Question

Create a classified balance sheet. MUST BE CLASSIFIED, using these relevant accounts. SHOW EXCEL FORMULAS!
Cash				$10,000.00
Patient receivable				$50,000.00
Patient revenue				$60,000.00
Prepaid Insurance				$30,000.00
Insurance expense				$40,000.00
Inventory (asset)				$55,000.00
Labor				$65,000.00
Plant and Equipment				$100,000.00
Accounts payable				$11,000.00
Wages payable				$12,000.00
wage expense				$13,000.00
Mortgage Payable				$14,000.00
Net asset without donor restrictions				$50,000.00
Net asset with donor restrictions				????????

Answer 1

Account title	Debit	Credit
Cash	$           10,000
Patient receivable	$           50,000
Patient revenue		$          60,000
Prepaid Insurance	$           30,000
Insurance expense	$           40,000
Inventory (asset)	$           55,000
Labor	$           65,000
Plant and Equipment	$         100,000
Accounts payable		$          11,000
Wages payable		$          12,000
wage expense	$           13,000
Mortgage Payable		$          14,000
Net asset without donor restrictions		$          50,000
Net asset with donor restrictions		????????
Total	$         363,000	$       147,000

Account title	Debit	Credit
Cash	$                10,000
Patient receivable	$                50,000
Patient revenue		$            60,000
Prepaid Insurance	$                30,000
Insurance expense	$                40,000
Inventory (asset)	$                55,000
Labor	$                65,000
Plant and Equipment	$              100,000
Accounts payable		$            11,000
Wages payable		$            12,000
wage expense	$                13,000
Mortgage Payable		$            14,000
Net asset without donor restrictions		$            50,000
Net asset with donor restrictions (363000-147000)		$          216,000
Total	$              363,000	$          363,000

Patient revenue		$   60,000
Less:
Insurance expense	40000
Labor	65000
wage expense	13000
Total expense		118000
Operatig loss		$ (58,000)

Balance sheet
Assets
Current assets
Cash	$          10,000
Patient receivable	$          50,000
Inventory (asset)	$          55,000
Prepaid Insurance	$          30,000
Total Current assets		$        145,000
Non-Current asset
Plant and Equipment		$        100,000
Total assets		$        245,000
Liabilities and Net assets
Current liabilities
Accounts payable	$          11,000
Wages payable	$          12,000
Total Current liabilities		$          23,000
Long term liabilities
Mortgage Payable		$          14,000
Total liabilities		$          37,000
Net assets
Net asset without donor restrictions	$          50,000
Net asset with donor restrictions	$        216,000
Operating Loss	$        (58,000)
Total Net assets		$        208,000
Total Liabilities and Net assets		$        245,000