting equation? Assets= Liabilities + Equity 5. Fill in the blank for the definitions below Assets Net loss Net income Owner, Withdrawals Liabilities Owner, Revenue Expense TERM MEANING Net loss Occurs when expenses exceed revenues, which decreases equity Net income Occurs when revenues exceed expenses Expenses Decrease equity from costs of providing products and services Revenues Increase equity from sales of products and services to customers Owner, Withdrawals Are outflows of resources such as cash and other assets that an owner takes from the company for personal use Owner, Capital Are inflows of resources such as cash or other net assets that an owner puts into the company Liabilities Are creditors' claims on assets Assets Are resources a company owns or controls 6. Use the accounting equation to compute the missing financial statement amounts Transactions Assets $ Liabilities $ Equity $ Company: Picture Perfect Physicians 12,000 2,000 10,000 On September 30, Picture Perfect Physicians invested $100,000 in new medical equipment. What is the new amount for assets, liabilities and equity? 100,000 Type answer here Type answer here On November 5, Picture Perfect Physicians healthcare manager, Ms. Sweet purchased $7,000 in office supplies on credit Type answer here 7,000 Ultimate Medical Academy. 3 What is the new amount for assets, liabilities and equity? On December 31, after a minor flu epidemic, cash services for flu related symptoms increased Picture Perfect Physicians billing hours by 500, and amounted to $5,000 in revenue What is the new amount for assets, liabilities and equity? Type answer here Type answer here Type answer here Type answer here Type answer here 5,000 Type answer here Reflection Reflect on what you have learned this week to help you respond to the question below. You may choose to respond in writing or by recording a video! 7. Managing your finances is a daily or weekly personal activity for financial wellbeing. Healthcare facilities also need close financial monitoring for decision making and improvement activities. Explain two (2) professional development activities you can peruse to improve your financial management skills for career advancement? The first professional development activity I plan to pursue is continuing my education to the bachelor level. I feel that this will make me more marketable as well as increase my knowledge base. If I am in competition with several people for a job or even a promotion my extra time in school may give me an edge over someone else. Also, I think that I would like to consider locating a financial workshop offered in my area. I feel that hearing the material and concepts from another's prospective would help me and any activities I participate in at these workshops will help to sharpen my skills. Ultimate Medical Academy. 4