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Need help with 4.8. please write it out so I can follow. no pictures. ty! ing at December 31, 2014, but all receivables are considered
Need help with 4.8. please write it out so I can follow. no pictures. ty!
ing at December 31, 2014, but all receivables are considered collectible. 4.8 Given below are balance sheets as of December 31, 2015, and December 31, 2014, for University Hospital. Using the balance sheets and the additional information provided, complete the income statement of University Hospital for the year ended December 31, 2015. University Hospital Balance Sheets December 31 2015 2014 Assets Cash $ 75,000 $ 50,000 Accounts receivable 32,000 22,000 Net property, plant, and equipment 90,000 100,000 Total assets $197,000 $172,000 Liabilities $ 37,000 $ 30,000 Equity 160,000 142,000 Total Liabilities $197,000 Additional information: University Hospital paid no dividends and there were no other transactions affecting equity during 2015. There were no collections during 2015 on accounts receivable outstand and Equity $172,000 There was no charity care or contractual discounts and allowances during 2015 University Hospital purchases all medical supplies on account. University Hospital did not purchase or sell any property, plant, and equipment during 2015. University Hospital Income Statement Year Ended December 31, 2015 Net patient service revenue Total revenue Supplies expense Depreciation expense Total expenses n. Net incomeStep by Step Solution
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