Question
Q1. What is the purpose of a Journal and a Ledger? (1M) Q2. The following are account balances (in thousands) of International Medical Service Center.
Q1. What is the purpose of a Journal and a Ledger? (1M)
Q2. The following are account balances (in thousands) of International Medical Service Center. Prepare a statement of operations for the year ended December 31, 2018 (4M)
Net property and equipment | SAR 2,000 |
Accounts receivable | SAR2,000 |
Medical claims payable | SAR45,000 |
Patient service revenue (net of contractuals) | SAR 950,000 |
Supply expense | SAR 255,000 |
Net assets released from restriction for operations | SAR 45, 000 |
Depreciation expense | SAR 35,000 |
Transfer to parent corporation | SAR 9,500 |
Labor expense | SAR300,000 |
Provision for bad debts | SAR12,000 |
Unrealized gains from available for sale securities | SAR150,000 |
Net Assets | SAR66,300 |
Cash & cash equivalents | SAR110,000 |
Long-term debt | SAR2,700 |
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