Prepare a classified balance sheet Be careful as this is a classified financial statement All accounts may not be used Third party revenue $6,100,000.00 Patient receivable $10,350,000.00 Accounts Receivable $1,400,000.00 Cash $50,000,000.00 Insurance expense $3,687,000.00 Mortgage Payable $12,630,000.00 Mortgage Payable- Current $1,100,000.00 Inventory (asset) $7,800,000.00 Wages Payable $3,900,000.00 Wage Expense $2,700,000.00 Inventory expense $4,650,000.00 Plant and Equipment $41,700,000.00 Accounts Payable $18,300,000.00 Supplies Payable $8,175,000.00 Medical Supplies $12,300,000.00 Medical Supply Expense $2,943,000.00 Net Assets without donor restrictions $17,693,000.00 Net assets with donor restrictions ???????????
Prepare a classified balance sheet Be careful as this is a classified financial statement All accounts may not be used Third party revenue $6,100,000.00 Patient receivable $10,350,000.00 Accounts Receivable $1,400,000.00 Cash $50,000,000.00 Insurance expense $3,687,000.00 Mortgage Payable $12,630,000.00 Mortgage Payable- Current $1,100,000.00 Inventory (asset) $7,800,000.00 Wages Payable $3,900,000.00 Wage Expense $2,700,000.00 Inventory expense $4,650,000.00 Plant and Equipment $41,700,000.00 Accounts Payable $18,300,000.00 Supplies Payable $8,175,000.00 Medical Supplies $12,300,000.00 Medical Supply Expense $2,943,000.00 Net Assets without donor restrictions $17,693,000.00 Net assets with donor restrictions ???????????
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
| Prepare a classified |
||||||
| Be careful as this is a classified financial statement | ||||||
| All accounts may not be used | ||||||
| Third party revenue | $6,100,000.00 | |||||
| Patient receivable | $10,350,000.00 | |||||
| $1,400,000.00 | ||||||
| Cash | $50,000,000.00 | |||||
| Insurance expense | $3,687,000.00 | |||||
| Mortgage Payable | $12,630,000.00 | |||||
| Mortgage Payable- Current | $1,100,000.00 | |||||
| Inventory (asset) | $7,800,000.00 | |||||
| Wages Payable | $3,900,000.00 | |||||
| Wage Expense | $2,700,000.00 | |||||
| Inventory expense | $4,650,000.00 | |||||
| Plant and Equipment | $41,700,000.00 | |||||
| Accounts Payable | $18,300,000.00 | |||||
| Supplies Payable | $8,175,000.00 | |||||
| Medical Supplies | $12,300,000.00 | |||||
| Medical Supply Expense | $2,943,000.00 | |||||
| Net Assets without donor restrictions | $17,693,000.00 | |||||
| Net assets with donor restrictions | ??????????? | |||||
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