Homework Answers
Answer: this should not appear in the Balance Sheet but should appear in the Income Statement.
Healthcare organization provides various services like nursing care, physician care, periodic checking, etc. These services are the sources of income of a healthcare organization. Therefore, these should appear only on the Income Statement as “Service Revenue”.
All sorts of matching expenses (like salary of staffs, doctor’s payments, etc.) should be deducted from revenues in order to get Net Income in the Income Statement.
At the end, Net Income is transferred to the balance sheet in an addition to the retained earnings.
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $24,600 Accounts payable 33,500 Supplies 11,200 Prepaid insurance 20,000 Land 246,700 Total current assets $336,000 Property, plant, and equipment: Building $516,300 Equipment 116,900 Total property, plant, and equipment 869,100 Total assets $1,205,100 Liabilities Current liabilities: Accounts receivable $55,800 Accumulated depreciation—building 212,600 Accumulated depreciation—equipment 34,600 Net income 191,300 Total liabilities $494,300...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $17,900 30,500 Accounts payable Supplies 8,100 Prepaid insurance 14,700 Land 232,800 $304,000 Total current assets Property, plant, and equipment: Building $487,100 110,200 Equipment Total property, plant, and equipment Total assets 792,000 $1,096,000 Liabilities Current liabilities: $40,700 Accounts receivable Accumulated depreciation-building 200,600 Accumulated depreciation--equipment 32,600 174,300 Net income Total liabilities $448,200...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 20Y3 Assets Current assets: Cash $19,600 Accounts payable 33,300 Supplies 8,900 Prepaid insurance 15,900 Land 254,100 Total current assets $331,800 Property, plant, and equipment: Building $531,800 Equipment 120,300 Total property, plant, and equipment 864,800 Total assets $1,196,600 Liabilities Current liabilities: Accounts receivable $44,500 Accumulated depreciation-building 219,000 Accumulated depreciation-equipment 35,600 Net income 190,300 Total liabilities $489,400...
15. XYZ Services reports the following balance sheet: XYZ Services Balance Sheet 12/31/19 $1,000 1.100 Assets...
15. XYZ Services reports the following balance sheet: XYZ Services Balance Sheet 12/31/19 $1,000 1.100 Assets Liabilities Cash $20,000 Account Payable Account Receivable 5,000 Uneamed Revenue Supplies 2,000 Prepaid Insurance Equity Total Current Assets 28,200 Common Stock Retained Earnings Office Equipment 2.000 37.200 Total Liabilities & Equity Total Assets 1.200 24,000 11.100 37200 The balance sheet for XYZ Services is not correct since they have not recorded adjusting entries. The following information is needed to make adjustments: $300 of the...
What is a balance sheet? Why is it important for leadership of a healthcare organization to...
What is a balance sheet? Why is it important for leadership of a healthcare organization to monitor its balance sheet? Place an "X" in the appropriate box for each balance sheet item listed below. Note: Some balance sheet items may fall into multiple categories, therefore, choose the most relevant option. Each category below must have only one "X". Short-Term Asset Long-Term Asset Short-Term Liability Long-Term Liability Cash on hand Accounts receivable Equipment Mortgage payable Buildings Current Note due...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $16,700 28,400 Accounts payable Supplies 7,600 < Prepaid insurance 13,500 Land 216,600 Total current assets $282,800 Property, plant, and equipment: Building $453,200 Equipment 102,500 Total property, plant, and equipment 736,900 Total assets $1,019,700 Liabilities Current liabilities: Accounts receivable $37,900 186,600 Accumulated depreciation--building Accumulated depreciation-equipment 30,300 Calculator eBook Building $453,200 Equipment...
compare and contrast product and services of healthcare organizations with products and services of non healthcare...
compare and contrast product and services of healthcare organizations with products and services of non healthcare organizations
Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance...
Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2018 Assets Current assets: $16,500 28,200 7,500 13,500 215,000 $280,700 $449,700 101,700 731,100 $1,011,800 Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net income Total liabilities Stockholders' Equity Wages payable Common stock Retained...
Rae Services, Inc. provides healthcare diagnostics for patients with autoimmune diseases. At the end of their...
Rae Services, Inc. provides healthcare diagnostics for patients with autoimmune diseases. At the end of their first year of operations, Rae Services account balances are shown in the adjusted trial balance shown below: Rae Services, Inc. Adjusted Trial Balance December 31, 2012 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation--Equipment Accounts payable Common stock Retained earnings Dividends Service revenue Advertising expense Depreciation expense--Equipment Insurance expense Rent expense Salaries expense Supplies expense Utilities expense 176,000 140,500 4,650 2.400 85,500 3,500...
Where is the income statement and balance sheet?
Where is the income statement and balance sheet?
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $17,900 30,500 Accounts payable Supplies 8,100 Prepaid insurance 14,700 Land 232,800 $304,000 Total current assets Property, plant, and equipment: Building $487,100 110,200 Equipment Total property, plant, and equipment Total assets 792,000 $1,096,000 Liabilities Current liabilities: $40,700 Accounts receivable Accumulated depreciation-building 200,600 Accumulated depreciation--equipment 32,600 174,300 Net income Total liabilities $448,200...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 20Y3 Assets Current assets: Cash $19,600 Accounts payable 33,300 Supplies 8,900 Prepaid insurance 15,900 Land 254,100 Total current assets $331,800 Property, plant, and equipment: Building $531,800 Equipment 120,300 Total property, plant, and equipment 864,800 Total assets $1,196,600 Liabilities Current liabilities: Accounts receivable $44,500 Accumulated depreciation-building 219,000 Accumulated depreciation-equipment 35,600 Net income 190,300 Total liabilities $489,400...
15. XYZ Services reports the following balance sheet: XYZ Services Balance Sheet 12/31/19 $1,000 1.100 Assets Liabilities Cash $20,000 Account Payable Account Receivable 5,000 Uneamed Revenue Supplies 2,000 Prepaid Insurance Equity Total Current Assets 28,200 Common Stock Retained Earnings Office Equipment 2.000 37.200 Total Liabilities & Equity Total Assets 1.200 24,000 11.100 37200 The balance sheet for XYZ Services is not correct since they have not recorded adjusting entries. The following information is needed to make adjustments: $300 of the...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $16,700 28,400 Accounts payable Supplies 7,600 < Prepaid insurance 13,500 Land 216,600 Total current assets $282,800 Property, plant, and equipment: Building $453,200 Equipment 102,500 Total property, plant, and equipment 736,900 Total assets $1,019,700 Liabilities Current liabilities: Accounts receivable $37,900 186,600 Accumulated depreciation--building Accumulated depreciation-equipment 30,300 Calculator eBook Building $453,200 Equipment...
Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2018 Assets Current assets: $16,500 28,200 7,500 13,500 215,000 $280,700 $449,700 101,700 731,100 $1,011,800 Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net income Total liabilities Stockholders' Equity Wages payable Common stock Retained...
Rae Services, Inc. provides healthcare diagnostics for patients with autoimmune diseases. At the end of their first year of operations, Rae Services account balances are shown in the adjusted trial balance shown below: Rae Services, Inc. Adjusted Trial Balance December 31, 2012 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation--Equipment Accounts payable Common stock Retained earnings Dividends Service revenue Advertising expense Depreciation expense--Equipment Insurance expense Rent expense Salaries expense Supplies expense Utilities expense 176,000 140,500 4,650 2.400 85,500 3,500...
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