Response to the following problem:
In the template below, you are given a trial balance for year ended December 31, 20X3. Using the trial balance, you are required to complete an Income Statement and a Balance Sheet. In addition, another task will be choosing the appropriate type of account classification as well. Lastly, there are a few questions following the completion of the financial statements. All work will be done on the Student Template.
South Shore Medical Clinic
Trial Balance
December 31, 20X3
|
Debit |
Credit |
| Cash |
$ 50,000 |
|
| Accounts Receivable |
55,000 |
|
| Supplies |
10,000 |
|
| Inventory |
40,000 |
|
| Equipment |
75,000 |
|
| Building |
150,000 |
|
| Accounts Payable |
|
$ 25,000 |
| Current Portion - Long Term Debt |
|
35,000 |
| Long Term Debt, net of Current Portion |
|
100,000 |
| Owner's Equity |
|
200,000 |
| Service Fee Revenue |
|
125,000 |
| Salaries Expense |
78,500 |
|
| Rent Expense |
24,000 |
|
| Utilities Expense |
2,500 |
|
| Totals |
$ 485,000 |
$ 485,000 |