14
Sally’s Eldercare
Statement of Changes in Owner’s Equity
For the Month Ended July 31, 2013
S. Golfo, Capital, July 1, 2013 $ 0
Sally’s Eldercare
Balance Sheet
July 31, 2013
Assets:
Cash $20,800
Liabilities and Equity:
Liabilities:
Accounts payable $ 300
P15-5 (5 minutes)
Revenues – patient care 12,000
Salaries expense 1,600
Utilities expense 300
P15-6 and 7 (20 minutes and 10 minutes, respectively)
(Note: 000 omitted from numbers in this part for ease in presentation)
————–—-Assets———-——-—— = ———Liabilities—————— + Equity
Accts. Supplies Prepaid MRI Notes Accts. WHTax Interest H. Elliott
Trans. Cash Receiv. Invent. Rent Equip. Payable Payable Payable Payable Capital
1 +80 +80 Invest.
2 +1,800 +1,800
15
10 – 2 – 2 Supplies
P15-8 (30 minutes)
1. Cash 80,000
2. MRI Equipment 1,800,000
3. Supplies inventory 25,000
4. Prepaid rent 3,000
5. Accounts payable 25,000
6. Salaries expense 12,000
7. Accounts receivable 40,000
8. Cash 35,000
9. Utilities expense 4,000
10. Supplies expense 2,000
1. Depreciation expense – MRI Equipment 15,000
16
2. Interest expense 9,000
3. Rent expense 3,000
P15-9 (90 minutes)
Harlan MRI
Worksheet for Preparing Financial Statements
XX 31, 20XX
Income Changes in
Trial Balance Statement Owner Equity Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit
Salaries expense 12,000 12,000
Utilities expense 4,000 4,000
Harlan MRI
Income Statement
For the Month Ended XX31, 20XX
Revenues, patient services $40,000
Expenses:
17
Harlan MRI
Statement of Changes in Owner’s Equity
For the Month Ended XX31, 20XX
H. Elliott, Capital, beginning of month $ 0
Harlan MRI
Balance Sheet
XX31, 20XX
Assets:
Cash $ 72,000
Liabilities and Equity:
Liabilities:
Interest payable $ 9,000
P15-10 (5 minutes)
Revenues – patient services 40,000
H. Elliott, Capital 5,000
P15-11 and P15-12 (25 minutes and 10 minutes, respectively)
(Note: 000 omitted from dollar amounts to ease presentation; also, prepaid rent and insurance are in the
same column, labeled R and I, respectively.)
———-——–—–Assets———————–—- = ————Liabilities————- + Equity
Accts. Fuel,Pt. Prep’d. Accts. WH Tax Interest Loans T. Elias
Tr. Cash Invest. Receiv. Invy. R and I Vehicles Payable Payable Payable Payable Cap.
Op. +30 +15 + 8 +192 +12 +180 +53
7. – 12 – 12
8. – 28 + 2 – 30 Sal
9. – 20 +20
2. – 0.5 I – 0.5 Ins
3. – 4 – 4 Dep
P15-13 (30 minutes)
1. Prepaid rent 6,000
2. Prepaid insurance 12,000
3. Cash 13,000
4. Fuel and parts inventory 10,000
5. Cash 50,000
6. Accounts receivable 14,000
7. Accounts payable 12,000
8. Salaries expense 30,000
9. Investments 20,000
10. Fuel and parts expense 6,000
11. Utilities expenses 4,000
1. Rent expense 3,000
2. Insurance expense 500
3. Depreciation expense, vehicles 4,000
4. Interest expense 1,200
20
P15-14 (90 minutes)
Ted’s Ambulette
Worksheet for Preparing Financial Statements
XX 31, 20XX
(000 omitted)
Income Changes in
Trial Balance Statement Owner Equity Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit
Cash 12 12
Accum. dep., vehicles 4 4
Accounts payable 11 11
Salaries expense 30 30
Fuel and parts expense 6 6
Ted’s Ambulette
Income Statement
For the Month Ended XX 31, 20XX
Revenues $64,000
Expenses:
Salaries expense $30,000
Fuel and parts expense 6,000
Ted’s Ambulette
Statement of Changes in Owner’s Equity
For the Month Ended XX 31, 20XX
Ted’s Ambulette
Balance Sheet
XX 31, 20XX
Assets:
Cash $ 12,000
Liabilities and Equity:
Liabilities:
Accounts payable $ 11,000
P15-15 (5 minutes)
Revenues 64,000
Salaries expense 30,000
P15-16 (25 minutes)
(Note: T- accounts are not shown for problems 15–15-16 and P15-17)
2. Cash 80,000
Loans payable 80,000
4. Leasehold improvements 20,000
Accounts payable 20,000
6. Dental supplies inventory 5,000
Accounts payable 5,000
8. Salaries expense 21,000
Cash 21,000
P15-17 (20 minutes)
1. Interest expense 1,200
3. Amortization expense 1,000
4. Depreciation expense 2,000
5. Dental supplies expense 900
Dental supplies inventory 900
6. Salaries expense 700
23
P15-18 (90 minutes)
. Trial Balance Income State. Changes Equity Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit
Cash 89,000 89,000
Prepaid rent 2,000 2,000
Dental supplies inventory 4,100 4,100
Leasehold improvements 20,000 20,000
Joseph DeLapa, DDS
Income Statement
For the Three Months Ended August 31, 2013
Service revenue $96,000
Expenses:
Salaries expense $21,700
Joseph DeLapa, DDS
Statement of Changes in Owner’s Equity
For the Three Months Ended August 31, 2013
Capital, June 1 $ 0
Joseph DeLapa, DDS
Balance Sheet
August 31, 2013
Assets:
Cash $ 89,000
Less, accumulated amortization 1,000 19,000
Equipment 56,000
Liabilities and Equity:
Liabilities:
Accounts payable $ 3,000
P15-19 (120 minutes)
Opening balances:
1. Accounts receivable 150,000
2. Inventory – uniforms 4,800
3. Accounts receivable 6,750
Revenues – uniform sales 6,750
4. Cash 148,750
5. Salaries expense 100,000
Food expense 8,000
25
6. Accounts payable 4,800
7. Bad debts expense 4,000
8. Allowance for uncollectible accounts 2,000
9. Depreciation expense 12,500
10. Salaries expense 5,000
Salaries payable 5,000
To accrue bonus for camp director.
(Note: T accounts are not presented here.)
Camp Bryn Mawr
Trial Balance
XX 31, 20XX
Debits Credits
Cash 75,950
Revenues – camper fees 150,000
Revenues – uniform sales 6,750
26
Camp Bryn Mawr
Income Statement
For the Year Ended XX 31, 20XX
Revenues – camper fees $150,000
Expenses:
Salaries expense 105,000
Camp Bryn Mawr
Statement of Changes in Owner’s Equity
For the Year Ended XX 31, 20XX
F. Jonas, Capital, start of year $590,000
Camp Bryn Mawr
Balance Sheet
XX 31, 20XX
Assets:
Cash $ 75,950
Accounts receivable $ 6,000
Buildings and equipment 250,000
Less, accumulated depreciation 12,500 237,500