Financial Management in Health Administration

HLTH 5050

Fill in the missing information in Financial Statements

Breakfront Healthcare, Inc. had the following assets at the beginning of the accounting period (January 1, 2016): Cash- $2,250, Accounts Receivable- $8,330, Certificate of Deposit- $5,000, and Land - $15,000. The beginning balances in the liability accounts were Accounts Payable - $3,200 and Notes Payable - $10,000. There was a $13,000 balance in contributed capital at the beginning of the accounting period. During the accounting period, there was service revenue on account of $22,000. The ending balance in the accounts receivable account was $5,130. Operating expenses on account amounted to $16,000. There was $14,500 paid on account payable. In addition, there was $250 of accrued interest revenue and $900 of accrued interest expense as of the end of the accounting period (December 31, 2016). Finally, a $2,000 cash distribution was made to the owners.

(Hint: It may be helpful to record the events under an accounting equation before you attempt to satisfy the requirements.)

A. Determine the amount of cash collected from accounts receivable.

B. Prepare a balance sheet as of January 1, 2016

C. Prepare an income statement, statement of changes in equity, balance sheet, and statement of cash flows as of December 31, 2016.

D. Determine the interest rate earned on the certificate of deposit.

E. Determine the interest rate paid on the note payable.

Ion and Procen Financial Management in Health Administration HLTH - 5050 Fill in the missing information in Financial Statements Breakfront Healthcare, Inc. had the following assets at the beginning of the accounting period (January 1, 2016) Cash $2,250, Accounts Receivable $8,330, Certificate of Deposit 55,000, and Land $15,000. The beginning balances in the liability accounts were Accounts Payable - $1,200 and Notes Payable - $10.000 There was a $13,000 balance in contributed capital at the beginning of the accounting period. During the accounting period, there was service revenue "on account of $22,000. The ending balance in the accounts receivable account was $5,130. Operating expenses on account amounted to $16.000. There was $14.500 paid on account payable in addition, there was $250 of accrued interest revenue and 900 of accrued interest expense as of the end of the accounting period (December 31, 2016). Finally, a $2,000 cash distribution was made to the owners may be held to record the events under conto che Walth A Determine the amount of cash collected from account Prepare a balance sheet as of 2018 Prepare an income statement stalgancake changes inquit, She and statement of cash flow 2016 bele aine the interest rate wings the Determine the necesitate the one