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Prepare a Balance Sheet and Statement of Operations as of December 31, 2019, in proper form. I have completed the Balance Sheet but I am
Prepare a Balance Sheet and Statement of Operations as of December 31, 2019, in proper form.
I have completed the Balance Sheet but I am having a hard time with the Statement of Operations. Please help, Thank you in advance!!
Balance Sheet Accounts | Balance |
Gross plant & equipment | $6,000,000 |
Accounts payable | 130,000 |
Inventories | 100,000 |
Other current liabilities | 70,000 |
Net accounts receivable | 650,000 |
Accrued expenses | 100,000 |
Accumulated depreciation | 200,000 |
Long-term debt | 5,000,000 |
Cash | 210,000 |
Accounts (Annual Amount) | Amount |
Administrative expenses | $80,000 |
Net assets released from temporarily restricted accounts for operations | 120,000 |
Labor expense | 260,000 |
Interest expense | 12,000 |
Net patient service revenue | 840,000 |
Supply expense | 88,000 |
Transfer to parent corporation | 10,000 |
Bad debt expense | 40,000 |
Depreciation expense | 50,000 |
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