Hanna Estrella began the practice of medicine on May 1, 2020. During May she completed the following transactions: May 02 Invested P230,000 cash. 03 Bought Equipment for P140,000 cash. 10 Purchased medical supplies for cash, P4,800. 14 Completed physical examination for 2 patients and collected P1,500 cash. 18 Completed surgical work for P55,000 on account. 20 Purchased Equipment on account, P65,000. 25 Collected P15,000 of the amount owed by the patient on the 18". 28 Paid rent, P18,000. 29 Paid light and water, P3,000 cash. 31 Paid salaries of nurse and secretary, P20,000. PREPARE INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION FOR MAY 2021.

Hanna Estrella began the practice of medicine on May 1, 2020. During May she completed the following transactions: May 02 Invested P230,000 cash. 03 Bought Equipment for P140,000 cash. 10 Purchased medical supplies for cash, P4,800. 14 Completed physical examination for 2 patients and collected P1,500 cash. 18 Completed surgical work for P55,000 on account. 20 Purchased Equipment on account, P65,000. 25 Collected P15,000 of the amount owed by the patient on the 18". 28 Paid rent, P18,000. 29 Paid light and water, P3,000 cash. 31 Paid salaries of nurse and secretary, P20,000. PREPARE INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION FOR MAY 2021.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 32P

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