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Statement preparation
The following information is taken from the accounting records of Grimball Cardiology at the close of business on December 31, 19X1:
Accounts payable
14,700
Surgery revenue
175,000
Surgical expenses
80,000
Cash
60,000
Surgical equipment
37,000
Office Equipment
118,000
Salaries expense
30,000
Rent expense
15,000
Accounts receivable
135,000
Loan payable
10,300
Utilities expense
5,000
All equipment was acquired just prior to year-end. Conversations with the practice's bookkeeper revealed the data that follow.
Rose Grimball, capital (January 1, 19X1)
300,000
19X1 owner investments
2,000
19X1 owner withdrawals
22,000
Instructions
a. Prepare the income statement for Grimball Cardiology in good form.
b. Prepare a statement of owner's equity in good form.
c. Prepare Grimball's balance sheet in good form.
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