I need help with the last question--->>> Comment on any suggestions you might have for the company's owners.
Here is what I have so far
X Daika_Charles_Financial Stateme X + & * Office Editing for Doc: chrome-extension://bpmc... 2. W : X Daika_Charles_Financial Statement Project.xls: File Edit Insert Format Help Download Share QQ Calibri BI U SA A B D E F G H. J K 1 Task #1: Using the Trial Balance, prepare an Income Statement. 2 South Shore Medical Clinic 4 Income Statement 5 For the year ending December 31, 20X3 6 7 Revenues: 8 9 Service Fee Revenue $125,000 10 11 Total Revenues 12 13 14 Expenses: 15 16 Salaries Expense 78500 17 Rent Expense 24000 18 Utilities Expense 2500 19 20 Total Expenses $ 105,000 21 22 Income: 23 Net Income $ 20,000 Trial Balance Income Statement Balance Sheet Questions Bb Q W 8:52 2 w *** X Share + B E Non-current $75,000.00 Asset X Daika_Charles_Financial Stateme X + & * Office Editing for Doc: chrome-extension://bpmc... Daika_Charles_Financial Statement Project.xls: Download File Edit Insert Format Help ma Calibri 1. BI USA fx A D 1 Task #2: Using the Trial Balance, enter the appropriate amounts for each account. Classify each as an Asset, Liability, or Equity account then specify if they are current or non-current. 4 Account Account Balance Type of Account Current/NonCurrent 5 Cash $50,000.00 asset Current 6 Inventory $40,000.00 asset Current 7 7 Supplies $10,000.00 Asset Current Current 8 Building $150,000.00 Asset 9 Equipment Non-current 10 Accounts Receivable $55,000.00 Asset Current 11 Accounts Payable $25,000.00 Liability Current 12 Current Portion - Long Term Debt $35,000.00 Liability Current 13 Long Term Debt, net of Current Portion $100,000.00 Liability Non-current 14 Owner's Equity $200,000.00 Equity Either 15 2. 16 17 Task #3: Once complete, prepare a Balance Sheet listing the accounts and account balances in the appropriate order. (Keep in mind that Net Income Increases the Owner's Equity Account). 18 19 South Shore Medical Clinic Balance Sheet December 31, 20X3 20 21 22 20 23 ASSETS 24 Current Assets 25 Cash 26 Accounts Receivable 27 Supplies $50,000 $55,000 $10,000 LIABILITIES & NET WORTH Current Liabilities Accounts Payable Current Portion - Long Term Debt Total Current Liabilities $25.000 $35.000 $60.000 Bb @ W 8:52 X Daika_Charles_Financial Stateme X + & * Office Editing for Doc: chrome-extension://bpmc... 2 w : X Daika_Charles_Financial Statement Project.xls: File Edit Insert Format Help Download Share QQ Calibri 11 BI U 5 A + fx D E F A 12 Current Portion - Long Term Debt 13 Long Term Debt, net of Current Portion 14 Owner's Equity 15 16 B $35,000.00 Liability $100,000.00 Liability $200,000.00 Equity Current Non-current Either 17 Task #3: Once complete, prepare a Balance Sheet listing the accounts and account balances in the appropriate order. (Keep in mind that Net Income Increases the Owner's Equity Account). South Shore Medical Clinic Balance Sheet December 31, 20X3 Cash LIABILITIES & NET WORTH Current Liabilities Accounts Payable Current Portion - Long Term Debt Total Current Liabilities $50,000 $55.000 $10.000 $40,000 $ 155,000 18 19 20 21 22 23 ASSETS 24 Current Assets 25 25 26 Accounts Receivable 27 Supplies 28 Inventory 29 Total Current Assets 30 31 Non-current Assets 32 Equipment 33 Building 34 Total Non-current Assets 35 w 36 TOTAL ASSETS s 37 38 $25,000 $35.000 $60,000 Non-current Liabilities Long Term Debt, net of Current Portion Total Non-Current Liabilities $100.000 $100,000 $75,000 $150,000 $225,000 NET WORTH Owner's Equity $220,000 $200,000 $380,000 TOTAL LIABILITIES & NET WORTH $380.000 39 an Bb 0) W 8:52 X Daika_Charles_Financial Stateme X + & * Office Editing for Doc: chrome-extension://bpmc... 2. W : X Daika_Charles_Financial Statement Project.xls: File Edit Insert Format Help Download Share QQ Calibri BI U SA A B D E F G H. J K 1 Task #1: Using the Trial Balance, prepare an Income Statement. 2 South Shore Medical Clinic 4 Income Statement 5 For the year ending December 31, 20X3 6 7 Revenues: 8 9 Service Fee Revenue $125,000 10 11 Total Revenues 12 13 14 Expenses: 15 16 Salaries Expense 78500 17 Rent Expense 24000 18 Utilities Expense 2500 19 20 Total Expenses $ 105,000 21 22 Income: 23 Net Income $ 20,000 Trial Balance Income Statement Balance Sheet Questions Bb Q W 8:52 2 w *** X Share + B E Non-current $75,000.00 Asset X Daika_Charles_Financial Stateme X + & * Office Editing for Doc: chrome-extension://bpmc... Daika_Charles_Financial Statement Project.xls: Download File Edit Insert Format Help ma Calibri 1. BI USA fx A D 1 Task #2: Using the Trial Balance, enter the appropriate amounts for each account. Classify each as an Asset, Liability, or Equity account then specify if they are current or non-current. 4 Account Account Balance Type of Account Current/NonCurrent 5 Cash $50,000.00 asset Current 6 Inventory $40,000.00 asset Current 7 7 Supplies $10,000.00 Asset Current Current 8 Building $150,000.00 Asset 9 Equipment Non-current 10 Accounts Receivable $55,000.00 Asset Current 11 Accounts Payable $25,000.00 Liability Current 12 Current Portion - Long Term Debt $35,000.00 Liability Current 13 Long Term Debt, net of Current Portion $100,000.00 Liability Non-current 14 Owner's Equity $200,000.00 Equity Either 15 2. 16 17 Task #3: Once complete, prepare a Balance Sheet listing the accounts and account balances in the appropriate order. (Keep in mind that Net Income Increases the Owner's Equity Account). 18 19 South Shore Medical Clinic Balance Sheet December 31, 20X3 20 21 22 20 23 ASSETS 24 Current Assets 25 Cash 26 Accounts Receivable 27 Supplies $50,000 $55,000 $10,000 LIABILITIES & NET WORTH Current Liabilities Accounts Payable Current Portion - Long Term Debt Total Current Liabilities $25.000 $35.000 $60.000 Bb @ W 8:52 X Daika_Charles_Financial Stateme X + & * Office Editing for Doc: chrome-extension://bpmc... 2 w : X Daika_Charles_Financial Statement Project.xls: File Edit Insert Format Help Download Share QQ Calibri 11 BI U 5 A + fx D E F A 12 Current Portion - Long Term Debt 13 Long Term Debt, net of Current Portion 14 Owner's Equity 15 16 B $35,000.00 Liability $100,000.00 Liability $200,000.00 Equity Current Non-current Either 17 Task #3: Once complete, prepare a Balance Sheet listing the accounts and account balances in the appropriate order. (Keep in mind that Net Income Increases the Owner's Equity Account). South Shore Medical Clinic Balance Sheet December 31, 20X3 Cash LIABILITIES & NET WORTH Current Liabilities Accounts Payable Current Portion - Long Term Debt Total Current Liabilities $50,000 $55.000 $10.000 $40,000 $ 155,000 18 19 20 21 22 23 ASSETS 24 Current Assets 25 25 26 Accounts Receivable 27 Supplies 28 Inventory 29 Total Current Assets 30 31 Non-current Assets 32 Equipment 33 Building 34 Total Non-current Assets 35 w 36 TOTAL ASSETS s 37 38 $25,000 $35.000 $60,000 Non-current Liabilities Long Term Debt, net of Current Portion Total Non-Current Liabilities $100.000 $100,000 $75,000 $150,000 $225,000 NET WORTH Owner's Equity $220,000 $200,000 $380,000 TOTAL LIABILITIES & NET WORTH $380.000 39 an Bb 0) W 8:52
