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Presented Below Is the Balance Sheet for Manhattan Family Dentistry

Question 12

Essay

Presented below is the balance sheet for Manhattan Family Dentistry on January 1 of the current year.
During the first few days of January, the following transactions occurred:
Jan 2 Equipment was purchased for $38,000 on credit.
2 The business collected $16,000 of its accounts receivable and paid $23,000 of its accounts payable.
3 The business borrowed $60,000 from the bank, giving a note payable due in 90 days.
3 Additional capital stock was issued in exchange for $27,000 cash.
Complete the following balance sheet for Manhattan Family Dentistry on January 4 of the current year.
Presented below is the balance sheet for Manhattan Family Dentistry on January 1 of the current year. During the first few days of January, the following transactions occurred: Jan 2 Equipment was purchased for $38,000 on credit. 2 The business collected $16,000 of its accounts receivable and paid $23,000 of its accounts payable. 3 The business borrowed $60,000 from the bank, giving a note payable due in 90 days. 3 Additional capital stock was issued in exchange for $27,000 cash. Complete the following balance sheet for Manhattan Family Dentistry on January 4 of the current year. Presented below is the balance sheet for Manhattan Family Dentistry on January 1 of the current year. During the first few days of January, the following transactions occurred: Jan 2 Equipment was purchased for $38,000 on credit. 2 The business collected $16,000 of its accounts receivable and paid $23,000 of its accounts payable. 3 The business borrowed $60,000 from the bank, giving a note payable due in 90 days. 3 Additional capital stock was issued in exchange for $27,000 cash. Complete the following balance sheet for Manhattan Family Dentistry on January 4 of the current year.

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Computations:
a $20,000 + $16,000 (A/R c...

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