{"id":47696,"date":"2022-04-01T17:35:49","date_gmt":"2022-04-01T17:35:49","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/act-accounting-homework-help\/"},"modified":"2022-04-01T17:35:49","modified_gmt":"2022-04-01T17:35:49","slug":"act-accounting-homework-help","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/act-accounting-homework-help\/","title":{"rendered":"Act | Accounting homework help"},"content":{"rendered":"
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Class – Please attempt this exercise and see what you come up with.\u00a0Please do not attach a file<\/span>\u00a0with your response, instead write or copy and paste your answer into the threads. Thanks.<\/span><\/p>\n

Paul<\/span><\/p>\n

E2-16A<\/span><\/strong><\/p>\n

Bob Morin opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Bob Morin, Professional Corporation (P.C.), experienced the following events:<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

Aug 6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n

\n

Morin invested $39,000 in the business, which in turn issued its common stock to him.<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

9<\/span><\/p>\n<\/td>\n

\n

The business paid cash for land costing $29,000. Morin plans to build an office building on the land.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

12<\/span><\/p>\n<\/td>\n

\n

The business purchased medical supplies for $1,700 on account.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

15<\/span><\/p>\n<\/td>\n

\n

Bob Morin, P.C., officially opened for business.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

15\u201331<\/span><\/p>\n<\/td>\n

\n

During the rest of the month, Morin treated patients and earned service revenue of $7,600, receiving cash for half the revenue earned.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

15\u201331<\/span><\/p>\n<\/td>\n

\n

The business paid cash expenses: employee salaries, $1,300; office rent, $700; utilities, $500.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

31<\/span><\/p>\n<\/td>\n

\n

The business sold supplies to another physician for cost of $700.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

31<\/span><\/p>\n<\/td>\n

\n

The business borrowed $12,000, signing a note payable to the bank.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

31<\/span><\/p>\n<\/td>\n

\n

The business paid $800 on account.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u25b8<\/span>Requirements<\/span><\/strong><\/p>\n

    \n
  • 1.<\/span><\/strong>\u00a0Analyze the effects of these events on the accounting equation of the medical practice of Bob Morin, P.C.<\/span><\/li>\n
  • 2.<\/span><\/strong>\u00a0After completing the analysis, answer these questions about the business.<\/span><\/li>\n
      \n
    • a.<\/span><\/strong>\u00a0How much are total assets?<\/span><\/li>\n
    • b.<\/span><\/strong>\u00a0How much does the business expect to collect from patients?<\/span><\/li>\n
    • c.<\/span><\/strong>\u00a0How much does the business owe in total?<\/span><\/li>\n
    • d.<\/span><\/strong>\u00a0How much of the business\u2019s assets does Morin really own?<\/span><\/li>\n
    • e.<\/span><\/strong>\u00a0How much net income or net loss did the business experience during its first month of operations?<\/span><\/li>\n<\/ul>\n<\/ul>\n<\/td>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      Class – Please attempt this exercise and see what you come up with.\u00a0Please do not attach a file\u00a0with your response, instead write or copy and paste your answer into the threads. Thanks. Paul E2-16A Bob Morin opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Bob Morin, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-47696","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=47696"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47696\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=47696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=47696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=47696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}