# 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?

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