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Accounting Homework 3 print 2021

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Dr. opened a medical practice specializing in physical therapy. During the first month of operation ( ), the business, titled Dr. , Professional Corporation (P.C.), experienced the following events: ... Willow Beard May Willow Beard (Click the icon 1 to view the events.) Read the requirements2. Requirement 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Willow Beard , P.C. Begin with the first transaction on 6. (Use parentheses or a minus sign for numbers to be subtracted. Only complete the necessary answer boxes. Enter the transactions in the same order as they appear in the original list.) May Assets = Liabilities + Stockholders' Equity Accts Medical Accts Note Common Retained Type of Equity Cash + Rec. + Supplies + Land = Pay. + Payable + Stock + Earnings Transaction May 6 149,000 149,000 Issued stock 9 (63,000) 63,000 12 2,100 2,100 15 15-31 4,600 4,600 9,200 Service revenue 15-31 (5,700) (5,700) Expenses 31 200 (200) 31 36,000 36,000 31 (1,200) (1,200) Bal. 119,900 4,600 1,900 63,000 900 36,000 149,000 3,500 Total 189,400 = 189,400 Requirement 2. After completing the analysis, answer these questions about the business. a. How much are total assets? $ 189400 b. How much does the business expect to collect from patients? $ 4600 c. How much does the business owe in total? $ 36900 d. How much of the business's assets does Beard really own? $ 152500 e. How much net income or net loss did the business experience during its first month of operations? (Enter the amount as a positive value). The business experienced net income of $ 3500 during its first month of operations. [Show More]

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