Chapter 3 Basic Accounting Systems: Accrual Basits 133 Current liabilities: Liabilities Accounts receivable. 40,800 Accumulated depreciation-equipment 54,600 32.4

p 3-1 please

Chapter 3 Basic Accounting Systems: Accrual Basits 133 Current liabilities: Liabilities Accounts receivable. 40,800 Accumulated depreciation-equipment 54,600 32.400 Net loss 44200 172.000 Total liabilities.... Stockholders Equity Wages payable Common stock. Retained earnings Total stockholders equity Total liabilities and stockholders equity . . . . . . . . . . . . . $ 8,100 200,000 447,000 655,100 5797100 . . . . Problems P3-1 Accrual basis accounting Obj. 2 San Mateo Health Care Inc. is owned and operated by Rachel Fields, the sole stockholder During January 20Y6, San Mateo Health Care entered into the following transactions: Received $27,000 from Hillard Company as rent for the use of a vacant office in San Mateo Health Cares building. Hillard paid the rent nine months in advance. Jan. 1 1 Paid $6,000 for a one-year general insurance business policy 6 Purchased supplies of $1,800 on account. 9 Collected $32,000 for services provided to customers on account. 11 Paid creditors $5,000 on account. 18 Invested an additional $10,000 in the business in exchange for common stock. 20 Billed patients $52,000 for services provided on account. 25 Received $15,000 for services provided to customers who paid cash. 30 Paid expenses as follows: wages, $31,000; utilities, $8,500; rent on medical equip- ment, $5,300; interest, $200; and miscellaneous, $3,000. Paid dividends of $8,000 to stockholder (Dr. Fields). 30 Instructions Analyze and record the January transactions for San Mateo Health Care Inc., using the integrated financial statement framework. Record each transaction by date, and show the balance for each item after each transaction. The January 1, 20Y6, balances for the balance sheet are shown below. Assets Liabilities+Stockholders Equity Accts. Un. Wages Notes Common Retained Earnings Acc. Accts. Pre. Cash + Rec. + Ins. +Supp.+ Building Depr.Land Pay. + Rev.+ Pay. + Bal, Jan.1 20,000 44,500 700 1,200 150,000 (11,200) 120,000 7,700 oo30,000

Chapter 3 Basic Accounting Systems: Accrual Basits 133 Current liabilities: Liabilities Accounts receivable. 40,800 Accumulated depreciation-equipment 54,600 32.400 Net loss 44200 172.000 Total liabilities…. Stockholders’ Equity Wages payable Common stock. Retained earnings Total stockholders’ equity Total liabilities and stockholders’ equity . . . . . . . . . . . . . $ 8,100 200,000 447,000 655,100 5797100 . . . . Problems P3-1 Accrual basis accounting Obj. 2 San Mateo Health Care Inc. is owned and operated by Rachel Fields, the sole stockholder During January 20Y6, San Mateo Health Care entered into the following transactions: Received $27,000 from Hillard Company as rent for the use of a vacant office in San Mateo Health Care’s building. Hillard paid the rent nine months in advance. Jan. 1 1 Paid $6,000 for a one-year general insurance business policy 6 Purchased supplies of $1,800 on account. 9 Collected $32,000 for services provided to customers on account. 11 Paid creditors $5,000 on account. 18 Invested an additional $10,000 in the business in exchange for common stock. 20 Billed patients $52,000 for services provided on account. 25 Received $15,000 for services provided to customers who paid cash. 30 Paid expenses as follows: wages, $31,000; utilities, $8,500; rent on medical equip- ment, $5,300; interest, $200; and miscellaneous, $3,000. Paid dividends of $8,000 to stockholder (Dr. Fields). 30 Instructions Analyze and record the January transactions for San Mateo Health Care Inc., using the integrated financial statement framework. Record each transaction by date, and show the balance for each item after each transaction. The January 1, 20Y6, balances for the balance sheet are shown below. Assets Liabilities+Stockholders Equity Accts. Un. Wages Notes Common Retained Earnings Acc. Accts. Pre. Cash + Rec. + Ins. +Supp.+ Building Depr.Land Pay. + Rev.+ Pay. + Bal, Jan.1 20,000 44,500 700 1,200 150,000 (11,200) 120,000 7,700 oo30,000

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