Question

I need help balancing question two and three sheets. Plus on the ledger a couple of C entries are not adding up correctly so I need help calculating those entries as well.

The below is the Balance Sheet for ABC Clinic as of December 31, 2017. Please use the information on this balance sheet wherever its necessary in the following questions. ABC Clinic Balance Sheet As of December 31, 2017 ASSETS LIABILITIES & NET ASSETS Current Assets Current liabilides Cash $ 325.000 Acccounts Payable 125,000 Prepaid Insurance $ 6,500 Wages Payable 58,000 Accounts Receivables $ 45,000 Inventory $ 53,000 Long-term liabilities Mortgage liabilities $ 170,000 Fixed Assets Plant and Equitment, net $ 150,000 Net Assets Unrestricted $ 211,500 Permanently Restricted $ 15.000 TOTAL LIABILITIES & NET TOTAL ASSETS 5 579.500 ASSETS 579,500 Q1. Please fill out the Beginning Balances and Calculate the Eudiu Balances for each ledger accounts by utilizing the information provided to you. ADUL Assets Expenses LEDGER ACCOUNT 1 sa i Pad 1 Label we Beginning Baland -30 13 LES 0 -10 30 2002 173 58

Answer 1

answer for 2 and 3

Assets Expenses + Insuranc Deprecia tion Labor Interest e Plant & Prepaid Account Equpmen Insurance Receivable Inventory ts + Inventory 325.00 $ 6.50 $ 45.00 $ 53.00 $ 150.00 $ + (50.00) $ 50.00 + (15.00) + $ (15.00) + Liabilites Net Assets + Revenues permane ntly Account Wages Mortgage Unrestric restricte = payable Payable Payable + ted d + = $ 125.00 $ 58.00 $ 170.00 + $ 211.50 $ 15.00 + + + = $ (15.00) + + = + + $ 15.00 + Cash Opening Balance $ 1 $ 2 $ 3 4 5 $ 6 7 $ 8 9 $ + = + + 42.00 $ (42.00) + = + 1+ + $ (50.00) + + $ 50.00 = + + (40.00) + $ 10.00 + $ (30.00) + $ 500.00 $ (100.00) + $ 100.00 = + + $ 500.00 (75.00) + $ 55.00 $ (20.00) + + + 10 + $ 40.00 = $ 40.00 + + 11 $ 50.00 + $ 50.00 + + + = + + Closing Balance $ 187.00 $ 6.50 $ 503.00 $ 3.00 $ 135.00 + $ 100.00 $ 50.00 $ 55.00 $ 50.00 $ 15.00 = $ 160.00 $ 68.00 $ 150.00 + $ 211.50 $ 15.00 + $ 500.00

answer to sheet four

ABC CLINIC Operating Statement for the year ending December 31, 20018 Revenue Less Expenses Inventory 100 500 50 55 Labor Interest Insurance Depreciation Net Income 50 15 270 230

Assets Current Assets Cash Prepaid Insurnace Accounts Receivable Inventory Total Current Assets ABC CLINIC BALANCE SHEET 2018 as of December 31, 20018 Liabilities and Net Assets Current Liabilites $ 187,000 Account Payable $ 6,500 Wages Payable $ 503,000 Total Current Liabilites $ 3,000 $ 699,500 Long Term Liabilities Mortgage Liabilities $ $ $ 160,000 68,000 228,000 $ $ 150,000 Fixed Assets Plant and Equipment Net $ 135,000 Net Assets Unrestricted Permanently Restricted $ $ 211,500 15,000 Retained Earnings $ 230,000 Total Assets $ 834,500 Total Liabilites and Net Ass $ 834,500