PROBLEM #2 The worksheet of Soriano Hospital shows the following account balances before recording the closing entries. Account Debit Credit | Cash 934,000 Accounts Receivable 1,450,000 Medical Supplies 480,000 Prepaid Insurance 600,000 Land 2,500,000 Medical Building 3,000,000 Accumulated Depreciation - Medical Building 300,000 Medical Equipment 1,800,000 Accumulated Depreciation - Medical Equipment 90,000 Accounts Payable 1,200,000 Unearned Revenue 59,000 Notes Payable 5,400,000 Soriano, Capital, beg. 3,715,000 Medical Revenues 5,000,000 Interest Expense 15,000 Salaries Expense 1,379,000 Depreciation Expense 390,000 Supplies Expense 155,000 ТOTAL 12,703,000 15,764,000 Requirements: 1. Prepare the closing entries. 2. How much is the operating profit (loss)? 3. Compute for Soriano, Capital ending balance.

PROBLEM #2 The worksheet of Soriano Hospital shows the following account balances before recording the closing entries. Account Debit Credit | Cash 934,000 Accounts Receivable 1,450,000 Medical Supplies 480,000 Prepaid Insurance 600,000 Land 2,500,000 Medical Building 3,000,000 Accumulated Depreciation - Medical Building 300,000 Medical Equipment 1,800,000 Accumulated Depreciation - Medical Equipment 90,000 Accounts Payable 1,200,000 Unearned Revenue 59,000 Notes Payable 5,400,000 Soriano, Capital, beg. 3,715,000 Medical Revenues 5,000,000 Interest Expense 15,000 Salaries Expense 1,379,000 Depreciation Expense 390,000 Supplies Expense 155,000 ТOTAL 12,703,000 15,764,000 Requirements: 1. Prepare the closing entries. 2. How much is the operating profit (loss)? 3. Compute for Soriano, Capital ending balance.

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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PROBLEM #2
The worksheet of Soriano Hospital shows the following account balances before recording the
closing entries.
Account
Debit
Credit
Cash
934,000
Accounts Receivable
1,450,000
Medical Supplies
480,000
Prepaid Insurance
600,000
Land
2,500,000
Medical Building
3,000,000
Accumulated Depreciation - Medical Building
300,000
Medical Equipment
1,800,000
Accumulated Depreciation - Medical Equipment
90,000
Accounts Payable
1,200,000
Unearned Revenue
59,000
Notes Payable
5,400,000
Soriano, Capital, beg.
3,715,000
Medical Revenues
5,000,000
Interest Expense
15,000
Salaries Expense
1,379,000
Depreciation Expense
390,000
Supplies Expense
155,000
ТOTAL
12,703,000
15,764,000
Requirements:
1. Prepare the closing entries.
2. How much is the operating profit (loss)?
3. Compute for Soriano, Capital ending balance.

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