Reference no: EM131815418
Recording Transactions - Dr. Tina Tucker's New Clinic
Dr. Tina Tucker opened a new, not-for-profit clinic on January 1, 2014. When the clinic was opened, all account balances were zero. During the year, Dr. Tucker's clinic completed the following transactions:
Dr. Tucker contributed $100,000 of her own money to provide initial financing for the clinic.
Dr. Tucker purchased equipment for $50,000 in cash.
Dr. Tucker purchased $450 worth of supplies on trade credit.
Dr. Tucker billed patients / third-party payers for $87,205 of patient care. The billings were net of discounts and allowances and no cash was initially collected.
Dr. Tucker used $435 worth of supplies for patient care.
Dr. Tucker received $77,000 in cash payments from patients / thirdparty payers that had been billed for services.
Salaries for the year were $26,000 of which $22,500 had been paid at December 31, 2014.
Dr. Tucker recorded $5,000 in depreciation expense on her equipment for the year.
Dr. Tucker estimated that $5,600 of patient / third-party payer billings would be uncollectible.
Dr. Tucker has asked you to prepare her financial statements for 2014. Assuming her clinic has a year-end of December 31st , 2014 record the transactions and prepare a balance sheet and income statement in the template provided.
Please help me prepare a general ledger, balance sheet and statement of accounts for the above data.