Solution-Prepare the income statement for grimball

Prepare the income statement for grimball cardiology

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Reference no: EM13540040

Statement preparation

The following information is taken from the accounting records of Grimball Cardiology at the close of business on December 31, 19X1:

Accounts payable	14,700	Surgery revenue	175,000
Surgical expenses	80,000	Cash	60,000
Surgical equipment	37,000	Office Equipment	118,000
Salaries expense	30,000	Rent expense	15,000
Accounts receivable	135,000	Loan payable	10,300
Utilities expense	5,000

All equipment was acquired just prior to year-end. Conversations with the practice's bookkeeper revealed the data that follow.

Rose Grimball, capital (January 1, 19X1)	300,000
19X1 owner investments	2,000
19X1 owner withdrawals	22,000

Instructions

a. Prepare the income statement for Grimball Cardiology in good form.

b. Prepare a statement of owner's equity in good form.

c. Prepare Grimball's balance sheet in good form.

Reference no: EM13540040

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Prepare the income statement for grimball cardiology

Reference no: EM13540040

Reference no: EM13540040

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