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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

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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 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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