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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Prepare A Classified balance sheet, in report format, at June 30, 2020. READY HOSPITAL SUPPLIES ADJUSTED TRIAL BALANCE AS AT JUNE 30, 2020 ACCOUNT DEBIT CREDIT 1 Cash 127,000 2 A/c receivables 151,000 3 Allowance for bad debt 19,500 4 Prepaid insurance 48,000 5 Merchandise inventory 186,000 6 Store supplies 25,000 7 Prepaid rent 14,000 8 Furniture and fixtures 800,000 9 Accumulated depreciation-furniture & fixtures 320,000 10 Computer equipment 450,000 11 Accumulated depreciation-computer equipment 21,000 12 Interest payable 36,000 13 Accounts payable 133,500 14 Salaries payable 14,000 15 Unearned sales revenue 34,000 16 Portion of loan 90,000 17 Long term loan 270,000 18 Eva Ready Capital 898,500 19 Eva Ready Withdrawals 104,000 20 Sales revenue 1,091,000 21 Gain on computer equipment 14,000 22 Interest expense 36,000 23 Sales discount 7,000 24 Insurance expense 24,000 25…
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