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For your fictitious healthcare service, you will create a balance sheet and income statement based upon...

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Accounting

For your fictitious healthcare service, you will create abalance sheet and income statement based upon the followingfinancial transactions occurring during your start-up year:

6. May 1, 2020 through December 31, 2020: Youuse $30,000 in supplies to provide healthcare services to yourpatients each month. You record the use of supplies on the last dayof each month.

7. June 1, 2020: You pay your suppliers $80,000for supplies purchased on credit.

8. July 1, 2020: You receive payments fromhealth insurance companies totaling $250,000.

9. August 1, 2020:

a. You purchase $160,000 of supplies on credit for use in caringfor your patients.

b. You receive payments from health insurance companies totaling$320,000

10. September 1, 2020: You receive paymentsfrom health insurance companies totaling $225,000.

11. October 1, 2020: You receive payments fromhealth insurance companies totaling $310,000.

Answer & Explanation Solved by verified expert
3.5 Ratings (631 Votes)
Income statement is a statement shows income or loss earned    See Answer
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