Balance sheet | Accounting homework help
15. Multiple statements: The following are account balances as of September 30, 20X1, for Exton Outpatient Center. Prepare (a) a balance sheet, (b) a statement of operations, and (c) a statement of changes in net assets for September 30, 20X1.
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Givens: |
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Insurance expense |
$55,000 |
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Depreciation expense |
$33,000 |
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Cash |
$61,000 |
General expense |
$255,000 |
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Patient revenues (net of contractuals ) |
$1,100,000 |
Transfer to parent corporation |
$55,000 |
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Net accounts receivable |
$350,000 |
Beginning balance, unrestricted net assets |
$275,000 |
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Ending balance, temporarily restricted net assets |
$48,000 |
Accounts payable |
$23,000 |
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Wages payable |
$37,000 |
Beginning balance, temporarily restricted net assets |
$70,000 |
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Prepaid expenses |
$8,000 |
Provision for bad debts |
$8,000 |
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Long-term debt |
$270,000 |
Labor expense |
$470,000 |
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Supply expense |
$65,000 |
Accumulated depreciation |
$450,000 |
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Gross plant, property, and equipment |
$900,000 |
Ending / beginning balance, permanently restricted net assets |
$35,000 |
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Net assets released from temporary restriction |
$22,000 |
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Ending balance, unrestricted net assets |
$456,000 |
