Construct the 2015 balance sheet and income statement for the clinic, using the beginning account balances and incorporating the effects of each transaction. 4.9 Oak Street Clinic, a not-for-profit, began 2015 with the followingNet incomeaccount balances on January ].Cash2470,000245,00018,00024,0001,500,000300,00021,000500,0001,000,000Accounts receivableAllowance for doubtful accountsSupplies inventoryEquipmentAccumulated depreciationAccounts payableNotes payableNet assetsDuring 2015, the accounting clerk recorded the following transactions:1. Billed patients for services rendered2. Purchased medical supplies on$1,700,00012,000credit3. Employee salaries earned4. Employee salaries paid5. Annual depreciation on equipment712,000683,000150,000250,0006. Received a bank loan1,124,0007. Cash collections on patient billings8. Estimated bad debts for year44,00075,0009. Made payment on bank loan10. Used medical supplies in patient care10,000 . 2006. "The Balance Sheet: A Snapshot of Your Financial Health." HealthcareIthcare Financebalances and incorporating the effects of each transaction.Resourcesing Guide for Healthcare Entities. New York: AICPA.care Financial Management (September): 158-62.Financial Management (May): 124-25.Song, P. H., and K. L. Reiter. 2010. “"Trends in Asset Structure Between Not.foProfit and Investor-Owned Hospitals." Medical Care Research and Revie(August): 694-706.Waldron, D. J. 2005. "Technology Strategy and the Balance Sheet: 3 Points to Con-sider." Healthcare Financial Management (May): 70–76.

Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…

Answered: Construct the 2015 balance sheet and…

Construct the 2015 balance sheet and income statement for the clinic, using the beginning account balances and incorporating the effects of each transaction

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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