For your fictitious healthcare service, you will create a balance sheet and income statement based upon...

For your fictitious healthcare service, you will create a balance sheet and income statement based upon the following financial transactions occurring during your start-up year:

6. May 1, 2020 through December 31, 2020: You use $30,000 in supplies to provide healthcare services to your patients each month. You record the use of supplies on the last day of each month.

7. June 1, 2020: You pay your suppliers $80,000 for supplies purchased on credit.

8. July 1, 2020: You receive payments from health insurance companies totaling $250,000.

9. August 1, 2020:

a. You purchase $160,000 of supplies on credit for use in caring for your patients.

b. You receive payments from health insurance companies totaling $320,000

10. September 1, 2020: You receive payments from health insurance companies totaling $225,000.

11. October 1, 2020: You receive payments from health insurance companies totaling $310,000.

Expert Solution

Income statement is a statement shows income or loss earned by the business organisation during the specific period of time. It is calculated by deducting all operating expenses from the revenue. The financial position means balance sheet which shows the financial position in the form of assets and liabilities.

ekkarill92 answered 1 year ago

Create a Fictitious balance sheet and income statement.

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