The following data relate to Preston Company as of December 31, 19XX: Building $44,000 Accounts receivable $24,000 Cash 17,000 Loan payable 30,000 J. Preston, capital 65,000 Land 21,000 Accounts payable ? Prepare a balance sheet in good form as of December 31, 19XX. 4. Statement preparation The following information is taken from the accounting records of Grimball Cardiology at the close of business on December 31, 19X1: Accounts payable $ 14,700 Surgery revenue $175,000 Surgical expenses 80,000 Cash 60,000 Surgical equipment 37,000 Office Equipment 118,000 Salaries expense 30,000 Rent expense 15,000 Accounts receivable 135,000 Loan payable 10,300 Utilities expense 5,000 All equipment was acquired just prior to year-end. Conversations with the practice's bookkeeper revealed the data that follow. Rose Grimball, capital (January 1, 19X1) $300,000 19X1 owner investments 2,000 19X1 owner withdrawals 22,000
Instructions
a. Prepare the income statement for Grimball Cardiology in good form.
b. Prepare a statement of owner's equity in good form.
c. Prepare Grimball's balance sheet in good form.