Reference no: EM133035273
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 $45,000
Accounts Receivable $23,000
Allowance for doubtful account $3,345
Inventory $5,440
Prepaid rent $4,500
Equipment $1,550,000
Accumulated depreciation $560,000
Accounts payable $23,555
Notes payable $155,895
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. Prepare journal entries for the transactions during the year.
2. Prepare an annual statement of operations.
|
Concepts in descriptive and inferential statistics
: Create a frequency histogram for group A and group B to check the distribution of the data and decide which parametric or non-parametric test is appropriate
|
|
What is an asset class
: 1. What is an asset class? 2. Why do we say that assets in an asset class share " similar financial characteristics?
|
|
Demonstrate ethical behavior
: Defend your answer. Have you ever been at a restaurant where you felt an employee did not demonstrate ethical behavior? Without naming the company, describe wha
|
|
Promoting family engagement
: Ms. Lumley's advice for new teacher regarding family engagement is to start small, focus on a few realistic goals, and work to build a relationship with every s
|
|
Prepare journal entries for the transactions during the year
: Recognized $44,750 rent for the year from physician office rentals. Prepare journal entries for the transactions during the year
|
|
Accept an expatriate assignment
: An effective compensation plan for expatriates will likely include some form of incentive for an employee to accept an expatriate assignment.
|
|
Explaining the characteristics of theory
: a) Identify both theories X and Y in the partners of the company by explaining the characteristics of each theory.
|
|
Growth of a business
: What 3 PESTEL trends in your view pose a threat for a business? Why are these 3 "threats" in your view to the growth of a business
|
|
Professional code of ethics
: The client asks your colleague out. After reflecting that the client has not been in counseling for five years, the colleague agrees. Is this ethical?
|