Statement preparation
The following information is taken from the accounting records of Grimball Cardiology at the close of business on December 31, 19X1:
| Accounts payable | 14,700 | Surgery revenue | 175,000 |
| Surgical expenses | 80,000 | Cash | 60,000 |
| Surgical equipment | 37,000 | Office Equipment | 118,000 |
| Salaries expense | 30,000 | Rent expense | 15,000 |
| Accounts receivable | 135,000 | Loan payable | 10,300 |
| Utilities expense | 5,000 |
All equipment was acquired just prior to year-end. Conversations with the practice’s bookkeeper revealed the data that follow.
| Rose Grimball, capital (January 1, 19X1) | 300,000 |
| 19X1 owner investments | 2,000 |
| 19X1 owner withdrawals | 22,000 |
Instructions
a. Prepare the income statement for Grimball Cardiology in good form.
b. Prepare a statement of owner’s equity in good form.
c. Prepare Grimball’s balance sheet in good form.
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