Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit $ 7 OOOW W Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals ou in $30 $30 Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $31 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $34 cash on July 2, 2018. c. Issued additional shares of common stock for $5 on July 3. d. Purchased software on July 4, $3 cash. e. Purchased supplies on July 5 on account for future use, $7. f. Recorded revenues on December 6 of $64, including $8 on credit and $56 received in cash. g. Recognized salaries and wages expense on December 7 of $39; paid in cash. Req 6A Req 6B Req 6C Prepare an income statement. (Enter your answers in thousands of do NORTHLAND PHYSICAL THERAPY Income Statement (in thousands) Revenues Prepare the balance sheet. (Enter your answers in thousands of dollars. Amounts to be deducted should be indicated by a minus sign.) NORTHLAND PHYSICAL THERAPY Balance Sheet (in thousands) 0 $ 0 NORTHLAND PHYSICAL THERAPY Post-Closing Trial Balance (in thousands) Account Titles Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit $ 7 OOOW W Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals ou in $30 $30 Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $31 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $34 cash on July 2, 2018. c. Issued additional shares of common stock for $5 on July 3. d. Purchased software on July 4, $3 cash. e. Purchased supplies on July 5 on account for future use, $7. f. Recorded revenues on December 6 of $64, including $8 on credit and $56 received in cash. g. Recognized salaries and wages expense on December 7 of $39; paid in cash. Req 6A Req 6B Req 6C Prepare an income statement. (Enter your answers in thousands of do NORTHLAND PHYSICAL THERAPY Income Statement (in thousands) Revenues Prepare the balance sheet. (Enter your answers in thousands of dollars. Amounts to be deducted should be indicated by a minus sign.) NORTHLAND PHYSICAL THERAPY Balance Sheet (in thousands) 0 $ 0 NORTHLAND PHYSICAL THERAPY Post-Closing Trial Balance (in thousands) Account Titles Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense

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

Auditing And Assurance Services

Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Strawser

2nd Edition

0073128244, 9780073128245

More Books

Students also viewed these Accounting questions

Question

Explain the various kinds of retirement plans.

Answered: 1 week ago

Question

Explain workplace flexibility (work-life balance).

Answered: 1 week ago

Question

Discuss global issues in employee benefits.

Answered: 1 week ago