ring questions about his practice after the first month of operations sets of the practice? SO Requirements - X Events Dr. Favata has the following questions about his practice after the first month of operations Provide him with the answers. a. What are the total assets of the practice? b. How much is owing to the practice from patients? c. How much does the practice owe in total? d. How much of the practice's assets does Dr. Favata have a claim to? e. How much net income did the practice earn? May 6 Favata invested $36,000 in the business, which in turn issued its common shares to him. 9 The business paid cash for land costing $33.000. Favata plans to build a professional services building on the land. 12 The business purchased dental supplies for $1,500 on account. 15 John Favata Dental Clinic Ltd. officially opened for business. 15-31 During the rest of the month, Favata treated patients and eamed service revenue of $7.800, receiving cash for half the revenue earned. 15-31 The practice paid cash expenses: employee salaries, S800: office rent, S800; utilities. $1,400. 31 The practice used dental supplies with a cost of S800. 31 The practice borrowed $18,000, signing a note payable to the bank. 31 The practice paid $1,200 on account to a supplier. Print Done Drint Done
ring questions about his practice after the first month of operations sets of the practice? SO Requirements - X Events Dr. Favata has the following questions about his practice after the first month of operations Provide him with the answers. a. What are the total assets of the practice? b. How much is owing to the practice from patients? c. How much does the practice owe in total? d. How much of the practice's assets does Dr. Favata have a claim to? e. How much net income did the practice earn? May 6 Favata invested $36,000 in the business, which in turn issued its common shares to him. 9 The business paid cash for land costing $33.000. Favata plans to build a professional services building on the land. 12 The business purchased dental supplies for $1,500 on account. 15 John Favata Dental Clinic Ltd. officially opened for business. 15-31 During the rest of the month, Favata treated patients and eamed service revenue of $7.800, receiving cash for half the revenue earned. 15-31 The practice paid cash expenses: employee salaries, S800: office rent, S800; utilities. $1,400. 31 The practice used dental supplies with a cost of S800. 31 The practice borrowed $18,000, signing a note payable to the bank. 31 The practice paid $1,200 on account to a supplier. Print Done Drint Done
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter15: Introduction To Managerial Accounting
Section: Chapter Questions
Problem 4MAD
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