Question

Dr. Elyse Burnhart opened a medical practice. During the first month of operations (July), the business, named Dr. Elyse Burnhart, Professional Corporation (P.C), had the following events EE (Click the icon to view the events.) Calculate total assets, total liabilities, and total stockholders' equity of the business on July 31 Data Table Total assets otal liabilities Total stockholders' equity Jul 6 Burnhart invested $140,000 in the business, which in turn issued its common stock to her The business paid cash for land costing $55,000. Burnhart plans to build an office building on the land The business purchased medical supplies for $2,000 on account. 12 15 Dr. Elyse Burnhart, P.C., officially opened for business 15-31 During the rest of the month, Burnhart treated patients and earned service revenue of $9,400, receiving cash for half the revenue earned The business paid cash expenses: employee salaries, $3,300; office rent, $1,400; utilities, $1,200 The business sold supplies to another physician for cost of $600 The business borrowed $32,000, signing a note payable to the bank. The business paid $1,500 on account 15-31 31 31 31

Answer 1

Total assets, liabilities and stockholder's equity for July is as shown below:

Total Assets	176,000
Total Liabilities	32,500
Stockholders Equity	143,500

Working:

	Cash	Account Receivable	Land	Supplies	Accounts Payable	Note Payable	Common Stock	Service Revenue	Employee Salaries	Office Rent	Utilities
Jul-06	140,000						140,000
Jul-09	-55,000		55,000
Jul-12				2,000	2,000
Jul-15	No effect
July-15-31	4,700	4,700						9,400
July-15-31	-5900								3,300	1,400	1,200
Jul-31	600			-600
Jul-31	32,000					32,000
Jul-31	-1,500				-1,500
	114,900	4,700	55,000	1,400	500	32,000	140,000	9,400	3,300	1,400	1,200