Problem -
Use the accounting equation to compute the missing financial statement amounts
Transactions Assets Liabilities Equity
Company: Picture Perfect Physicians 12,000 2,000 10,000
On September 30, Picture Perfect Physicians invested $100,000 in new medical equipment. 100,000
What is the new amount for assets, liabilities and equity?
On November 5, Picture Perfect Physicians healthcare manager, Ms. Sweet purchased $7,000 in office supplies on credit 7,000
What is the new amount for assets, liability, and equity?
On December 31, after a minor flu epidemic, cash services for flu related symptoms increased Picture Perfect Physicians billing 5,000 hours by 500, and amounted to $5,000 in revenue.
What is the new amount for assets, liabilities and equity?