Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

using the information from 3-1 create finacial statments using cash basis and the accrual basis income statement cash flow balance sheet 1 Accrual basis accounting

using the information from 3-1 create finacial statments using cash basis and the accrual basis
income statement
cash flow
balance sheet image text in transcribed
1 Accrual basis accounting Oasis Health Care Inc. is owned and operated by Dr. George Hancock, the sole stockholder. During January 20Y6, Oasis Health Care entered into the following transactions: Jan. 1 Received $15,000 from Rivers Company as rent for the use of a vacant office in Oasis Health Care's building. Rivers paid the rent six months in a advance Paid $4,200 for an insurance premium on a general business policy. 6 Purchased supplies of $1,800 on account Collected $27.500 for services provided to customers on account. Paid creditors $3,000 on account. Invested an additional $25,000 in the business in exchange for capital stock. Billed patients $62,000 for services provided on account. Received $12,900 for services provided to customers who paid cash .. 30 Paid expenses as follows wages, $24,000, utilities, $6,000, rent on medical equip ment. $5,000, interest, $200, and miscellaneous, $2,500, Paid dividends of $15,000 to stockholders De Hancock). Instructions Analyze and record the January transactions for Oasis Health Care Inc., using the integrated financial statement framework. Record each transaction by date, and show the balance for each item after each transaction. The January 1, 20Y6, balances for the balance sheet are shown below. 9 11 18 20 25 30 Assets Liabilities + Accts Pre. Acc Acets Un Wages Notes Capital Cash + Rec. InsSupp.+Building - Depe.+ Land - Pay Rev. Pay - Pay Stock Ballan. 120.000 34.500 700 1,000 150,000 - 11.200 120.000 7,500 0 0 30.000 50.000 Stockholders Equity Retained - Earnings 227,500 o

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Guide To Financial Audit In Life And Health Insurance

Authors: Naser-Eddine Nebbache

1st Edition

6205873397, 978-6205873397

More Books

Students also viewed these Accounting questions

Question

Define upstream and downstream with respect to subscriber lines.

Answered: 1 week ago