Question
Please help me set up the numbers for the Income Statement, Statement of Retained Earnings, and Balance Sheet for the month of December. Assume that
Please help me set up the numbers for the Income Statement, Statement of Retained Earnings, and Balance Sheet for the month of December.
Assume that the December transactions for Family Health Care are as follows:
a.Received cash of $1,900 from patients for services provided on account during November.
b.Provided services of $10,800 on account.
c.Received $6,500 for services provided for patients who paid cash.
d.Purchased supplies on account, $400.Received $6,900 from insurance companies that paid on patients' accounts for services that had been previously billed.
e.Paid $310 on account for supplies that had been purchased.
f.Expenses paid during December were as follows:wages, $4,200, including $220 accrued at the end of November; rent, $800; utilities, $610; interest, $100; and miscellaneous, $520.
g.Paid dividends of $1,200 to stockholders (Dr. Landry).
Beginning Balances as of December 1(ending balances for November):
Cash+ A/R + Prepd + Supp + Office - A/D + Land = Notes + A/P + Wages+Unearned+ Stock+R/E
InsuranceEquipPayablePayableRevenue
7,7302,6507,300908,500-1612,000 = 16,8001402201,44011,0008,510
-1100-275-360-340
The adjustments for December are as follows:
a.Prepaid insurance expired, $1,100
b.Supplies used, $275.
c.Depreciation on office equipment, $160.
d.Unearned revenue earned, $360.
e.Wages owed employees but not paid, $340.
f.Services provided but not billed to insurance companies, $1,050.
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