Question Help . E2-19A (similar to) Dr. Chris Evensen opened a medical practice

Question

Question Help . E2-19A (similar to) Dr. Chris Evensen opened a medical practice specializing in physical therapy During the first month of operation (July), the business, trled Dr. Chris Evensen, Professional Corporation (P.C.) experienoed the following events (Click the lcon to view the events.) Read the tequirements n the same order as they appear in the original list.) Liabilities Stockholders' Equity Accts Note CommonRetained Type of Equity Assets Accts Medical Cash +Rec.+ Supplies Land Pay PayableStock Eamings Transaction 146,000 Issued stock Jul 8 146,000 65,000 (65,000) 12 15 1,600 1,600 9800 Service revenue 5-31 4,900 4,900 5-31 (5.800) 5,600) Expenses (700) 31 700 31 38.000 31 (800) Bal. 118,000 4,900 38,000 (800) 900 65,000 800 38,000 146,000 4,000 Total 188,800 188.800 Requirement 2. After completing the analysis, answer these questions about the business a. How much are total assets?$188,800 b. How much does the business expect to collect from patents? $ c. How much does the business owe in totar? $ Enter any number in the edit fiolds and then click Check Answer 4,900

Explanation / Answer

Answer: 2. a. Total assets = $188,800

b. expect to collect from patients ( Acc. Rec ) = $4,900

c. owe in total ( Acc. Payable + Notes payable) = $38,800

d. assets which Evensen really own ( Common stock + Retained Earnings) = $150,000

e. net income ( service revenue - expense) = $4,000

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