Question

The following are account balances on December 31, 2019 for Intensive Care Urology Practice (ICUP), (in alphabetical order):

Accounts Payable $400,000

Accounts Receivable, Net $310,000

Cash $180,000

Equity (January 1, 2017) $680,000

Expenses $670,000

Inventory $530,000

Long-term Debt $700,000

Long-term Investments $170,000

Net Property & Equipment $820,000

Revenues $900,000

Create ICUP’s Balance Sheet (Hint: Not all of the accounts above are balance sheet accounts - you may need to calculate ICUP’s income!).

Answer 1

Intensive Care Urology Practice (ICUP)
Income statement
for the period ended Dec ,31, 2019
Revenues	900000
Expenses	-670000
Net income	230000
Intensive Care Urology Practice (ICUP)
Balance Sheet
as at Dec 31, 2019
Assets
Cash	180000
Accounts receivable, net	310000
Inventory	530000
Total current assets		1020000
Property & Equipment,net	820000
Long-term investments	170000
Total long-term assets		990000
Total assets		2010000
Liabilities& Owners' Equity
Accounts payable	400000
Total current liabilities		400000
Long-term debt		700000
Total Liabilities		1100000
Owners' Equity
Equity (January 1, 2017)	680000
Retained Earnings	230000
Total Owners' Equity		910000
Total Liabilities& Owners' Equity		2010000