1 answer

The nominal accounts of Boston Clinic for the year ended December 2018 are listed below in...

Question:

The nominal accounts of Boston Clinic for the year ended December 2018 are listed below in alphabetical order:

Depreciation expense

$90,000

General/administrative expenses

70,000

Interest expense

20,000

Investment income

40,000

Net income

30,000

Net operating revenues

410,000

Other revenue

10,000

Patient service revenue

440,000

Provision for bad debts

40,000

Purchased clinic services

90,000

Salaries and benefits

170,000

a. Prepare a properly formatted income statement for the year ended December 31, 2018.

b. Did Boston Clinic spend $90,000 on new fixed assets during fiscal year 2018? If not, what is the economic rationale behind its reported depreciation expense?

c. What is Boston Clinic’s total profit margin?

d. How can the calculated profit margin (see part c) be interpreted?


Answers

CA oston clinic ncome state ment for heHear ended Dee zy 201R oher Revenue Revenue,-D 4umeo TO tol Expengee De príciation erpBoston linic did noh boughony neo ed assest but the Depricatien expenses is he eneral usear and tear of already enisted red a

.

Similar Solved Questions

1 answer
Predict the direction of reaciton in equilibirum in each case: a. KClO3 (s) ---- KCl (s)...
Predict the direction of reaciton in equilibirum in each case: a. KClO3 (s) ---- KCl (s) + O2 (g) **IF pressure is increased? b. 3 A (g) + B (s) ---- 2C (g) **IF pressure is decreased?...
1 answer
Please show ALL work for the multiple parts. Please show ALL equations and math too, thank...
Please show ALL work for the multiple parts. Please show ALL equations and math too, thank you! Consider the circuit shown in thye figure above. Take Let ε = 6 V, L = 6 mH, and R = 4 Ohms. S + E 000 L R w (a) Calculate the inductive time constant (4 Pts) (b) Calculate the current in the circ...
1 answer
What is the limit of #x/3# as #x# approaches 6?
What is the limit of #x/3# as #x# approaches 6?...
1 answer
BIU- 三三三 Merge & Center - $ - %, 8-98 Conditional Formats Cell Formatting Table Styles...
BIU- 三三三 Merge & Center - $ - %, 8-98 Conditional Formats Cell Formatting Table Styles Styles Chipboard Font Alignment Number J32 х ✓ fo A B с D 27 28 Resort Bicycle Rental Bicycle Inventory Valuation Sunday, September 21, 2020 29 Revenue as Cost of curren...
1 answer
Vulcan Company’s contribution format income statement for June is as follows: Vulcan Company Income Statement For...
Vulcan Company’s contribution format income statement for June is as follows: Vulcan Company Income Statement For the Month Ended June 30 Sales $ 900,000 Variable expenses 408,000 Contribution margin 492,000 Fixed expenses 465,000 Net operating income $ 27,000 Management ...
1 answer
Quantity of Eyeglasses 100 200 Total Revenue $10,000 $20,000 $30,000 $40,000 $50,000 Total Cost $5,000 $12,500...
Quantity of Eyeglasses 100 200 Total Revenue $10,000 $20,000 $30,000 $40,000 $50,000 Total Cost $5,000 $12,500 $20,000 $35,000 $55,000 300 400 500 The chart above shows the total revenue and total cost for producing different quantities of eyeglasses for a certain eyeglass manufacturer. Assume the m...
1 answer
Find the eigenvalues of the symmetric matrix. (Enter your answers as a comma-separated list. Enter your...
Find the eigenvalues of the symmetric matrix. (Enter your answers as a comma-separated list. Enter your answers from smallest to largest. Do not list the same eigenvalue multiple times.) 022 202 2 2 0 2- For each elgenvalue, find the dimension of the corresponding eigenspace. (Enter your answers as ...
1 answer
Rolling down the electric hill Distributions of electric charges in a cell play a role in...
Rolling down the electric hill Distributions of electric charges in a cell play a role in moving ions into and out of a cell. In this situation, the motion of the ion is affected by two forces: the electric force due to the non uniform charge distribution in the cell membrane, and the resistive forc...
1 answer
19. The solubility of PbBr2 is 0.427 g per 100.0 mL of solution at 25°C. Determine...
19. The solubility of PbBr2 is 0.427 g per 100.0 mL of solution at 25°C. Determine the value of the solubility product constant for this strong electrolyte. Lead(II) bromide does not react with water. a. 5.4 x 10-4 b. 2.7 x 10-4 c. 3.1 x 10-6 d. 1.6 x 10-6 e. 6.3 x 10-6 20. Calculate the pH of a...
1 answer
Please fast and clear A discrete random variable X has the following probability distribution. 2 -1...
please fast and clear A discrete random variable X has the following probability distribution. 2 -1 0.4 0 0.3 f(x) a Find P(X>0). Select one: 0.6 1 0.3 0.5 0.4...
1 answer
What is the counter example of "The product of a number (n-1) and number (n+1) is always equal to n^2-1
What is the counter example of "The product of a number (n-1) and number (n+1) is always equal to n^2-1?"...
1 answer
From an 8 inch by 10 inch rectangular sheet of paper, squares of equal size will be cut from each corner
From an 8 inch by 10 inch rectangular sheet of paper, squares of equal size will be cut from each corner. The flaps will then be folded up to form an open-topped box. Find the maximum possible volume of the box....
1 answer
Research the most recent IASB Board Meeting Summaries, discuss any one topic that you reviewed. What...
Research the most recent IASB Board Meeting Summaries, discuss any one topic that you reviewed. What do you think the impact of this particular topic might be on domestic companies if the United States ultimately adopts IFRS?...
1 answer
What is the escape speed for a spacecraft (m = 800 kg) at the position of...
What is the escape speed for a spacecraft (m = 800 kg) at the position of the earth leaving the solar system? IGNORE the masses of ALL the planets, moons, asteroids, and comets in the solar system. 14300 mph 24800 mph O 162 mph 0 66100 mph 0 94000 mph A sun-like star with mass M = 2.00 x 1030 kg and...