Reference no: EM133048400
Question - Good Care Community Clinic (Goodville, Texas), a not-for-profit entity, was founded in 1992 with a calendar year fiscal year end. It began operations on January 1, 2016 with balances that included:
Cash
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$45,000
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Accounts Receivable
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$23,000
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Allowance for doubtful account
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$3,345
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Inventory
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$5,440
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Prepaid rent
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$4,500
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Equipment
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$1,550,000
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Accumulated depreciation
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$560,000
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Accounts payable
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$23,555
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Notes payable
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$155,895
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During the year, Good Care recorded the following transactions:
1. Patient revenue was $1,500,000
2. Inventory worth $5,650 was purchased on credit.
3. Salaries earned were $565,000
4. Salaries paid were $495,895
5. Depreciation of $32,050 was recorded
6. They received a long-term loan of $240,000 in December.
7. They prepaid rent of $56,665
8. Patients paid $995,000 of the amount they owed.
9. $35,000 of patient revenue was deemed to be uncollectible.
10. Paid $15,550 on the long-term loan.
11. Recognized $44,750 rent for the year from physician office rentals.
12. Recognized that $12,980 of the loan is due next year.
Required -
1. Calculate the amount of net assets on January 1.
2. Prepare a beginning balance sheet.
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