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QUESTION Dr Peter Trust owns Peter Healthcare Centre. Following balances are taken from the adjusted trial balance of Peter Healthcare Centre as at 30 June
QUESTION Dr Peter Trust owns Peter Healthcare Centre. Following balances are taken from the adjusted trial balance of Peter Healthcare Centre as at 30 June 2016. Account Debit $ Credit $ Cash 3,645 Accounts Receivable 6,900 Medical Supplies on Hand 955 Medical Equipment 128,600 Accumulated Depreciation- Medical 32,850 Equipment Office Equipment 21,125 Accumulated Depreciation- Office Equipment 5,815 Accounts Payable 4,970 Unearned Revenue 2,170 Mortgage Payable 100,665 Peter Trust - Capital 46,550 Peter Trust - Drawings 40,585 Patients' Fees Earned 82,430 Salaries Expense 64,940 Insurance Expense 2,260 Advertising Expense 1,570 Utilities Expense 2,305 2,565 Interest Expense Total 275,450 275,450 Required: a) Prepare an Income Statement for Peter Healthcare Centre for the year ended 30 June 2016. (7 marks) b) Prepare a Statement of Financial Position for Peter Healthcare Centre as at 30 June 2016. (13 marks)
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