Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help please please help Financial Statements San Mateo Health Care Inc. is owned and operated by Rachel Fields, the sole stockholder, During January 2076, San

help please image text in transcribed
please help image text in transcribed
image text in transcribed
Financial Statements San Mateo Health Care Inc. is owned and operated by Rachel Fields, the sole stockholder, During January 2076, San Mateo Health Care entered into the following transactions: Jan. Received $27,000 from Hillard Company as rent for the use of a vacant office in San Mateo Health Care's building. Hillard paid the rent nine 1 months in advance. 1 Paid $6,000 for a one-year general insurance business policy. 6 Purchased supplies of $1,800 on account. 9 Collected $32,000 for services provided to customers on account. 11 Paid creditors $5,000 on account. 18 Invested an additional $10,000 in the business in exchange for common stock 20 Billed patients $52,000 for services provided on account 25 Received $15,000 for services provided to customers who paid cash. 30 Paid expenses as follows: wages, $31,000; utilities, $8,500; rent on medical equipment, $5,300; interest, $200; and miscellaneous, $3,000. 30 Paid dividends of $8,000 to stockholder (Dr. Fields). Adjustment data for San Mateo Health Care Inc. for January are as follows: 1. Insurance expired, $900. 2. Supplies on hand on January 31, $1,200. 3. Depreciation on building, $2,300. 4. Unearned rent revenue earned, $3,000. 5. Wages owed employees but not paid, $2,900. 6. Services provided but not billed to patients, $5,000. Financial Statements San Mateo Health Care Inc. is owned and operated by Rachel Fields, the sole stockholder During January 2016, San Mateo Health Care entered into the following transactions: Jan. Received $27,000 from Hillard Company as rent for the use of a vacant office in San Mateo Health Care's building. Hillard paid the rent nine 1 months in advance. 1 Paid $6,000 for a one-year general insurance business policy. 6 Purchased supplies of $1,800 on account. 9 Collected $32,000 for services provided to customers on account. 11 Paid creditors $5,000 on account. 18 Invested an additional $10,000 in the business in exchange for common stock 20 Billed patients $52,000 for services provided on account. 25 Received $15,000 for services provided to customers who paid cash. 30 Paid expenses as follows: wages, $31,000; utilities, $8,500; rent on medical equipment, $5,300; interest, $200; and miscellaneous, $3,000. 30 Paid dividends of $8,000 to stockholder (Dr. Fields). Adjustment data for San Mateo Health Care Inc. for January are as follows: 1. Insurance expired, $900. 2. Supplies on hand on January 31, $1,200. 3. Depreciation on building, $2,300. 4. Unearned rent revenue earned, $3,000. 5. Wages owed employees but not paid, $2,900. 6. Services provided but not billed to patients, $5,000. 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y2 as the base year. Enter decreases as negative amounts and negative percentages. Round percentage changes to one decimal place. Greyhound Technology Company Comparative Income Statement For the Years Ended December 31, 2013 and 2012 Increase (Decrease) Increase (Decrease) 2013 2012 Amount Percent $862,000 $785,000 % (650,000) (500,000) % Sales Cost of goods sold % Gross profit $285,000 $212,000 % $(44,000) $(40,000) $ (27,000) (25,000) $(71,000) $(65,000) $ % % Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax $141,000 % $220,000 $ 2,000 2,300 % % $143,300 (13,000) % Income tax expense $222,000 $ (20,000) $202,000 $ Net income $130,300 %

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

Step: 3

blur-text-image

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

Management Systems Audit Risk Mitigation

Authors: Mr Indulis L Svikis

1st Edition

B084DGQJJ5, 979-8607031909

More Books

Students also viewed these Accounting questions

Question

What are the salient product features of CFD?

Answered: 1 week ago