HLTH 5040 Healthcare Finance

Prepare a balance sheet and income statement in proper form, for XYC Corp. No balance sheet was provided. Need Assets, Liabilities, and Stockholder equity.

Health Care Finance Prepare a Balance Sheet and Income Statement, in proper form, for XYC Corp (All Activity takes place within a one month period) Corporation receives $1,000,000 from founding investors. 1) XYC Corp. purchases a building for $750,000 and uses long term debt to finance. 2) XYC purchases equipment for $100,000 and finances with a note payable. 3) XYC bills patients for $150,000 for services rendered. 4) XYC purchases $150,000 of supplies on trade credit. 5) XYC issues payroll for last week: $50,000 6) XYC collects $75,000 of the amount billed under #3 above. 7) XYC pays for $50,000 of the supplies purchased above on trade credit. 8) At the end of the month XYC owes their employees $35,000 of wages. 9) XYC uses $25,000 of the supplies purchased above. 10) XYC ends the month with $125,000 of charges incurred, but not yet billed. 11) The building is depreciated straightline over a 30 year period. 12) The Ultrasound equipment is depreciated straighline over 5 years. 13) The note payable has an interest rate of 6% and the long term debt has an interest rate of 12%. No interest is actually paid, but it is accrued on the books at month end. 14) XYC pays a $5,000 dividend to the shareholders