Health Center Question

Place the completed assignment in the following order: a. Journal b. Ledger c. Unadjusted Trial Balance d. Adjusted Trial Balance e. Financial Statements f. Cash flow worksheet

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Reminder: Use multiple tabs in the Excel Worksheet for each of the above items if desired. The Health Center Inc. was formed over two years ago by two nurses, Hubie and Melba Toast. The Center is designed to provide post-surgical rehabilitative services to those who are in need (i.e., those who are “crumbling” so to speak). The Company’s books are up to date through August 31. You are asked to prepare the Center’s books for the month of September.

The Company’s operations were located on the Gulf Coast and they were severely impacted by the BP oil spill. The Company filed a claim against BP and was successful in recovering $50,000 in September.

The Health Center’s Trial Balance on August 31 was as follows:

THE HEALTH CENTER Trial Balance August 31

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Accounts Debit Credit Cash $ 8,000 Accounts receivable 5,000 Supplies on hand 1,000 Land 36,000 Building 30,000 Accumulated Depreciation – Building $ 100 Accounts Payable 3,000 Notes payable (due in three years) 50,000 Capital stock 25,000 Retained earnings 1,900

The following transactions occurred in September:

September 1 Stockholders invested $20,000 cash in exchange for capital stock

September 2 Total fees of $5,500 were received from clients in advance. (One half of this amount relates to services to be provided by the end of September and the other half relates to services to be performed in October.) These fees have not yet been earned.

September 3 Bought new office equipment for $16,000 cash.

September 4 Six months of liability insurance (September to February) of $3,000 was paid in advance.

September 5 The Company borrowed $5,000 under its note payable agreement.

September 7 Paid $2,500 of the accounts payable.

September 11 Collected $4,500 of the accounts receivable.

September 13 Bought additional supplies on credit for $800. These supplies have not yet been used.

September 15 The Company received proceeds from a settlement with BP in the amount of $50,000. This transaction is considered both unusual and infrequent.

September 16 The stockholders received a $1,000 cash dividend from the company.

September 18 The Company incurred on account $12,000 of legal fees associated with the BP settlement.

September 20 Miscellaneous expenses for the month were $450, paid in cash.

September 25 The Company repaid the $5,000 it borrowed under the note payable agreement.

September 29 Paid salaries of $1,200 to employees for the month.

September 30 Billed clients $2,500 for services performed this month. The company has not yet received payment.

Additional Information: • The building has an expected useful life of twenty-five years with no salvage value. (Hint: compute one month’s depreciation expense).

• The equipment is expected to last for ten years, with a $1000 salvage value at the end of the period. (Hint: compute one month’s depreciation expense).

• $200 of the supplies are still on hand at month’s end.

• The company must accrue interest expense for September on the Notes Payable. The amount is $250.

• Two other items from the transactions above also require adjustments. (Hint: See the September 2 and September 4 transactions).

• The Company’s effective income tax rate is 30% and income tax expense needs to be accrued. (Hint: Calculate the income tax for both components of income) Sample General Journal



9/1 Dr: Cash $20,000 Cr: Capital Stock $20,000 To record the receipt of cash for the sale of stock.

Sample General Ledger

Cash Debit Credit Date Amount Date Amount 8/31 8,000 9/1 20,000

Subtotal 28,000 Subtotal 0 Total 28,000

Capital Stock Debit Credit Date Amount Date Amount 8/31 25,000 9/1 20,000

Subtotal 0 Subtotal 45,000 Total 45,000

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