This should be simple, but for some reason my balance sheet is not even close to matching. I am not sure what I am missing. Here is the list of accounts we are to use:
Account name Amount
Cash 1,322
Inventories 2,550
Net A/R 22,345
Prepaid expenses 3,889
PP& E (Plant, Property & Equipment) 118,702
Accumulated depreciation 44,304
Accounts payable 728
Salaries & withholdings payable 4,249
Notes payable 1,177
Current portion of long term debt 2,100
Long term debt, less current portion 15,100
Inpatient services 93,965
Outpatient services 105,365
Revenue deductions 49,771
Salary & wages 71,188
Employee benefits 11,520
Physician fees 3,893
Supplies 24,285
Repairs & maintenance 2,250
Depreciation 8,496
Insurances 2,870
Utilities 2,302
Other 10,748
As you can see there are no accounts that would be used under the balance sheet as retained earrings or stockholders equity. Therefore, that section is missing in my portion, but the above list is all the teacher gave us. Below is what I have so far, which I think is right for the assets, but I have to be missing something in the liabilities.
Assets:
Cash 1,322
Inventories 2,550
Net A/R 22,345
Prepaid expenses 3,889
Total Assets: 30,106
PP& E :
PP& E (Plant, Property & Equipment) 118,702
Accumulated depreciation (44,304)
Total PP&E: 74,398
Total Current Assets: 104,504
Liabilities:
Accounts payable 728
Salaries & withholdings payable 4,249
Notes payable 1,177
Current portion of long term debt 2,100
Long term debt, less current portion 15,100
Total Liabilities: 23,354
I'd really appreciate any help! Thanks!
