Question

1. First construct format for a Balance Sheet and one for an Income Statement 2. Complete (fill in both statements from the numbers below : USE TEXT EXAMPLES AND DEFINITIONS FOR BOTH STATEMENTS Equity $418,000 Long Term Debt $200,000 Cash and cash equivalents $190,000 Net Income (excess revenue over expenses) $120,000 Total Operating Expenses $1,885,000 Inventories $25,000 Land $100,000 Medical and Surgical Supplies $600,000 Depreciation $40,000 Therapy Services $860,000 Accounts Receivable(net) $250,000 Equipment $260,000 Total Operating Revenue $2,000,000 Income From Operations $115,000 Interest Income $5,000 Prepaid Insurance $5000 Total Current Assets $470,000 Other Professional Services Expense $80,000 Support Services $220,000 Investments $133,000 Total Assets $963,000 General Services Expense $65,000 Total Current Liabilities $345,000 Non Operating Gains(net) $5000 Interest Expense $20,000 Total Liabilities $545,000 Net Property. Plant and Equipment $360,000 Accounts Payable $293,000 Short Term Debt $52,000

Answer 1

SLUZ Balance sheet as on xxx Balance sheet Line Items Amount ($) ASSETS Current Assets $ 190,000 cash and Coyh Equivalønts inventories Account Receivables prepaid Insurance $ 25,000 $ 250,000 $ 5000 $ 470,000 $ 360,000 $ 133,000 $ 493,000 $ 963,000 Total Current Asset NON Cunent ofsets po operty, plant and Equipment Other NON Current Assets Total NON Current Asset lotal Assets Eiabilities and Equity Liabilities current Liabiling Accounts payable short term Debt Total Current Liabilities NON Current Liability Long term Dest Total Liabilities STOCK Hoidery Equity $ 293,000 $ 52,000 $345,000 $200,000 $5u5,000 $ 418,000 Equity Total Liabilitig and Stockholdes $963,000 Equity

for the statement Ended xxx 2019.11 Income year operating Revenue = $2,000,000 - ($ 1885,000) operating Expenses Selling and Administration Expenses medical and Surgical Supplies - 600,000 Depreciation - 40,000 Therapy services - 860,000 other professionsal services - 80,000 Support Services -220,000 General Services - 65,000 Interest Expense - 20,000 $ 1885,000 $ 115,000 Ncome from operations 5000 gains & Income from Non operating $ 120,000 Net Income Note: Operating Revenue also includes interest yncome. Interest => Alematively we can also take perang Income in other Income classification. >> Interest Expense se paretly. =) here, I have Included because operating Expenses $1885,000 also includ Interest Expense.

2019.- u Notes Property plant and equipment LAND - $100,000 equipment - $ 260,000 $360,000 2) otle NON Current currents investment $ 133,000 earnings/ Net Reained 3) Income Equity of Includes $120,000. Balance sheet Statement - A Balance sheet is a financial statement that geports a company's assets, Liabilities and Shareholdey Equity at a specific point in time, and id provides ponvides a basis a basis for for computing rates of return and evaluating its capital structure. " It is a financial statement that provides a snapshot of what a company own. and owes, as well as the amount Invested by shareholders of the important company's specific accounting dincome Statement - AN Income statement is one statementy used for reporting financial performance, over a period. - It is also known a profit - It focuses on company's Expenses during a particular and Loss account revenues and period.