ring questions about his practice after the first month of operations sets of the practice? SO Requirements - X Events Dr. Favata has the following questions about his practice after the first month of operations Provide him with the answers. a. What are the total assets of the practice? b. How much is owing to the practice from patients? c. How much does the practice owe in total? d. How much of the practice's assets does Dr. Favata have a claim to? e. How much net income did the practice earn? May 6 Favata invested $36,000 in the business, which in turn issued its common shares to him. 9 The business paid cash for land costing $33.000. Favata plans to build a professional services building on the land. 12 The business purchased dental supplies for $1,500 on account. 15 John Favata Dental Clinic Ltd. officially opened for business. 15-31 During the rest of the month, Favata treated patients and eamed service revenue of $7.800, receiving cash for half the revenue earned. 15-31 The practice paid cash expenses: employee salaries, S800: office rent, S800; utilities. $1,400. 31 The practice used dental supplies with a cost of S800. 31 The practice borrowed $18,000, signing a note payable to the bank. 31 The practice paid $1,200 on account to a supplier. Print Done Drint Done
ring questions about his practice after the first month of operations sets of the practice? SO Requirements - X Events Dr. Favata has the following questions about his practice after the first month of operations Provide him with the answers. a. What are the total assets of the practice? b. How much is owing to the practice from patients? c. How much does the practice owe in total? d. How much of the practice's assets does Dr. Favata have a claim to? e. How much net income did the practice earn? May 6 Favata invested $36,000 in the business, which in turn issued its common shares to him. 9 The business paid cash for land costing $33.000. Favata plans to build a professional services building on the land. 12 The business purchased dental supplies for $1,500 on account. 15 John Favata Dental Clinic Ltd. officially opened for business. 15-31 During the rest of the month, Favata treated patients and eamed service revenue of $7.800, receiving cash for half the revenue earned. 15-31 The practice paid cash expenses: employee salaries, S800: office rent, S800; utilities. $1,400. 31 The practice used dental supplies with a cost of S800. 31 The practice borrowed $18,000, signing a note payable to the bank. 31 The practice paid $1,200 on account to a supplier. Print Done Drint Done
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:John Favata opens a dental practice. During the first month of operation (May), the practice, titled John Favata Dental Clinic Ltd., experienced the following events.
E (Click the icon to view the events.)
Requirements
.....
Dr. Ohara has the following questions about his practice after the first month of operations.
a. What are the total assets of the practice? S
Requirements
Events
Dr. Favata has the following questions about his practice after the first month of operations.
Provide him with the answers.
a. What are the total assets of the practice?
b. How much is owing to the practice from patients?
c. How much does the practice owe in total?
May
6 Favata invested $36,000 in the business, which in turn issued its common shares to
him
9 The business paid cash for land costing $33,000. Favata plans to build a professional
services building on the land.
12 The business purchased dental supplies for $1,500 on account.
d. How much of the practice's assets does Dr. Favata have a claim to?
e. How much net income did the practice earn?
15 John Favata Dental Clinic Ltd. officially opened for business.
15-31 During the rest of the month, Favata treated patients and earned service revenue of
$7,800, receiving cash for half the revenue earned.
15-31 The practice paid cash expenses: employee salaries, S800; office rent, $800; utilities,
$1,400.
Print
Done
31 The practice used dental supplies with a cost of $800.
31 The practice borrowed $18,000, signing a note payable to the bank.
31 The practice paid $1,200 on account to a supplier.
Print
Done
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