Balance sheet | Accounting homework help

15. Multiple statements: The following are account balances as of September 30, 20X1, for Exton Outpatient Center. Prepare (a) a balance sheet, (b) a statement of operations, and (c) a statement of changes in net assets for September 30, 20X1.

Givens:

       

Insurance expense

$55,000

 

Depreciation expense

$33,000

Cash

$61,000

 

General expense

$255,000

Patient revenues (net of contractuals )

$1,100,000

 

Transfer to parent corporation

$55,000

Net accounts receivable

$350,000

 

Beginning balance, unrestricted net assets

$275,000

Ending balance, temporarily restricted net assets

$48,000

 

Accounts payable

$23,000

Wages payable

$37,000

 

Beginning balance, temporarily restricted net assets

$70,000

Prepaid expenses

$8,000

 

Provision for bad debts

$8,000

Long-term debt

$270,000

 

Labor expense

$470,000

Supply expense

$65,000

 

Accumulated depreciation

$450,000

Gross plant, property, and equipment

$900,000

 

Ending / beginning balance, permanently restricted net assets

$35,000

Net assets released from temporary restriction

$22,000

 

Ending balance, unrestricted net assets

$456,000