Question

Copi c experienced the f ing Di Kim i a More Info Dec 8 Dr. Kim Fleming opened a medical practice specializing in physical therapy. During the first month of operation (December), the business Click the icon to view the events.) Read the requirements Requirement 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr Kim Fleming PC Begin with the first transaction on December 6. Use parent s or mission when decreasing accounts a box is not used in the original list) Assets Liabilities Stockholders' Equity Acts Medical Acets Note Contron Retained Type of Equity Cash . Ree Supplies - Land - Pay P ayable. Stock + Earings Dec 6 154000 T 9 15000 Fleming invested $154,000 in the business, which in turissued a common stock to her The business pard cash for and costing 1 00 Fleming plans to build an toe building 12 The business purchased medical supplies for $1.500 on 15 Dr. Om F ing, PC, caly opened for business 15-31 During the rest of the month Forged patients and earned service of $9,000, receiving cash for at the venue med 15-31 The business paid cashe es employees 2.000 officerent e s $600 (econd the cash amount as a b and Identity and record anyone on separately) 31 The business sold aplies to another physician forcon 1.000 and receveda 31 The business borrowed $35.000 signing a non payable to the bank 31 The business and 700 on account 15-31 1531 (4300 Requirements 311000 31 35000 An o ther one malo of Don Fleming PC Aer completing the analysis, these is about the bus ompet? How much does the business expect to c How much does the u se How much m ore during and the business Choose from any list or enter any number in the routes and then continue to the next question

Answer 1

Dr. Kim Fleming Professional Corporation Accounting Equation Accounts Medical + Receivable + Supplies + + Cash 154000 -59000 Land Accounts Note Common = Payable + Payable + Stock + 154000 Type of Equity Transaction Retained + Earnings + + + 59000 + Date Dec-06 Dec-09 Dec-12 Dec-15 Dec 15 - 31 Dec 15 - 31 + 1500 1500 + + + + + + + + 4950 + 4950 + + + + + + + + + + 9900 -2800 -900 -600 Service Revenue Salaries Expense Office Rent Utilities Expense + + + + + + + + + + + + 1000 + + + -900 -600 1000 35000 700 132350 + + 35000 + + Dec-31 Dec-31 Dec-31 Bal. + -700 4250 + 196100 500 + 59000 = 1500 + + 5600 35000 + 154000 196100 Requirement 2a. Total Assets are $196100 Requirement 2b. Businee expects to collect $4250 from patients Requirement 2c. The Business owes ($1500 + $35000) $36500 in total. Requirement 2d. Fleming really owns $159600 ($154000 + $5600) worth of assets. Requirement 2e. 9900 Statement of Income For the month ending Dec 31 Service Revenue Less: Salaries Expense Office Rent Utilities Expense Net Income 2800 900 600 4300 5600