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Given below is a list of account balances for Currie Hospital as of December 31, 2013. Prepare a balance sheet as of December 31, 2013,
Given below is a list of account balances for Currie Hospital as of December 31, 2013. Prepare a balance sheet as of December 31, 2013, in proper form. (Hint: You will need to compute the net assets account. Assume that all net assets at the beginning of the year are unrestricted.)
Account |
| Balance |
Gross plant & equipment |
| $6,000,000 |
Accounts payable |
| 130,000 |
Inventories |
| 100,000 |
Other current liabilities |
| 70,000 |
Net accounts receivable |
| 650,000 |
Accrued expenses |
| 100,000 |
Accumulated depreciation |
| 200,000 |
Long-term debt |
| 5,000,000 |
Cash |
| 210,000 |
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