Components of balance sheet and income statement

Components of balance sheet and income statement

balance sheet:

current assets-

cash and cash equivalents – 25,000

patient accounts receivable- 40,000

inventories- supplies and drugs – 5,000

total current assets 70,000

property, plant, and equipment

buildings and improvements 500,000

equipment 800,000

total 1,300,000

less accumalated depreciation (480,000)

net depreciable assets 820,000

land 100,000

property, plant, and equipment, net 920,000

other assets 10,000

total assets 1,000,000

liabilities and capital

current liabilities

current maturities of long-term 10,000

accounts payable and accrued 20,000

total current liabilities 30,000

long-term debt 180,000

less current portion of long term debt (10,000)

net long term debt 170,000

total liabilities 200,000

capital 800,000

total liabilities and capital 1,000,000

Doctors Smith and Brown

Statement of Changes in Capital

For the 3 Months Ended March 31st. 2007

Beginning balance $720,000

Net Income 80,000

Ending Balance $800,000

What % of of gross accounts receivable is the allowance for bad debt? (b) If the allowance for bad debts is raised to $1,500,000, where does
the extra $200,000 go?

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