Reference no: EM133078368
Questions -
Q1. In approximately 150 to 200 words, respond to the following questions.:
1. What is an asset? Provide one example of a current asset and explain what is meant by "current asset".
2. What is a liability? Provide one example of a current liability and one example of a long-term liability.
3. What is the difference between a liability and an expense? Provide one example of an expense.
4. What is meant by the term "fund accounting"? What type of health care entity might use fund accounting and why would they use this method?
Q2. Given the following data, prepare a Balance Sheet in proper format for Healthy Body Clinic dated December 31, 2020.
Accounts payable: $20,000
Accounts receivable, net: $60,000
Cash: $30,000
Equity: $230,000
Long-term debt: $120,000
Long-term investments: $100,000
Net property and equipment: $150,000
Other assets: $40,000
Other long-term liabilities: $10,000
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Prepare a Balance Sheet in proper format for Healthy Body
: Given the following data, prepare a Balance Sheet in proper format for Healthy Body Clinic dated December 31, 2020
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