Question

Dr. Bernice Maglin opened a medical practice. During the first month of operations (July), the business, named Dr. Bernice Maglin, Professional Corporation (P.C.), had the following events: B: (Click the icon to view the events.) Calculate total assets, total liabilities, and total stockholders' equity of the business on July 31. Total assets......... Total liabilities Total stockholders' equity ...........

Answer 1

Cash Land Medical supplies Accounts receivable Rent expense Salaries expense Utilities expense Common stock Accounts payable Notes payable Service revenue Totals Debit Credit $1,13,500 $60,000 $600 $4,600 $1,200 $3,200 $1,400 $1,45,000 $300 $30,000 $9,200 $1,84,500 $1,84,500 Total assets = Cash + Land + Medical supplies + Account receivable Total liabilities = Notes payable + Accounts payable Total stockholders equity = Common stock + Service revenue + Rent expense + Salaries expense + Utilities expense Total Assets Total Liabilities Total Stockholders Equity $1,78,700 $30,300 $1,48,400