Question
Pendleton Hospital had assets of $29,000, Liabilities of $12,000, and net assets of $17,000 on March 1, 2016. Subsequently, the following transactions were completed: 1.
Pendleton Hospital had assets of $29,000, Liabilities of $12,000, and net assets of $17,000 on March 1, 2016. Subsequently, the following transactions were completed:
1. They borrowed $2,500 from a local bank.
2. They repaid $1,000 of the bank loan (disregard interest).
3. They purchased and placed in inventory supplies costing $1,800.
4. They purchased a new piece of equipment for $4,600 cash.
5. They paid$800 on their accounts payable.
6. They sold $700 worth of previously purchased supplies to patients for $960 cash.
7.They charged $1,770 to patients' accounts for services rendered.
8. They collected $1,150 on patients' accounts.
Taking into account the cumulative effects of the eight transactions and the March balances, what are their Total Assets now?
$ 33,530
$ 32,830
$ 31, 830
none of these is correct
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started