The below is the Balance Sheet for ABC Clinic as of December 31, 2015. Please use the information on this balance sheet wherever its necessary in the following questions.

ABC Clinic

Balance Sheet

As of December 31, 2015

ASSETS

LIABILITIES & NET ASSETS

Current Assets

Current liabilities

Cash

$ 155,000

Accounts Payable

$ 80,000

Prepaid Insurance

$ 6,500

Wages Payable

$ 15,000

Accounts Receivables

$ 110,000

Inventory

$ 25,000

Long-term liabilities

Mortgage liabilities

$ 106,500

Fixed Assets

Plant and Equipment, net

$ 150,000

Net Assets

Unrestricted

$ 200,000

Permanently Restricted

$ 45,000

TOTAL ASSETS

$ 446,500

TOTAL LIABILITIES & NET ASSETS

$ 446,500

Q1- Please fill out the Beginning Balances and Calculate the Ending Balances for each ledger accounts by utilizing the information provided to you.

ABC Clinic

LEDGER ACCOUNT, 2016 (x1000)

Assets

+

Expenses

Cash

Prepaid Insurance

Accounts Receivable

Inventory

Plant & Equipment

Inventory

Labor

Interest

Insurance

Depreciation

Beginning Balance

1

-25

25

N

2

-15

O

3

I

4

-35

35

T

5

42

-42

C

6

-12

12

A

7

-50

15

S

8

150

-60

60

N

9

-75

55

A

10

40

R

11

50

T

12

13

Ending Balance

The below is the other part of the Ledger Account. I had to split this since Canvas did not display the whole ledger.

ABC Clinic

LEDGER ACCOUNT, 2016 (x1000)

Liabilities

+

Net Assets

+

Revenue

Accounts Payable

Wages Payable

Mortgage Payable

Unrestricted

Temporarily Restricted

Permanently Restricted

Revenue

-15

-35

150

-20

40

50

Q 2- Please complete the Operating/Income Statement for the Year Ending December 31, 2016 by utilizing the previously provided information.

ABC Clinic

Operating Statement

For the Year Ending December 31, 2016

Revenues

Less Expenses

Inventory

Labor

Interest

Insurance

Depreciation

NET INCOME

Q 3- Please complete the below Balance Sheet for the Year Ending December 31, 2016 by utilizing the previously provided information.

ABC Clinic

Balance Sheet

As of December 31, 2016

ASSETS

LIABILITIES & NET ASSETS

Current Assets

Current liabilities

Cash

Accounts Payable

Prepaid Insurance

Wages Payable

Accounts Receivables

Inventory

Long-term liabilities

Mortgage liabilities

Fixed Assets

Plant and Equipment,

Net Assets

Unrestricted

Permanently Restricted

TOTAL ASSETS

TOTAL LIABILITIES & NET ASSETS