Sparky's Family Practice, M.D., maintains the accounting records of the clinic on a cash basis. During 20x1, Dr. Sparky collected $142,600 from the patients and paid $55,470 in expenses. At January 1, 20x1 and December 31, 20x1, the clinic had the following assets and liabilities.
January 1, 20x1 | December 31, 20x1 | |
Accounts Receivable | $9,200 | $15,900 |
Unearned Revenue | 2,800 | 4,100 |
Accrued Expenses | 3,400 | 2,300 |
Prepaid Expenses | 1,900 | 3,400 |
Equipment | 40,000 | 40,000 |
*For accrual accounting purposes, Sparky uses a straight-line method of depreciation and estimates a 16-year useful life with no salvage value. The equipment was in use for the full year. Based on past experience, Sparky also estimates that 2% of Accounts Receivable will prove to be uncollectible. The balance before adjustment in the Allowance for Doubtful Accounts is a debit balance of $100.
Using the above information, answer the next (2) questions:
a. Service Revenues (on an accrual basis) $_____________________________
Note: do not use $ signs or commas when recording your answer.
b. Using the information presented above, determine Sparky's Total Operating Expenses on an accrual basis: $_________________________
(ignore income taxes)
Note: enter your answer as a positive number (you do not have to use parenthesis). Do not use $ signs or commas when recording your answerb.
ans a service revenue | $148,000 | |||||||||||
beginning balance of accounts receivable plus service revneue-ending balance of accounts rec plus increase in unearned revenue=cash received from customers | ||||||||||||
9200 plus x-15900+4100-2800=142600 | ||||||||||||
x=142600 +15900-9200+2800-4100 | 148000 | |||||||||||
ans b operating expenses | 55788 | |||||||||||
cash paid for operating expenses | 55470 | |||||||||||
add/less | ||||||||||||
beginning balance of accrued expenses | -3400 | |||||||||||
ending balance of accured expenses | 2300 | |||||||||||
beginning balance of prepaid expenses | 1900 | |||||||||||
ending balance of prepaid expenses | -3400 | |||||||||||
bad debt expenses 15900x.02+100 dr bal | 418 | |||||||||||
depreciatione expenses 40000/16x1 | 2500 | |||||||||||
operating expenses | 55788 | |||||||||||
if any doubt please comment | ||||||||||||
Sparky's Family Practice, M.D., maintains the accounting records of the clinic on a cash basis. During...
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