Unit 2 - Chapter 03 Exercise & Problems

1. EX.03.01
2. EX.03.02
3. EX.03.06
4. EX.03.28
5. PR.03.01
6. PR.03.03

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   Financial Statements

   SLO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder.

   During January 20Y6, San Mateo 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 Cares 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).

   Adjustment data for SLO Health Care Inc. for January are as follows:

   1. Insurance expired, $450.
   2. Supplies on hand on January 31, $600.
   3. Depreciation on building, $1,150.
   4. Unearned rent revenue earned, $1,500.
   5. Wages owed employees but not paid, $1,450.
   6. Services provided but not billed to patients, $2,500.

   Presented in the integrated financial statement format are after-adjustment balances for January.

   Instructions:

   Prepare an income statement for January.

   SLO HEALTH CARE INC.
   Income Statement
   For the Month Ended January 31, 20Y6
   		$fill in the blank 393ddb089024026_2
   Operating expenses:
   	$fill in the blank 393ddb089024026_4
   	fill in the blank 393ddb089024026_6
   	fill in the blank 393ddb089024026_8
   	fill in the blank 393ddb089024026_10
   	fill in the blank 393ddb089024026_12
   	fill in the blank 393ddb089024026_14
   	fill in the blank 393ddb089024026_16
   	fill in the blank 393ddb089024026_18
   Total operating expenses		fill in the blank 393ddb089024026_19
   		$fill in the blank 393ddb089024026_21
   Other revenue:
   		fill in the blank 393ddb089024026_23
   		$fill in the blank 393ddb089024026_25

   Prepare a statement of stockholders' equity for January. For those boxes in which no entry is required, leave the box blank.

   SLO HEALTH CARE INC.
   Statement of Stockholders' Equity
   For the Month Ended January 31, 20Y6
   	Common Stock	Retained Earnings	Total
   	$fill in the blank d3352fff8faaf94_2	$fill in the blank d3352fff8faaf94_3	$fill in the blank d3352fff8faaf94_4
   	fill in the blank d3352fff8faaf94_6	fill in the blank d3352fff8faaf94_7	fill in the blank d3352fff8faaf94_8
   	fill in the blank d3352fff8faaf94_10	fill in the blank d3352fff8faaf94_11	fill in the blank d3352fff8faaf94_12
   	fill in the blank d3352fff8faaf94_14	fill in the blank d3352fff8faaf94_15	fill in the blank d3352fff8faaf94_16
   	$fill in the blank d3352fff8faaf94_18	$fill in the blank d3352fff8faaf94_19	$fill in the blank d3352fff8faaf94_20

   Prepare a classified balance sheet for January. The note payable is due in ten years.

   SLO HEALTH CARE INC.
   Balance Sheet
   January 31, 20Y6
   Assets
   Current assets:
   		$fill in the blank 78578803200af8e_2
   		fill in the blank 78578803200af8e_4
   		fill in the blank 78578803200af8e_6
   		fill in the blank 78578803200af8e_8
   Total current assets			$fill in the blank 78578803200af8e_9
   Property, plant, and equipment:
   	$fill in the blank 78578803200af8e_11
   	fill in the blank 78578803200af8e_13	$fill in the blank 78578803200af8e_14
   		fill in the blank 78578803200af8e_16
   Total property, plant, and equipment			fill in the blank 78578803200af8e_17
   Total assets			$fill in the blank 78578803200af8e_18
   Liabilities
   Current liabilities:
   		$fill in the blank 78578803200af8e_20
   		fill in the blank 78578803200af8e_22
   		fill in the blank 78578803200af8e_24
   Total current liabilities			$fill in the blank 78578803200af8e_25
   Long-term liabilities:
   			fill in the blank 78578803200af8e_27
   Total liabilities			$fill in the blank 78578803200af8e_28
   Stockholders' Equity
   		$fill in the blank 78578803200af8e_30
   		fill in the blank 78578803200af8e_32
   Total stockholders' equity			fill in the blank 78578803200af8e_33
   Total liabilities and stockholders' equity			$fill in the blank 78578803200af8e_34