income statement
QUESTION 1
The information below relates to Magnum Health Centre for the year ended 31 December 2019.
Patient Revenue $2,818,000
Salaries & Wages $1,425,000
Purchased Services 180,000
Other Operating Revenue 305,000
Employee Benefits 356,000
Medical Supplies 350,000
Drugs cost 120,000
Other Expenses 347,000
Water and utilities $55,000
Catering sales $250,000
Depreciation of non-current assets 160,000
Bad debts written off $ 20 000
Business unit income $ 35 000
Interest expense 30,000
Non-Operating Revenue 45,000
Government grant $1,500,000
Donation from PEPFAR 450,000
There were unpaid employee benefits worth $44 000 at the year-end 31 December 2019.
Other expenses figure includes $47 000 relating to January and February 2020
Required
Prepare an Income Statement for the year ended 31 December 2019 for Magnum Health centre
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