Question

The items for the medical practice of Sheridan, MD, are listed below.

Retained earnings (October 1)			$12,400
Common stock			32,000
Accounts payable			6,500
Equipment			31,500
Service revenue			25,000
Dividends			5,500
Insurance expense			3,800
Cash			10,800
Utilities expense			700
Supplies			2,600
Salaries and wages expense			8,700
Accounts receivable			10,100
Rent expense			2,200

Prepare an income statement for the month of October, 2022.

Prepare a retained earnings statement for the month of October, 2022. (List items that increase retained earnings first.)

Prepare a balance sheet at October 31, 2022. (List Assets in order of liquidity.)

Answer 1

Hangf ord Income Statement Siou Revenue : service Revenue Erorrexpensei. . Insurance expens 2 3,8 2011t utilties expense 700 Rru salaria and wapen eopens sto S Rent eapense 2200 г. Тоа ереһ[C - 1 Total Revenu Expense DE NEL Net Income ! al over 0 r ed 3 1 15 Чco 960o Retained caning Stateme 1 month of October 12u22 & - Beginning Add: balance et vos Net Income soon 1 $1240 5966 55: 4 2201 15.50 glorco less i Picidends closing balance t o

Balance sheet month of october 2022 - Asselto Amout current Assets! Cash $19.800 - Account Recinable $1olo - Supplies - 2,600 Total current Asstu I $23.500 Non Current Asstti- 31,50 Equipment | Equity and liabil Amt Liabilities Account Payable 6,50 | Stockholder gulpit common stock | 32,00 | Retainedean 16,500 - Total Assets 455020 I $55,00