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Dr. Elyse Burnhart opened a medical practice. During the first month of operations (October), the business, named Dr. Elyse Burnhart, Professional Corporation (P.C.), had the

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Dr. Elyse Burnhart opened a medical practice. During the first month of operations (October), the business, named Dr. Elyse Burnhart, Professional Corporation (P.C.), had the following events: (Click the icon to view the events.) Calculate total assets, total liabilities, and total stockholders' equity of the business on October 31. Data Table - X Total assets ............................ Total liabilities .......................... Total stockholders' equity ..... Oct 6 9 12 15 15-31 Burnhart invested $140,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $64,000. Burnhart plans to build an office building on the land. The business purchased medical supplies for $1,600 on account. Dr. Elyse Burnhart, P.C., officially opened for business. During the rest of the month, Burnhart treated patients and earned service revenue of $9,000, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $2,500; office rent, $900; utilities, $700. The business sold supplies to another physician for cost of $800. The business borrowed $34,000, signing a note payable to the bank. The business paid $600 on account. 15-31 31 Print Done

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