Act | Accounting homework help


Class – Please attempt this exercise and see what you come up with. Please do not attach a file with your response, instead write or copy and paste your answer into the threads. Thanks.

Paul

E2-16A

Bob Morin opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Bob Morin, Professional Corporation (P.C.), experienced the following events:

Aug 6              

Morin invested $39,000 in the business, which in turn issued its common stock to him.

 

9

The business paid cash for land costing $29,000. Morin plans to build an office building on the land.

12

The business purchased medical supplies for $1,700 on account.

15

Bob Morin, P.C., officially opened for business.

15–31

During the rest of the month, Morin treated patients and earned service revenue of $7,600, receiving cash for half the revenue earned.

15–31

The business paid cash expenses: employee salaries, $1,300; office rent, $700; utilities, $500.

31

The business sold supplies to another physician for cost of $700.

31

The business borrowed $12,000, signing a note payable to the bank.

31

The business paid $800 on account.

Requirements

  • 1. Analyze the effects of these events on the accounting equation of the medical practice of Bob Morin, P.C.
  • 2. After completing the analysis, answer these questions about the business.
    • a. How much are total assets?
    • b. How much does the business expect to collect from patients?
    • c. How much does the business owe in total?
    • d. How much of the business’s assets does Morin really own?
    • e. How much net income or net loss did the business experience during its first month of operations?

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