Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me solve. Pictures listed above with requirements. Thank you! 6-. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Please help me solve. Pictures listed above with requirements. Thank you!

6-. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Complete this question by entering your answers in the tabs below. Prepare the statement of retained earnings. (Enter your answers in thousands of dollars.) 9-. How much net income did the physical therapy clinic generate during 2018 ? What was its net profit margin? -b. Is the business financed primarily by liabilities or stockholders' equity? Q-c. What is its current ratio? Complete this question by entering your answers in the tabs below. How much net income did the physical therapy clinic generate during 2018? What was its net profit margin? (Enter "Net Income" in thousands of dollars. Round "Net Profit Margin" to 1 decimal place.) Complete this question by entering your answers in the tabs below. What is its current ratio? (Enter your answers in thousands of dollars.) Requlred Information [The following information applies to the questions displayed below.] Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): 6-o. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Complete this question by entering your answers in the tabs below. Prepare an income statement. (Enter your answers in thousands of dollars.) Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on July 1,2018 , signing a six-month note payable. b. Purchased equipment for $15 cash on July 2, 2018. c. Issued additional shares of common stock for $4 on July 3 . d. Purchased software on July 4,$4 cash. e. Purchased supplies on July 5 on account for future use, $6. f. Recorded revenues on December 6 of $47, including $10 on credit and $37 received in cash. g. Recognized salaries and wages expense on December 7 of $20; paid in cash. h. Collected accounts receivable on December 8,$7. i. Paid accounts payable on December 9,$8. j. Received a $4 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018, \$1. 1. Supplies of $4 were counted on December 31, 2018. m. Depreciation for 2018, $2. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $6. p. Income tax expense for 2018 was $5 and will be paid in 2019 . \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ NORTHLAND PHYSICAL THERAPY } \\ \hline \multicolumn{3}{|c|}{ Post-Closing Trial Balance } \\ \hline \multicolumn{3}{|c|}{ (in thousands) } \\ \hline Account Titles & Debit & Credit \\ \hline \multicolumn{3}{|l|}{ Cash } \\ \hline \multicolumn{3}{|l|}{ Accounts Receivable } \\ \hline \multicolumn{3}{|l|}{ Supplies } \\ \hline \multicolumn{3}{|l|}{ Equipment } \\ \hline \multicolumn{3}{|l|}{ Accumulated Depreciation } \\ \hline \multicolumn{3}{|l|}{ Software } \\ \hline \multicolumn{3}{|l|}{ Accumulated Amortization } \\ \hline \multicolumn{3}{|l|}{ Accounts Payable } \\ \hline \multicolumn{3}{|l|}{ Notes Payable (short-term) } \\ \hline \multicolumn{3}{|l|}{ Salaries and Wages Payable } \\ \hline \multicolumn{3}{|l|}{ Interest Payable } \\ \hline \multicolumn{3}{|l|}{ Income Taxes Payable } \\ \hline \multicolumn{3}{|l|}{ Deferred Revenue } \\ \hline \multicolumn{3}{|l|}{ Common Stock } \\ \hline \multicolumn{3}{|l|}{ Retained Earnings } \\ \hline \multicolumn{3}{|l|}{ Service Revenue } \\ \hline \multicolumn{3}{|l|}{ Salaries and Wages Expense } \\ \hline \multicolumn{3}{|l|}{ Supplies Expense } \\ \hline \multicolumn{3}{|l|}{ Depreciation Expense } \\ \hline \multicolumn{3}{|l|}{ Amortization Expense } \\ \hline \multicolumn{3}{|l|}{ Interest Expense } \\ \hline \multicolumn{3}{|l|}{ Income Tax Expense } \\ \hline Totals & $ & $ \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Is the business financed primarily by liabilities or stockholders' equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Describe ERP and how it can create efficiency within a business

Answered: 1 week ago

Question

What is human nature?

Answered: 1 week ago