Question

can you help me balance the balance sheet

PDUGU NUMBET toSave o -BBB fx E E AL 11 10 20 X ✓ TOTAL ASSETS B D G M N The below is the Balance Sheet for ABC Clinie as of December 31, 2017. Please wae the information on this balance sheet wherever it necessary in the following questions, ABC Clinic Balance Sheet As of December 31, 2017 ASSETS LIABILITIES & NET ASSETS Current Assets Cash Prepaid Insurance Accounts Receivables Inventory Current liabilities Acccounts Payable Wages Payable $ s $ 325,000 s 6,500 $ 45,000 $ 53,000 125,000 58,000 Long-term liabilities Mortgage liabilities s 170,000 Fixed Assets Plant and Equitment, net $ 150,000 Net Assets Unrestitted Permanently Restricted $ $ 211,500 15,000 TOTAL LIABILITIES & NET ASSETS TOTAL ASSETS 1 $ 579,500 $ 579,500 3 Q1- Please fill out the Beginning Balances and Caleulate the Ending Balances for each ledger accounts by utilizing the information provided to you. 5 ADA A MODULE 5 ques a ORI 2 E

Answer 1

Requirement Balance Sheet ABC Clinic Balance Sheet As of December 31, 2018 Liabilities & Net Assets Assets Current Assets : Cash Prepaid Insurance Accounts Receivables Inventory $ $ $ $ $ 160,000 68,000 Current Liabilities 187,000 Accounts Payables 6,500 Wages Payables 503,000 3,000 Long-Term Liabilities Mortgage Liabilities $ 150,000 Fixed Assets : Plant and Equipment, Net $ 135,000 Net Assets Unrestricted Permanently restricted $ $ 441,500 15,000 $ 834,500 Total Liabilities & Net Assets $ 834,500 Net Income : - Included in Unrestricted Net Assets Particulars $ Revenue $ 500,000 Less : Inventory $ (100,000) Less : Labor $ (50,000) Less : Interest $ (55,000) Less : Insurance $ (50,000) Less : Depreciation $ (15,000) Net Income $ 230,000