On march 31st, Hopi Hospital had assets of $500,000, liabilities of $300,000, and net assets of $200,000.
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Question:
On march 31st, Hopi Hospital had assets of $500,000, liabilities of $300,000, and net assets of $200,000. During April, the following transactions were completed:
- Services rendered to patients, $100,000
- Collections on patients's accounts, $85,000
- Suppliers purchased on accounts, $20,000
- Payment on accounts payable to suppliers, $16,000
- Supplies consumes in patient care services, $18,000
- Other expenses paid in cash, $54,000
- Purchased equipment for cash, $12,000
Required: What were the amounts of Hopi Hospital's (1) assets, (2) liabilities, and (3) net assets at April 30?
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