Question
In: Accounting
Oak Street Clinic, a not-for-profit, began in 2015 with the following account balances on January 1:...
Oak Street Clinic, a not-for-profit, began in 2015 with the following account balances on January 1: Cash $ 70,000 Accounts receivable 245,000 Allowance for doubtful accounts 18,000 Supplies inventory 24,000 Equipment 1,500,000 Accumulated depreciation 300,000 Accounts payable 21,000 Notes payable 500,000 Net assets 1,000,000 During 2015, the accounting clerk recorded the following transactions: 1. Billed patients for services rendered $1,700,000 2. Purchases medical supplies on credit 12,000 3. Employee salaries earned 712,000 4. Employee salaries paid 683,000 5. Annual depreciation on equipment 150,000 6. Received a bank loan 250,000 7. Cash collections on patient billings 1,124,000 8. Estimated bad debts for year 44,000 9. Made payment on bank loan 75,000 10. Used medical supplied in patient care 10,000 Oak Street Clinic's year end is December 31. Construct the 2015 balance sheet and income statement for the clinic using the beginning account balances and incorporating the effects of each transaction.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following account balances are for the Agee Company as of January 1, 2015, and December...
The following account balances are for the Agee Company as of
January 1, 2015, and December 31, 2015. All figures are denominated
in kroner (Kr).
January 1, 2015
December
31, 2015
Accounts payable
(9,000)
(19,000)
Accounts receivable
34,000
84,000
Accumulated depreciation—buildings
(25,000)
(30,000)
Accumulated depreciation—equipment
0
(5,500)
Bonds payable—due 2018
(55,000)
(55,000)
Buildings
114,000
95,000
Cash
40,000
8,500
Common stock
(64,000)
(78,000)
Depreciation expense...
On January 1, 2015, Thomson Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2015, Thomson Inc. had the following account
balances in its shareholders' equity accounts.
Common stock, $1 par, 250,000 shares issued of
which 3,000 Shares being held as treasury
stock
$250,000
Paid-in capital excess of par,
common
500,000
Preferred stock, $100 par, 10,000 shares
outstanding 1,000,000
Paid-in capital excess of par, preferred
100,000
Retained earnings
2,000,000
Treasury stock, at cost, 3,000 shares
15,000
...
The Prince-Robbins partnership has the following capital account balances on January 1, 2015: LO 14-9 Prince...
The Prince-Robbins partnership has the following capital account
balances on January 1, 2015: LO 14-9 Prince is allocated 80 percent
of all profits and losses with the remaining 20 percent assigned to
Robbins after interest of 10 percent is given to each partner based
on beginning capital balances. On January 2, 2015, Jeffrey invests
$37,000 cash for a 20 percent interest in the partnership. This
transaction is recorded by the goodwill method. After this
transaction, 10 percent interest is still...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(10,000
)
(21,500
)
Accounts receivable
33,000
83,000
Accumulated depreciation—buildings
(24,000
)
(29,000
)
Accumulated depreciation—equipment
0
(5,400
)
Bonds payable—due 2020
(54,000
)
(54,000
)
Buildings
113,000
94,500
Cash
39,000
8,400
Common stock
(63,000
)
(76,000
)
Depreciation expense
0
19,000
Dividends (10/1/17)
0
36,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017 December 31, 2017
Accounts payable (18,000) (32,500)
Accounts receivable 51,000 101,000
Accumulated depreciation—buildings (42,000) (47,000)
Accumulated depreciation—equipment 0 (7,200)
Bonds payable—due 2020 (61,000) (61,000)
Buildings 131,000 103,500
Cash 57,000 10,200
Common stock (66,000) (76,000)
Depreciation expense 0 37,000
Dividends (10/1/17) 0 54,000
Equipment 0 61,000
Gain on sale of building 0 (8,200)...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(24,000
)
(31,500
)
Accounts receivable
45,000
95,000
Accumulated depreciation—buildings
(36,000
)
(41,000
)
Accumulated depreciation—equipment
0
(6,600
)
Bonds payable—due 2020
(55,000
)
(55,000
)
Buildings
125,000
100,500
Cash
51,000
9,600
Common stock
(60,000
)
(71,000
)
Depreciation expense
0
31,000
Dividends (10/1/17)
0
48,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(16,000
)
(27,500
)
Accounts receivable
53,000
103,000
Accumulated depreciation—buildings
(44,000
)
(49,000
)
Accumulated depreciation—equipment
0
(7,400
)
Bonds payable—due 2020
(63,000
)
(63,000
)
Buildings
133,000
104,500
Cash
59,000
10,400
Common stock
(68,000
)
(80,000
)
Depreciation expense
0
39,000
Dividends (10/1/17)
0
56,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(13,000
)
(19,500
)
Accounts receivable
41,000
91,000
Accumulated depreciation—buildings
(32,000
)
(37,000
)
Accumulated depreciation—equipment
0
(6,200
)
Bonds payable—due 2020
(51,000
)
(51,000
)
Buildings
121,000
98,500
Cash
47,000
9,200
Common stock
(71,000
)
(85,000
)
Depreciation expense
0
27,000
Dividends (10/1/17)
0
44,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(13,000
)
(19,500
)
Accounts receivable
41,000
91,000
Accumulated
depreciation—buildings
(32,000
)
(37,000
)
Accumulated
depreciation—equipment
0
(6,200
)
Bonds payable—due 2020
(51,000
)
(51,000
)
Buildings
121,000
98,500
Cash
47,000
9,200
Common stock
(71,000
)
(85,000
)
Depreciation expense
0
27,000
Dividends (10/1/17)
0
44,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(20,000
)
(25,500
)
Accounts receivable
49,000
99,000
Accumulated depreciation—buildings
(40,000
)
(45,000
)
Accumulated depreciation—equipment
0
(7,000
)
Bonds payable—due 2020
(59,000
)
(59,000
)
Buildings
129,000
102,500
Cash
55,000
10,000
Common stock
(64,000
)
(75,000
)
Depreciation expense
0
35,000
Dividends (10/1/17)
0
52,000
Equipment...
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