PROBLEM #2 The worksheet of Soriano Hospital shows the following account balances before recording the closing entries. Account Debit Credit Cash 934,000 Accounts Receivable 1,450,000 Medical Supplies 480,000 Prepaid Insurance 600,000 Land 2,500,000 Medical Building 3,000,000 Accumulated Depreciation - Medical Building 300,000 Medical Equipment 1,800,000 Accumulated Depreciation - Medical Equipment 90,000 Accounts Payable 1,200,000 Unearned Revenue 59,000 Notes Payable 5,400,000 Soriano, Capital, beg. 3,715,000 Medical Revenues 5,000,000 Interest Expense 15,000 Salaries Expense 1,379,000 Depreciation Expense 390,000 Supplies Expense 155,000 TOTAL 12,703,000 15,764,000 Requirements: 1. Prepare the closing entries. 2. How much is the operating profit (loss)? 3. Compute for Soriano, Capital ending balance.

PROBLEM #2 The worksheet of Soriano Hospital shows the following account balances before recording the closing entries. Account Debit Credit Cash 934,000 Accounts Receivable 1,450,000 Medical Supplies 480,000 Prepaid Insurance 600,000 Land 2,500,000 Medical Building 3,000,000 Accumulated Depreciation - Medical Building 300,000 Medical Equipment 1,800,000 Accumulated Depreciation - Medical Equipment 90,000 Accounts Payable 1,200,000 Unearned Revenue 59,000 Notes Payable 5,400,000 Soriano, Capital, beg. 3,715,000 Medical Revenues 5,000,000 Interest Expense 15,000 Salaries Expense 1,379,000 Depreciation Expense 390,000 Supplies Expense 155,000 TOTAL 12,703,000 15,764,000 Requirements: 1. Prepare the closing entries. 2. How much is the operating profit (loss)? 3. Compute for Soriano, Capital ending balance.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 3.3C

See similar textbooks

Similar questions

The following are account balances for Scott Regional Hospital as of September 30, 20X1. Prepare a balance sheet at September 30, 20X1 for Scott Regional Hospital. You will create a balance sheet outside Blackboard. Enter balances for Total Current Assets; Net plant, property & equipment; Total Assets; Total Current Liabilities; Total Liabilities; Total net assets and Total liabilities and net assets. Givens: Gross plant, property, and equipment $25,000,000 Accrued expenses $2,750,000 Cash $2,000,000 Net accounts receivable $9,500,000 Accounts payable $6,200,000 Long-term debt $16,000,000 Supplies $2,000,000 Accumulated depreciation $1,750,000
Multiple statements. The following are account balances (in thousands) at September 30, 20X1, for Sharpe Medical Center. Prepare (a) a balance sheet, (b) a statement of operations, and (c) a statement of changes in net assets for September 30, 20X1. Givens (in ’000s) Inventory $5,000 Patient revenue (net of contractuals) $402,000 Gross plant, property, and equipment $450,000 Net accounts receivable $95,000 Ending balance, net assets with donor restrictions $24,000 Wages payable $8,600 Long‐term debt $320,000 Supply expense $44,000 Net assets released from donor restriction $9,000 Depreciation expense $54,000 General expense $100,000 Bad debt expense $6,500 Cash and cash equivalents $58,000 Transfer to parent corporation ($7,900) Beginning balance, net assets without donor restrictions $250,000 Accounts payable $16,000 Beginning balance, net assets with donor restrictions $33,000 Interest expense $4,000 Labor expense $180,000 Accumulated depreciation $70,000 Long‐term investments…
Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down, with the remainder to be paid later. The correct entry would be a. Cash 2,250 Accounts Payable 6,250 Equipment 8,500 b. Equipment 2,250 Cash 2,250 c. Equipment 8,500 Accounts Payable 6,250 Cash 2,250 d. Equipment Expense 8,500 Accounts Payable 2,250 Cash 6,250
Pls answer this question with solutions. SENTIENT AWARE Co. is engaged in logistics services. During the year, a warehouse was destroyed by fire. It was estimated that SENTIENT will probably pay around ₱200M in damages caused to the goods owned by customers that were contained in the destroyed warehouse. The contents of the warehouse are insured for ₱80M. SENTIENT’s claim for the insurance has been approved for payment by the insurance company. How much is the provision to be recognized? a. 200Mc. 60M b. 120Md. 0
The selected accounts from the unadjusted trial balance of “Federation Garden Supplies”are presented below as at 30 June 2020.Dr ($) Cr ($)Cash at Bank 13,690Garden Supplies 42,000Accounts Receivable 39,000Prepaid Insurance 24,000Machinery 45,000Accumulated depreciation - Machinery 8,500Office Equipment 16, 000Accumulated depreciation - Office Equipment 3,200Intangible asset - Patent 40,000Note Payable (due in 2025) 30,000Sales 512, 000Sales Returns 6, 000Sales discount 1,400Interest Revenue 14, 000Cost of Sales 317, 000Freight-out 2, 000Rent Expense (for administration department) 12, 200Salaries Expense (50% selling and 50%administrative)61, 000Sales Commissions Expense 1,500Electricity Expense (for administration department) 4,500Adjustment data:i.The amount in “Prepaid Insurance” represents a one year premium which was paid on 1January, 2020 (note that 50% of insurance relates to selling and 50% administrative).ii.Depreciation on all Machinery and Office Equipment is 20 % per year…
Gently Laser Clinic purchased laser equipment for $6,516 and paid $678 down, with the remainder to be paid later. The correct entry would be a. Equipment Expense 6,516 Accounts Payable 678 Cash 5,838 b. Cash 678 Accounts Payable 5,838 Equipment 6,516 c. Cash 678 Equipment 678 d. Equipment 678 Cash 678 e. Equipment 6,516 Accounts Payable 5,838 Cash 678
The following additional information is available December 31, 2022:1) Store Supplies on hand on December 31, 2022, amounted to $500,000.2) Insurance of $5,525,000 was paid on January 1, 2022, for the 17-months to May 31, 20233) Prepaid rent expired December 31, 2022, amounted to $1,600,000.4) The furniture and equipment have an estimated useful life of 10 years and is being depreciatedon the straight-line method down to a residual value of $100,000.5) The motor truck cost relates to two Livi Trucks purchased for $1,200,000 each by the company on January 1, 2016. The double-declining balance method of depreciation is used to compute the truck’s depreciation charges and their expected useful life is 10 years or 100,000 miles. In 2016,15,000 miles were driven, 18,500 in 2017, 15,600 in 2018, 17,000 in 2019, 14,500 in 2020, 10,800 in 2021 and 12,800 in 2022. The residual value on both truck is $209,715 each. On July 1, 2022, the company sold one of the trucks to Daley Company for $450,000…
List and record each transaction (in 000s) for the Claymont Outpatient Clinic, under the accrual basis of accounting, at December 31, 20X1. You are creating a General Ledger using exhibit 3-6 on page 112 as a guide. Zelman( Workbook) a. The clinic received a $10,000,000 unrestricted cash contribution from the community. b. The clinic purchased $4,500,000 of equipment using cash. c. The clinic borrowed $2,000,000 from the bank on a long-term basis. d. The clinic purchased $550,000 of supplies on credit. e. The clinic provided $8,400,000 of services on credit. f. In the provision of these services, the clinic used $420,000 of supplies. g. The clinic received $800,000 in advance to care for capitated patients. h. The clinic incurred $4,500,000 in labor expenses and paid cash for them. i. The clinic incurred $2,230,000 in general expenses and paid cash for them. j. The clinic received $6,000,000 from patients and their 3rd party payers in payment of outstanding accounts. k.…
LAMPERT ROOFING Worksheet For the Month Ended March 31, 2022 Account Titles Trial Balance Dr. Cr. Cash Accounts Receivable Supplies Equipment Accumulated Depreciation—Equipment Accounts Payable Unearned Service Revenue Owner’s Capital Owner’s Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense Totals 4,500 3,200 2,000 11,000 1,100 1,300 400 23,500 1,250 2,500 550 12,900 6,300 23,500 Other data A physical count reveals only $480 of roofing supplies on hand Depreciation for March is $250 Unearned revenue amounted to $260 Accrued Miscellaneous expenses are $700 Prepaid salaries $300 Instructions: Each student from the group as per your assigned names will prepare: Adjusting journal entries Posting of…
Create a journal entry and a T-account entry for each of the following transactions: $30,000 worth of supplies purchased with cash $10,000 worth of supplies used to provide clients with goods and services Wages due to employees that had been previously recorded as a liability now paid in cash in the amount of $50,000 Bills submitted to insurance companies in the amount of $90,000 for services rendered to patients Cash payments of $60,000 received for services previously provided and billed $5,000 worth of additional supplies purchased on account
Gently Laser Clinic purchased laser equipment for $4,788 and paid $608 down, with the remainder to be paid later. The correct entry would be a. Cash$608 Accounts Payable$4,180 Equipment$4,788 b. Equipment$608 Cash$608 c. Equipment$4,788 Accounts Payable$4,180 Cash$608 d. Equipment Expense$4,788 Accounts Payable$608 Cash$4,180
Create a balance sheet (in 000s) as of December 31, 20X1 for the Claymont Outpatient Clinic using the General Ledger transactions below. You will enter balances for total current assets a. The clinic received a $10,000,000 unrestricted cash contribution from the community. b. The clinic purchased $4,500,000 of equipment using cash. c. The clinic borrowed $2,000,000 from the bank on a long-term basis. d. The clinic purchased $550,000 of supplies on credit. e. The clinic provided $8,400,000 of services on credit. f. In the provision of these services, the clinic used $420,000 of supplies. g. The clinic received $800,000 in advance to care for capitated patients. h. The clinic incurred $4,500,000 in labor expenses and paid cash for them. i. The clinic incurred $2,230,000 in general expenses and paid cash for them. j. The clinic received $6,000,000 from patients and their 3rd party payers in payment of outstanding accounts. k. The clinic met $440,000 of its obligation to…