SLO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. During January...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6650ba2d6a671_5726650ba2cc9011.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6650ba2e7ff00_5736650ba2dcae5f.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6650ba2f796f9_5746650ba2ebfcda.jpg)
Transcribed Image Text:
SLO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. During January 20Y6, SLO Health Care entered into the following transactions: Jan. 1 Received $13,500 from Glenn Company as rent for the use of a vacant office in SLO Health Care's building. Glenn paid the rent nine months in advance. 1 Paid $3,000 for a one-year general insurance business policy. 6 Purchased supplies of $900 on account. 9 Collected $16,000 for services provided to customers on account. 11 Paid creditors $2,500 on account. 18 Invested an additional $5,000 in the business in exchange for common stock. 20 Billed patients $26,000 for services provided on account. 25 Received $7,500 for services provided to customers who paid cash. 30 Paid expenses as follows: wages, $15,500 utilities, $4,250 rent on medical equipment, $2,650 interest, $100 and miscellaneous, $1,500. < 30 Paid dividends of $4,000 to stockholder (Dr. Denby). Instructions: Analyze and record the January transactions for SLO Health Care Inc., using the integrated financial statement framework. Record each transaction by date, and show the balance for each item after each transaction. Do not enter Net income under the Income Statement column. The January 1, 20Y6, balances for the balance sheet are shown below. If an amount box does not require an entry, leave it blank. Enter account decreases and cash outflows as negative amounts using the minus sign. Financial Statement Effects Balance Sheet Assets Liabilities + Stockholders' Equity Accounts Prepaid Cash + Receivable + Insurance + Supplies + Building - Accumulated Depreciation + Land = Accounts Payable Unearned Wages + Revenue + Payable + Notes Payable + Common Stock Retained + Earnings Balances, Jan. 1 10,000 22,250 350 600 75,000 -5,600 60,000 3,850 0 0 15,000 25,000 118,750 Jan. 1. Received rent revenue 13,500 13,500 Balances 13,500 22,250 350 600 75,000 -5,600 60,000 3,850 13,500 0 15,000 25,000 118,750 1. Paid insurance -3,000 3,000 Balances 10,500 22,250 3,350 600 75,000 -5,600 60,000 3,850 13,500 15,000 25,000 118,750 6. Purchased supplies 900 900 Balances 10,500 22,250 3,350 1,500 75,000 -5,600 60,000 4,750 0 15,000 25,000 118,750 9. Collected cash 16,000 -16,000 Balances 26,500 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 15,000 25,000 118,750 Check My Work 3 more Check My Work uses remaining. Previous Next Module 1, Part 2: Chapter 03 Exercis eBook Print Item Financial Statement Effects 1. EX.03.01 2. EX.03.02 3. EX.03.06 4. EX.03.28 5. PR.03.01 6. PR.03.03 7. PR.03.02 Balance Sheet Assets Liabilities Stockholders' Equity Accounts Prepaid Accumulated Accounts Unearned Wages Notes Cash + Receivable + Insurance + Supplies + Building Depreciation + Land = Payable + Revenue + Payable + Payable + Common Stock Retained + Earnings Balances, Jan. 1 10,000 22,250 350 600 75,000 -5,600 60,000 3,850 0 0 15,000 25,000 118,750 Jan. 1. Received rent revenue 13,500 13,500 Balances 13,500 22,250 350 600 75,000 -5,600 60,000 3,850 13,500 0 15,000 25,000 118,750 1. Paid insurance -3,000 3,000 Balances 10,500 22,250 3,350 600 75,000 -5,600 60,000 3,850 13,500 0 15,000 25,000 118,750 < 6. Purchased supplies 900 900 Balances 10,500 22,250 3,350 1,500 75,000 -5,600 60,000 4,750 0 15,000 25,000 118,750 9. Collected cash 16,000 -16,000 Balances 26,500 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 15,000 25,000 118,750 11. Paid creditors -2,500 -2,500 -2,500 Balances 24,000 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 25,000 116,250 18. Issued common stock 5,000 5,000 Balances 29,000 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 116,250 20. Billed patients 26,000 26,000 Balances 29,000 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 142,250 25. Cash fees 7,500 7,500 Balances 36,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 149,750 30. Paid expenses -24,000 -24,000 Balances 12,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 15,500 12,500 30,000 125,750 30. Paid dividends -4,000 -4,000 Balances 8,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 15,500 12,500 30,000 121,750 Statement of Cash Flows Income Statement Jan. 1. Operating 13,500 Jan. 20. Cash Jan. 1. Operating -3,000 Jan. 25. Fees earned Progress: 5/7 items Check My Work 3 more Check My Work uses remaining. Assignment Score: 0.0% 90F Sunny Q Search L All work saved. myhp O Dex PRE Previous Next Email Instructor Save and Exit Submit Assignment for Grading 5:58 PM 8/21/2023 2 Module 1, Part 2: Chapter 03 Exercis eBook 1. EX.03.01 2. EX.03.02 3. EX.03.06 4. EX.03.28 5. PR.03.01 6. PR.03.03 7. PR.03.02 Print Item 9. Collected cash 16,000 -16,000 Balances 26,500 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 15,000 25,000 118,750 11. Paid creditors -2,500 -2,500 -2,500 Balances 24,000 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 25,000 116,250 18. Issued common stock 5,000 5,000 Balances 29,000 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 116,250 20. Billed patients 26,000 26,000 Balances 29,000 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 142,250 25. Cash fees 7,500 7,500 Balances < 36,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 149,750 30. Paid expenses -24,000 -24,000 Balances 12,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 15,500 12,500 30,000 125,750 30. Paid dividends -4,000 -4,000 Balances 8,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 15,500 12,500 30,000 121,750 Statement of Cash Flows Income Statement Jan. 1. Operating Jan. 1. Operating Jan. 9. Operating Jan. 11. Jan. 18. Jan. 25. Jan. 30. Jan. 30. Net increase in cash Beginning. cash balance, Jan. 1 Ending cash balance, Jan. 31 Progress: 5/7 items Check My Work 3 more Check My Work uses remaining. Assignment Score: 0.0% 90F Sunny Q Search 13,500 -3,000 16,000 All work saved. Jan. 20. Cash Jan. 25. Fees earned Jan. 30. Jan. 30. Jan. 30. Jan. 30. Jan. 30. myhp O PRE DeX Email Instructor Previous Next Save and Exit Submit Assignment for Grading 5:58 PM 8/21/2023 SLO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. During January 20Y6, SLO Health Care entered into the following transactions: Jan. 1 Received $13,500 from Glenn Company as rent for the use of a vacant office in SLO Health Care's building. Glenn paid the rent nine months in advance. 1 Paid $3,000 for a one-year general insurance business policy. 6 Purchased supplies of $900 on account. 9 Collected $16,000 for services provided to customers on account. 11 Paid creditors $2,500 on account. 18 Invested an additional $5,000 in the business in exchange for common stock. 20 Billed patients $26,000 for services provided on account. 25 Received $7,500 for services provided to customers who paid cash. 30 Paid expenses as follows: wages, $15,500 utilities, $4,250 rent on medical equipment, $2,650 interest, $100 and miscellaneous, $1,500. < 30 Paid dividends of $4,000 to stockholder (Dr. Denby). Instructions: Analyze and record the January transactions for SLO Health Care Inc., using the integrated financial statement framework. Record each transaction by date, and show the balance for each item after each transaction. Do not enter Net income under the Income Statement column. The January 1, 20Y6, balances for the balance sheet are shown below. If an amount box does not require an entry, leave it blank. Enter account decreases and cash outflows as negative amounts using the minus sign. Financial Statement Effects Balance Sheet Assets Liabilities + Stockholders' Equity Accounts Prepaid Cash + Receivable + Insurance + Supplies + Building - Accumulated Depreciation + Land = Accounts Payable Unearned Wages + Revenue + Payable + Notes Payable + Common Stock Retained + Earnings Balances, Jan. 1 10,000 22,250 350 600 75,000 -5,600 60,000 3,850 0 0 15,000 25,000 118,750 Jan. 1. Received rent revenue 13,500 13,500 Balances 13,500 22,250 350 600 75,000 -5,600 60,000 3,850 13,500 0 15,000 25,000 118,750 1. Paid insurance -3,000 3,000 Balances 10,500 22,250 3,350 600 75,000 -5,600 60,000 3,850 13,500 15,000 25,000 118,750 6. Purchased supplies 900 900 Balances 10,500 22,250 3,350 1,500 75,000 -5,600 60,000 4,750 0 15,000 25,000 118,750 9. Collected cash 16,000 -16,000 Balances 26,500 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 15,000 25,000 118,750 Check My Work 3 more Check My Work uses remaining. Previous Next Module 1, Part 2: Chapter 03 Exercis eBook Print Item Financial Statement Effects 1. EX.03.01 2. EX.03.02 3. EX.03.06 4. EX.03.28 5. PR.03.01 6. PR.03.03 7. PR.03.02 Balance Sheet Assets Liabilities Stockholders' Equity Accounts Prepaid Accumulated Accounts Unearned Wages Notes Cash + Receivable + Insurance + Supplies + Building Depreciation + Land = Payable + Revenue + Payable + Payable + Common Stock Retained + Earnings Balances, Jan. 1 10,000 22,250 350 600 75,000 -5,600 60,000 3,850 0 0 15,000 25,000 118,750 Jan. 1. Received rent revenue 13,500 13,500 Balances 13,500 22,250 350 600 75,000 -5,600 60,000 3,850 13,500 0 15,000 25,000 118,750 1. Paid insurance -3,000 3,000 Balances 10,500 22,250 3,350 600 75,000 -5,600 60,000 3,850 13,500 0 15,000 25,000 118,750 < 6. Purchased supplies 900 900 Balances 10,500 22,250 3,350 1,500 75,000 -5,600 60,000 4,750 0 15,000 25,000 118,750 9. Collected cash 16,000 -16,000 Balances 26,500 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 15,000 25,000 118,750 11. Paid creditors -2,500 -2,500 -2,500 Balances 24,000 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 25,000 116,250 18. Issued common stock 5,000 5,000 Balances 29,000 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 116,250 20. Billed patients 26,000 26,000 Balances 29,000 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 142,250 25. Cash fees 7,500 7,500 Balances 36,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 149,750 30. Paid expenses -24,000 -24,000 Balances 12,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 15,500 12,500 30,000 125,750 30. Paid dividends -4,000 -4,000 Balances 8,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 15,500 12,500 30,000 121,750 Statement of Cash Flows Income Statement Jan. 1. Operating 13,500 Jan. 20. Cash Jan. 1. Operating -3,000 Jan. 25. Fees earned Progress: 5/7 items Check My Work 3 more Check My Work uses remaining. Assignment Score: 0.0% 90F Sunny Q Search L All work saved. myhp O Dex PRE Previous Next Email Instructor Save and Exit Submit Assignment for Grading 5:58 PM 8/21/2023 2 Module 1, Part 2: Chapter 03 Exercis eBook 1. EX.03.01 2. EX.03.02 3. EX.03.06 4. EX.03.28 5. PR.03.01 6. PR.03.03 7. PR.03.02 Print Item 9. Collected cash 16,000 -16,000 Balances 26,500 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 15,000 25,000 118,750 11. Paid creditors -2,500 -2,500 -2,500 Balances 24,000 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 25,000 116,250 18. Issued common stock 5,000 5,000 Balances 29,000 6,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 116,250 20. Billed patients 26,000 26,000 Balances 29,000 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 142,250 25. Cash fees 7,500 7,500 Balances < 36,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 0 12,500 30,000 149,750 30. Paid expenses -24,000 -24,000 Balances 12,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 15,500 12,500 30,000 125,750 30. Paid dividends -4,000 -4,000 Balances 8,500 32,250 3,350 1,500 75,000 -5,600 60,000 4,750 13,500 15,500 12,500 30,000 121,750 Statement of Cash Flows Income Statement Jan. 1. Operating Jan. 1. Operating Jan. 9. Operating Jan. 11. Jan. 18. Jan. 25. Jan. 30. Jan. 30. Net increase in cash Beginning. cash balance, Jan. 1 Ending cash balance, Jan. 31 Progress: 5/7 items Check My Work 3 more Check My Work uses remaining. Assignment Score: 0.0% 90F Sunny Q Search 13,500 -3,000 16,000 All work saved. Jan. 20. Cash Jan. 25. Fees earned Jan. 30. Jan. 30. Jan. 30. Jan. 30. Jan. 30. myhp O PRE DeX Email Instructor Previous Next Save and Exit Submit Assignment for Grading 5:58 PM 8/21/2023
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Two forces are acting on the 5 kg object, with only one of them shown in Fig. 1. Knowing that F = 20 N, 0 = 30 and that the object is moving at a constant acceleration of a = 12 m/s, find the second...
-
Another question asked in the Gallup poll in Exercise 1 was: Do you think that rich people in America today are happier than you, less happy, or about the same? (Newport, 2012). Of the 1008...
-
Fill in the blank field in this text: Most door schedules are sorted by the [1]__________ field.
-
How can we manage the risks associated with IS projects?
-
There are two workers. Each worker's demand for a public good is P = 20 ?? Q. The marginal cost of providing the public good is $24. The accompanying graph summarizes the relevant information. a....
-
Which of the following strategies is a firm most likely to pursue when it simultaned local responsiveness? pressures for O Localization strategy Nationalization strategy O International strategy O...
-
Abbon Company cured the towing costs during the year utabes jos factory $5.000 suance 5% factor), $400t det aerials $20000 met mate $3000 $30000 and ind $5000 What is the amount of conversion costs...
-
Consider a circuit where one or more capacitors is discharged through a light bulb filament with a resistance of 3.0 0.3 . Assume that the resistance of the filament is constant (to within the stated...
-
3. For a vibrating string of length with fixed ends, each mode of vibration can be written as where wk ux(x, t) = M* sin(wxt + k) sin(x) and Mk, Ok are determined by initial conditions. For all k >...
-
The combined weight of the load and the platform is 200 lb, with the center of gravity located at G. If a couple moment of M = 900 lb ft is applied to link AB, determine the angular velocity of links...
-
Due In: 06:48:23 Questions Question 1 (4) O Question 2 (8) Question 2 of 2 A company sold $150,000 bonds and set up a sinking fund that was earning 8.5% compounded semi-annually to retire the bonds...
-
Find the point on the graph of f(x) = x which is closest to the point (6, 27). How close is the closest point?
-
Reflect on the past 8 weeks (course readings, videos, and assignments). What have you learned about leadership and communication in global contexts? How has your perspective changed? Were there any...
-
Product mix and special order decisions Orion Outdoors Company produces a standard model and a high-quality deluxe model of lightweight tents. Orion's workforce is organized into production teams...
-
Product mix and overtime decisions Refer to the data for Crimson Components LO 1, 2 Company presented in Problem 5-42. The following additional information is available: The company believes that it...
-
Bid price (Adapted from CMA, June 1991) Marcus Fibers, Inc. specializes in the manufacture of synthetic fibers that the company uses in many products such as blankets, coats, and uniforms for police...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App