Question

T L JUL Formulas Be carefules from the Internet con cor Data Review O Help PROTECTED VIEW View o d esto y Protected Ves t e Editing X 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Helen Samoa, P.C. C HT 1 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Helen Sames, P.C. 2 Always use cell references and formulas where appropriate to receive full credit. If you cog/paste from the Instruction tab you will be marked wrong.) Assets Uabilities Accounts Note Payable Payable Accounts Medical Receivable Supplies Equity Common Retained Type of Stockholders' Stock Earnings Equity Transaction Cash Land 5 Dec Description 6 Samoa invested $150,000 in the business, which in turn issued its common stock to her. 9 The business paid cash for land costing $64,000. Samoa plans to build an office building on the land. 12 The business purchased medical supplies for $2.400 on account. 9 15-31 Dr. Helen Samoa, P.C., officially opened for business. 15-31 During the rest of the month, Samoa treated patients and earned service revenue of $9,800, receiving cash for half the revenue earned. 11 31 The business paid cash expenses: employee salaries, $3,600; office rent, $900; utilities, 5400 31 The business sold medical supplies to another physician for cost of $1,000 and received cash. The business borrowed 534,000, signing a note payable to the bank. The business paid $1,300 on account Balance 16 31 19 2. After completing the analysis, answer the questions about the business se cell references and formulas where appropriate to receli full credit. If you copy/paste from the Instruction tab you will be marked wrong.us 20 cell references from prior calculations, if applicable) Total assets Expected collections from patients Total business de Total assets owned Net Income (los) INTERANSWER INSTRUCTION

Answer 1

Total assets = Cash + Account receivables + medical supplies + Land

Total Debt = ACcount payable + notes payable

Net Income = Earnings - salary - rent - utilities

Net Income will be added to the equityholder's claim.

Type of stock Et Addition to flrabiter elektrike Dec at ACREC ratas Juod 60 9-6400 34900 4900 Profit Acted to 34ooo 4900 H000 R1 - 4900 +1000 F 31+34000 -1300 -1300 4900 34000 150000 31 - 1300 1100 119700 4900 1400 64000 Total Assets. 190000 Expected collect = 9800-4900=4900 coni Dom Patienat Total business = 1100 +34000 = 35100 debt Total Asset owned = 17970014960+1400 16400035100 - 154900 Net Income Lost 9800 - 3600-900-400 4900