Need help filling out an 1120 form, I have attached all the information.

Week 4: Prepare Form 1120: 1 2 3 You are provided with the financial reports (2 year balance sheet and current year profit and loss in as a as a Microsoft Excel) along with the supplemental information that provides the details required to prepare a tax return for your new tax client - Phoenix Medical, Inc. Fill out pages 1 through 5 of Form 1120 - US Corporation Income Tax Return. Include as many details as you can. Utilize the PDF Form 1120 provided and consult the form instructions where needed. Upload the completed tax return to the assignment tab. Supplemental information for Phoenix Medical, Inc. Calendar year ending 12/31/2014: Page 1 Information: Company Name: Phoenix Medical, Inc. 1122 Three Ave. Phoenix, AZ 85001 B. EIN: 24-5678901 C. Date Incorporated: 3/27/2006 Page 2 Information: 1. Dividends were received from Big Labs. Phoenix Medical holds a 15% ownership of Big Labs. Schedule K Information: Line 2. a. Business Activity Code: 621111 b. Business Activity: Medical c. Product or Services: Skin Care Line 3. Not a subsidiary. Line 4. a. Not owned by a foreign or domestic entity. b. Owned equally by three individuals (33.33%). Line 5. Not an owner of 20% or more of a foreign or domestic corporation or partnership. Line 6-11. No. Line 12. NOL carryforward of $1,535,624 is available to offset 2014 income. Line 13 & 14. No. Line 15. Yes and Yes. Line 16-18. No. Supplemental information for Phoenix Medical, Inc. Calendar year ending 12/31/2014: Page 1 Information: Company Name: B. C. Phoenix Medical, Inc. 1122 Three Ave. Phoenix, AZ 85001 EIN: 24-5678901 Date Incorporated: 3/27/2006 Page 2 Information: 1. Dividends were received from Big Labs. Phoenix Medical holds a 15% ownership of Big Labs. Schedule K Information: Line 2. a. Business Activity Code: 621111 b. Business Activity: Medical c. Product or Services: Skin Care Line 3. Not a subsidiary. Line 4. a. Not owned by a foreign or domestic entity. b. Owned equally by three individuals (33.33%). Line 5. Not an owner of 20% or more of a foreign or domestic corporation or partnership. No. Line 6-11. NOL carryforward of $1,535,624 is available to offset 2014 income. Line 12. Line 13 & 14. No. Yes and Yes. Line 15. Line 16-18. No. of Big Labs. Phoenix Medical 7:08 AM 11/04/15 Accrual Basis Balance Sheet As of December 31, 2014 Dec 31, 14 Dec 31, 13 $ Change ASSETS Current Assets Checking/Savings 10001 Checking 609,842.00 277,131.00 332,711.00 10010 Savings 557,392.23 325,541.23 231,851.00 10020 Cash Maximizer 558,380.05 69,672.05 488,708.00 1,725,614.28 672,344.28 ### 260,990.00 826,113.00 -565,123.00 260,990.00 826,113.00 -565,123.00 75,000.00 0.00 75,000.00 75,000.00 0.00 75,000.00 2,061,604.28 1,498,457.28 563,147.00 15000 Furniture and Equipment 40,316.00 40,316.00 0.00 15500 Leasehold Improvements 506,889.00 506,889.00 0.00 1,399,776.00 1,129,888.00 269,888.00 Total Checking/Savings Accounts Receivable 11000 Accounts Receivable Total Accounts Receivable Other Current Assets 18100 Loan to Shareholder Total Other Current Assets Total Current Assets Fixed Assets 16100 Medical Equipment 17000 Accumulated Depreciation Total Fixed Assets ### ### -328,702.00 378,208.00 437,022.00 -58,814.00 3,206,518.00 2,306,518.00 900,000.00 866,507.20 364,352.20 502,155.00 4,073,025.20 6,512,837.48 2,670,870.20 4,606,349.48 ### ### 122,601.00 107,245.00 15,356.00 122,601.00 107,245.00 15,356.00 39,065.51 34,742.51 4,323.00 39,065.51 34,742.51 4,323.00 0.00 26,375.00 -26,375.00 Other Assets 18001 Investment in Big Labs 18050 Investment in R&D Company Total Other Assets TOTAL ASSETS LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 20001 Accounts Payable Total Accounts Payable Credit Cards 20100 Credit Cards Total Credit Cards Other Current Liabilities 20200 Accrued Salaries Total Other Current Liabilities 0.00 26,375.00 -26,375.00 161,666.51 168,362.51 -6,696.00 28001 Business Loan 1,207,401.72 1,333,423.72 -126,022.00 Total Long Term Liabilities 1,207,401.72 1,333,423.72 -126,022.00 1,369,068.23 1,501,786.23 -132,718.00 Total Current Liabilities Long Term Liabilities Total Liabilities Page 3 of 8 7:08 AM 11/04/15 Accrual Basis Phoenix Medical Balance Sheet As of December 31, 2014 Dec 31, 14 Dec 31, 13 $ Change Equity 30100 Capital Stock 1,000.00 1,000.00 0.00 -400,000.00 0.00 -400,000.00 32000 Retained Earnings 3,103,563.25 3,103,563.25 0.00 Net Income 2,439,206.00 0.00 ### Total Equity TOTAL LIABILITIES & EQUITY 5,143,769.25 6,512,837.48 3,104,563.25 4,606,349.48 ### ### 31400 Shareholder Distributions Page 4 of 8 Phoenix Medical 7:09 AM 11/04/15 Accrual Basis Profit & Loss January through December 2014 Jan - Dec 14 Ordinary Income/Expense Income 43700 Fee for Service Income 47300 Refunds Total Income 5,615,706.00 -17,633.00 5,598,073.00 Expense 60000 Advertising and Promotion 60200 Automobile Expense 1,252.00 11,961.00 60400 Bank Service Charges 8,808.00 61000 Business Licenses and Permits 5,611.00 61100 Charitable Contributions (Cash) 100,000.00 61700 Computer and Internet Expenses 13,575.00 62400 Depreciation Expense 62500 Dues and Subscriptions 628,702.00 8,327.00 62600 Equipment Rental 62610 Laser Facility Rent 62600 Equipment Rental - Other Total 62600 Equipment Rental 63300 Insurance Expense 63400 Interest Expense 14,979.00 201,106.00 216,085.00 55,356.00 63,678.00 63600 Laboratory Testing Fees 121,653.00 64300 Meals and Entertainment 8,362.50 64400 Medical Records and Supplies 103,456.00 66700 Professional Fees 123,945.00 67200 Repairs and Maintenance 18,855.00 67800 Salaries and Wages 67810 Officers Compensation 940,000.00 67800 Salaries and Wages - Other 321,580.00 Total 67800 Salaries and Wages 1,261,580.00 68000 Taxes 68010 Payroll Taxes 68020 State Tax Total 68000 Taxes 206,103.00 30,652.00 236,755.00 68500 Uniforms 16,121.00 68600 Utilities 30,364.00 Total Expense Net Ordinary Income 3,034,446.50 2,563,626.50 Other Income/Expense Other Income 70200 Interest Income 70222 Tax Exempt Interest 70300 Sublease Rents 71000 Dividends 833.00 0.00 240,000.00 80,000.00 Page 5 of 8 7:09 AM 11/04/15 Accrual Basis Phoenix Medical Profit & Loss January through December 2014 Jan - Dec 14 75000 Gain on Sale of Assets Total Other Income 75,000.00 395,833.00 Other Expense M-1 AC M-1 Accrual to Cash Adjustment Total Other Expense Net Other Income Net Income 13,597.00 13,597.00 382,236.00 2,945,862.50 Schedule M-1 Line 10 Page 6 of 8 Phoenix Medical 12:55 PM 10/26/15 Accrual Basis Profit & Loss January through December 2014 Jan - Dec 14 Ordinary Income/Expense Income 43700 Fee for Service Income 47300 Refunds Total Income 5,050,583.00 -17,633.00 5,032,950.00 Expense 60000 Advertising and Promotion 60200 Automobile Expense 1,252.00 11,961.00 60400 Bank Service Charges 8,808.00 61000 Business Licenses and Permits 5,611.00 61100 Charitable Contributions (Cash) 60,000.00 61700 Computer and Internet Expenses 62400 Depreciation Expense 62500 Dues and Subscriptions 13,575.00 628,702.00 8,327.00 62600 Equipment Rental 62610 Laser Facility Rent 62600 Equipment Rental - Other Total 62600 Equipment Rental 63300 Insurance Expense 63400 Interest Expense 14,979.00 201,106.00 216,085.00 55,356.00 63,678.00 63600 Laboratory Testing Fees 121,653.00 64300 Meals and Entertainment 16,725.00 64400 Medical Records and Supplies 103,456.00 66700 Professional Fees 123,945.00 67200 Repairs and Maintenance 18,855.00 67800 Salaries and Wages 67810 Officer Compensation 940,000.00 67800 Salaries and Wages - Other 321,580.00 Total 67800 Salaries and Wages 1,261,580.00 68000 Taxes 68010 Payroll Taxes 68020 State Tax Total 68000 Taxes 68500 Uniforms 68600 Utilities Total Expense Net Ordinary Income 206,103.00 35,041.00 241,144.00 16,121.00 30,364.00 3,007,198.00 2,025,752.00 Other Income/Expense Other Income 70200 Interest Income 70222 Tax Exempt Interest 70300 Sublease Rents 833.00 17,621.00 240,000.00 12:55 PM 10/26/15 Accrual Basis Phoenix Medical Profit & Loss January through December 2014 Jan - Dec 14 71000 Dividends 80,000.00 75000 Gain on Sale of Assets 75,000.00 Total Other Income Net Other Income Net Income INFORMATION ONLY - NOT TO INPUT. 413,454.00 413,454.00 2,439,206.00 Schedule M-1 Line 1 12:41 PM 10/26/15 Accrual Basis Phoenix Medical Adjusted Trial Balance January through December 2014 Unadjusted Balance Debit Credit 10001 Checking 609,842.00 10010 Savings 557,392.23 10020 Cash Maximizer 558,380.05 11000 Accounts Receivable 260,990.00 18100 Loan to Shareholder 0.00 15000 Furniture and Equipment 15500 Leasehold Improvements 16100 Medical Equipment 18050 Investment in R&D Company 866,507.20 122,601.00 0.00 400,000.00 3,103,563.25 5,050,583.00 17,633.00 1,252.00 11,961.00 8,808.00 61000 Business Licenses and Permits 5,611.00 61100 Charitable Contributions (Cash) 60,000.00 61700 Computer and Internet Expenses 13,575.00 62400 Depreciation Expense Adj 2 8,327.00 201,106.00 62600 Equipment Rental:62610 Laser Facility Rent 14,979.00 63300 Insurance Expense 55,356.00 63400 Interest Expense 63,678.00 63600 Laboratory Testing Fees 121,653.00 64300 Meals and Entertainment 16,725.00 64400 Medical Records and Supplies 103,456.00 66700 Professional Fees 123,945.00 67200 Repairs and Maintenance r 1,000.00 60400 Bank Service Charges 62600 Equipment Rental 28,953.00 1,207,401.72 43700 Fee for Service Income 62500 Dues and Subscriptions r 39,065.51 32000 Retained Earnings 60200 Automobile Expense Adj 1 & 2 3,206,518.00 30100 Capital Stock 60000 Advertising and Promotion Adj 1 1,240,071.00 28001 Business Loan 47300 Refunds 75,000.00 506,889.00 20100 Credit Cards 31400 Shareholder Distributions Adj 1 1,699,776.00 20001 Accounts Payable 20200 Accrued Salaries Debit 40,316.00 17000 Accumulated Depreciation 18001 Investment in Big Labs Book Adjustments 18,855.00 67800 Salaries and Wages 321,580.00 67800 Salaries and Wages:67810 Officer Compensation 940,000.00 68000 Taxes:68010 Payroll Taxes 206,103.00 68000 Taxes:68020 State Tax 35,041.00 68500 Uniforms 16,121.00 Page 1 of 12 12:41 PM 10/26/15 Accrual Basis Phoenix Medical Adjusted Trial Balance January through December 2014 Unadjusted Balance Debit 68600 Utilities Book Adjustments Credit 30,364.00 70200 Interest Income 833.00 70222 Tax Exempt Interest 17,621.00 70300 Sublease Rents 240,000.00 71000 Dividends 80,000.00 75000 Gain on Sale of Assets M-1 Accrual to Cash - Accounts Payable TOTAL Debit Adj 1 11,102,739.48 11,102,739.48 103,953.00 Book Adjustments Adj 1 Sale of fixed assets Adj 2 2014 Depreciation r Reclass of accounts payable Tax Adjustments a Accrual to Cash Adjustment - Accounts Receivable b Charitable contributions carryover c 50% Meals and Entertainment d Non-deductible penalties e Tax Exempt interest f Accrual to Cash Adjustment - Accounts Payable Page 2 of 12 12:41 PM 10/26/15 Accrual Basis Phoenix Medical Adjusted Trial Balance January through December 2014 Book Adjustments Adjusted Book Balance Credit Debit 10001 Checking 609,842.00 10010 Savings 557,392.23 10020 Cash Maximizer 558,380.05 11000 Accounts Receivable 260,990.00 18100 Loan to Shareholder 75,000.00 15000 Furniture and Equipment 40,316.00 15500 Leasehold Improvements Credit 506,889.00 16100 Medical Equipment 300,000.00 17000 Accumulated Depreciation 328,702.00 18001 Investment in Big Labs 1,399,776.00 1,568,773.00 1,568,773.00 3,206,518.00 18050 Investment in R&D Company 866,507.20 20001 Accounts Payable 93,648.00 20100 Credit Cards 39,065.51 20200 Accrued Salaries 28,953.00 28,953.00 28001 Business Loan 1,207,401.72 30100 Capital Stock 1,000.00 31400 Shareholder Distributions 400,000.00 32000 Retained Earnings 43700 Fee for Service Income 47300 Refunds 60000 Advertising and Promotion 60200 Automobile Expense 3,103,563.25 260,990.00 5,311,573.00 17,633.00 1,252.00 11,961.00 60400 Bank Service Charges 8,808.00 61000 Business Licenses and Permits 5,611.00 61100 Charitable Contributions (Cash) 60,000.00 61700 Computer and Internet Expenses 13,575.00 62400 Depreciation Expense 62500 Dues and Subscriptions 62600 Equipment Rental 889,692.00 8,327.00 201,106.00 62600 Equipment Rental:62610 Laser Facility Rent 14,979.00 63300 Insurance Expense 55,356.00 63400 Interest Expense 63,678.00 63600 Laboratory Testing Fees 121,653.00 64300 Meals and Entertainment 16,725.00 64400 Medical Records and Supplies 103,456.00 66700 Professional Fees 123,945.00 67200 Repairs and Maintenance 18,855.00 67800 Salaries and Wages 321,580.00 67800 Salaries and Wages:67810 Officer Compensation 940,000.00 68000 Taxes:68010 Payroll Taxes 206,103.00 68000 Taxes:68020 State Tax 35,041.00 68500 Uniforms 16,121.00 Page 3 of 12 12:41 PM 10/26/15 Accrual Basis Phoenix Medical Adjusted Trial Balance January through December 2014 Book Adjustments Adjusted Book Balance Credit 68600 Utilities Debit 30,364.00 70200 Interest Income 833.00 70222 Tax Exempt Interest 17,621.00 70300 Sublease Rents 240,000.00 71000 Dividends 75000 Gain on Sale of Assets M-1 Accrual to Cash - Accounts Payable TOTAL Credit 80,000.00 75,000.00 993,645.00 75,000.00 0.00 11,767,431.48 Book Income Book Income Check Figure Book Adjustments 0.00 13,336,204.48 2,439,206 - Adj 1 Sale of fixed assets Adj 2 2014 Depreciation r Reclass of accounts payable Tax Adjustments a Accrual to Cash Adjustment - Accounts Receivable b Charitable contributions carryover c 50% Meals and Entertainment d Non-deductible penalties e Tax Exempt interest f Accrual to Cash Adjustment - Accounts Payable 560990 Page 4 of 12 12:41 PM 10/26/15 Accrual Basis Phoenix Medical Adjusted Trial Balance January through December 2014 Tax Adjustments Debit Adjusted Tax Balance Credit Debit 10001 Checking 609,842.00 10010 Savings 557,392.23 10020 Cash Maximizer 558,380.05 11000 Accounts Receivable 260,990.00 18100 Loan to Shareholder 75,000.00 15000 Furniture and Equipment 40,316.00 15500 Leasehold Improvements 506,889.00 16100 Medical Equipment 1,399,776.00 17000 Accumulated Depreciation 18001 Investment in Big Labs 3,206,518.00 18050 Investment in R&D Company 866,507.20 20001 Accounts Payable 20100 Credit Cards 20200 Accrued Salaries 28001 Business Loan 30100 Capital Stock 31400 Shareholder Distributions 400,000.00 32000 Retained Earnings 43700 Fee for Service Income a 260,990.00 47300 Refunds 17,633.00 60000 Advertising and Promotion 1,252.00 60200 Automobile Expense 11,961.00 60400 Bank Service Charges 8,808.00 61000 Business Licenses and Permits 5,611.00 61100 Charitable Contributions (Cash) b 0.00 0.00 61700 Computer and Internet Expenses 60,000.00 13,575.00 62400 Depreciation Expense 889,692.00 62500 Dues and Subscriptions 8,327.00 62600 Equipment Rental 201,106.00 62600 Equipment Rental:62610 Laser Facility Rent 14,979.00 63300 Insurance Expense 55,356.00 63400 Interest Expense 63,678.00 63600 Laboratory Testing Fees 64300 Meals and Entertainment 121,653.00 c 8,362.50 8,362.50 64400 Medical Records and Supplies 103,456.00 66700 Professional Fees 123,945.00 67200 Repairs and Maintenance 18,855.00 67800 Salaries and Wages 321,580.00 67800 Salaries and Wages:67810 Officer Compensation 940,000.00 68000 Taxes:68010 Payroll Taxes 206,103.00 68000 Taxes:68020 State Tax 68500 Uniforms d 35,041.00 0.00 16,121.00 Page 5 of 12 12:41 PM 10/26/15 Accrual Basis Phoenix Medical Adjusted Trial Balance January through December 2014 Tax Adjustments Debit Adjusted Tax Balance Credit 68600 Utilities Debit 30,364.00 70200 Interest Income 70222 Tax Exempt Interest e 17,621.00 70300 Sublease Rents 71000 Dividends 75000 Gain on Sale of Assets M-1 Accrual to Cash - Accounts Payable TOTAL f 63,648.00 81,269.00 304,393.50 63,648.00 11,787,675.98 Tax Income Book Adjustments Adj 1 Sale of fixed assets Adj 2 2014 Depreciation r Reclass of accounts payable Tax Adjustments a Accrual to Cash Adjustment - Accounts Receivable b Charitable contributions carryover c 50% Meals and Entertainment d Non-deductible penalties e Tax Exempt interest f Accrual to Cash Adjustment - Accounts Payable Page 6 of 12 12:41 PM 10/26/15 Accrual Basis Phoenix Medical Adjusted Trial Balance January through December 2014 Adjusted Tax Balance Credit 10001 Checking 10010 Savings 10020 Cash Maximizer 11000 Accounts Receivable 18100 Loan to Shareholder 15000 Furniture and Equipment 15500 Leasehold Improvements 16100 Medical Equipment 17000 Accumulated Depreciation 1,568,773.00 18001 Investment in Big Labs 18050 Investment in R&D Company 20001 Accounts Payable 93,648.00 20100 Credit Cards 39,065.51 20200 Accrued Salaries 28,953.00 28001 Business Loan 30100 Capital Stock 1,207,401.72 1,000.00 31400 Shareholder Distributions 32000 Retained Earnings 3,103,563.25 43700 Fee for Service Income 5,572,563.00 47300 Refunds 60000 Advertising and Promotion 60200 Automobile Expense 60400 Bank Service Charges 61000 Business Licenses and Permits 61100 Charitable Contributions (Cash) 61700 Computer and Internet Expenses 62400 Depreciation Expense 62500 Dues and Subscriptions 62600 Equipment Rental 62600 Equipment Rental:62610 Laser Facility Rent 63300 Insurance Expense 63400 Interest Expense 63600 Laboratory Testing Fees 64300 Meals and Entertainment 64400 Medical Records and Supplies 66700 Professional Fees 67200 Repairs and Maintenance 67800 Salaries and Wages 67800 Salaries and Wages:67810 Officer Compensation 68000 Taxes:68010 Payroll Taxes 68000 Taxes:68020 State Tax 68500 Uniforms Page 7 of 12 12:41 PM 10/26/15 Accrual Basis Phoenix Medical Adjusted Trial Balance January through December 2014 Adjusted Tax Balance Credit 68600 Utilities 70200 Interest Income 70222 Tax Exempt Interest 70300 Sublease Rents 833.00 0.00 240,000.00 71000 Dividends 80,000.00 75000 Gain on Sale of Assets 75,000.00 M-1 Accrual to Cash - Accounts Payable TOTAL 12,010,800.48 2,662,331 Book Adjustments Adj 1 Sale of fixed assets Adj 2 2014 Depreciation r Reclass of accounts payable Tax Adjustments a Accrual to Cash Adjustment - Accounts Receivable b Charitable contributions carryover c 50% Meals and Entertainment d Non-deductible penalties e Tax Exempt interest f Accrual to Cash Adjustment - Accounts Payable Page 8 of 12 Phoenix Medical 2:20 PM 10/26/15 Accrual Basis Date 12/31/2014 Adjusting Journal Entries January through December 2014 Num 2014 Adj 1 Memo to sell obsolete equipment to sell obsolete equipment to sell obsolete equipment to sell obsolete equipment 12/31/2014 2014 Adj 2 to record 2014 depreciation on assets placed in service prior to 2014 to record 2014 depreciation on assets placed in service prior to 2014 to record Sec. 179 expense to record Sec. 179 expense to record depreciation on assets placed in service in 2014 to record depreciation on assets placed in service in 2014 TOTAL Page 9 of 12 Phoenix Medical 2:20 PM 10/26/15 Accrual Basis Adjusting Journal Entries January through December 2014 Account Debit 17000 Accumulated Depreciation 328,702.00 16100 Medical Equipment 300,000.00 18100 Loan to Shareholder 75,000.00 75000 Gain on Sale of Assets 75,000.00 150,000.00 62400 Depreciation Expense 62400 Depreciation Expense 1,240,071.00 590,906.00 17000 Accumulated Depreciation 62400 Depreciation Expense 628,702.00 86,769.00 17000 Accumulated Depreciation 590,906.00 328,702.00 17000 Accumulated Depreciation TOTAL Credit 328,702.00 1,006,377.00 1,156,377.00 2,159,679.00 2,788,381.00 Page 10 of 12 Phoenix Medical 12:53 PM 10/26/15 Accrual Basis Balance Sheet As of December 31, 2014 Dec 31, 14 Dec 31, 13 $ Change ASSETS Current Assets Checking/Savings 10001 Checking 609,842.00 277,131.00 332,711.00 10010 Savings 557,392.23 325,541.23 231,851.00 10020 Cash Maximizer 558,380.05 69,672.05 488,708.00 1,725,614.28 672,344.28 1,053,270.00 260,990.00 826,113.00 -565,123.00 260,990.00 826,113.00 -565,123.00 75,000.00 0.00 75,000.00 75,000.00 0.00 75,000.00 2,061,604.28 1,498,457.28 563,147.00 15000 Furniture and Equipment 40,316.00 40,316.00 0.00 15500 Leasehold Improvements 506,889.00 506,889.00 0.00 1,399,776.00 1,129,888.00 269,888.00 -1,568,773.00 -1,240,071.00 -328,702.00 378,208.00 437,022.00 -58,814.00 3,206,518.00 2,306,518.00 900,000.00 866,507.20 364,352.20 502,155.00 Total Checking/Savings Accounts Receivable 11000 Accounts Receivable Total Accounts Receivable Other Current Assets 18100 Loan to Shareholder Total Other Current Assets Total Current Assets Fixed Assets 16100 Medical Equipment 17000 Accumulated Depreciation Total Fixed Assets Other Assets 18001 Investment in Big Labs 18050 Investment in R&D Company Total Other Assets 4,073,025.20 2,670,870.20 1,402,155.00 6,512,837.48 4,606,349.48 1,906,488.00 93,648.00 107,245.00 -13,597.00 93,648.00 107,245.00 -13,597.00 39,065.51 34,742.51 4,323.00 39,065.51 34,742.51 4,323.00 20200 Accrued Salaries 28,953.00 26,375.00 2,578.00 Total Other Current Liabilities 28,953.00 26,375.00 2,578.00 161,666.51 168,362.51 -6,696.00 28001 Business Loan 1,207,401.72 1,333,423.72 -126,022.00 Total Long Term Liabilities 1,207,401.72 1,333,423.72 -126,022.00 1,369,068.23 1,501,786.23 -132,718.00 TOTAL ASSETS LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 20001 Accounts Payable Total Accounts Payable Credit Cards 20100 Credit Cards Total Credit Cards Other Current Liabilities Total Current Liabilities Long Term Liabilities Total Liabilities Page 11 of 12 12:53 PM 10/26/15 Accrual Basis Phoenix Medical Balance Sheet As of December 31, 2014 Dec 31, 14 Dec 31, 13 $ Change Equity 30100 Capital Stock 31400 Shareholder Distributions 32000 Retained Earnings Net Income Total Equity TOTAL LIABILITIES & EQUITY 1,000.00 1,000.00 0.00 -400,000.00 0.00 -400,000.00 3,103,563.25 3,103,563.25 0.00 2,439,206.00 0.00 2,439,206.00 5,143,769.25 3,104,563.25 2,039,206.00 6,512,837.48 4,606,349.48 1,906,488.00 553700 Page 12 of 12