Instructions: Analyze and record the January transactions for Oasis Health Care

Question

Instructions:

Analyze and record the January transactions for Oasis Health Care Inc., using the integrated financial statement framework. The January 1, 20Y6, balances for the balance sheet are shown below. In addition, the first January 1 transaction has been entered as an example.

If an amount box does not require an entry, leave it blank. Enter account decreases and cash outflows as negative amounts. You may print out a copy of the integrated financial statement framework to use as a reference.

Statement of Cash Flows Balance Sheet Income Statement Assets = Liabilities + Stockholders' Equity Cash + Accounts Receivable + Prepaid Insurance + Supplies + Building - Accumulated Depreciation + Land = Accounts Payable + Unearned Revenue + Wages Payable + Notes Payable + Capital Stock + Retained Earnings Balances, Jan. 1 20,000 34,500 700 1,000 150,000 –11,200 120,000 7,500 0 0 30,000 50,000 227,500 Jan. 1. Rec'd rent revenue 15,000 15,000 Balances Jan. 1. Paid insurance Balances Jan. 6. Purchased supplies Balances Jan. 9. Collected cash Balances Jan. 11. Paid creditors Balances Jan. 18. Iss. Cap. Stock Balances Jan. 20. Billed patients Jan. 20. Balances Jan. 25. Cash fees Jan. 25. Balances Jan. 30. Paid expenses Jan. 30. Balances Jan. 30. Paid dividends Balances Statement of Cash Flows Income Statement Jan. 1.   Operating 15,000    Jan. 1. No income statement account affected 0 Jan. 1.   SelectOperatingInvestingFinancingNo effect on statement of cash flowsItem 248 Jan. 1. SelectAccounts payableCapital stockCashPrepaid insuranceNo income statement account affectedItem 250 Jan. 6.   SelectOperatingInvestingFinancingNo effect on statement of cash flowsItem 252 Jan. 6. SelectAccounts payableCashNotes payableSuppliesNo income statement account affectedItem 254 Jan. 9.   SelectOperatingInvestingFinancingNo effect on statement of cash flowsItem 256 Jan. 9. SelectAccounts payableAccounts receivableCashFees earnedNo income statement account affectedItem 258 Jan. 11. SelectOperatingInvestingFinancingNo effect on statement of cash flowsItem 260 Jan. 11. SelectAccounts payableAccounts receivableCashSuppliesNo income statement account affectedItem 262 Jan. 18. SelectOperatingInvestingFinancingNo effect on statement of cash flowsItem 264 Jan. 18. SelectCapital stockCashRetained earningsUnearned revenueNo income statement account affectedItem 266 Jan. 20. SelectOperatingInvestingFinancingNo effect on statement of cash flowsItem 268 Jan. 20. SelectCapital stockCashFees earnedUnearned revenueNo income statement account affectedItem 270 Jan. 25. SelectOperatingInvestingFinancingNo effect on statement of cash flowsItem 272 Jan. 25. SelectAccounts receivableCashFees earnedUnearned revenueNo income statement account affectedItem 274 Jan. 30. SelectOperatingInvestingFinancingNo effect on statement of cash flowsItem 276 Jan. 30. SelectAccounts receivableCashWages expenseWages payableNo income statement account affectedItem 278 Jan. 30. SelectOperatingInvestingFinancingNo effect on statement of cash flowsItem 280 Jan. 30. SelectAccounts payableCashUnearned revenueUtilities expenseNo income statement account affectedItem 282 Net increase in cash Jan. 30. SelectAccounts payableCashRent expenseUnearned revenueNo income statement account affectedItem 285 Beginning cash balance, Jan. 1 Jan. 30. SelectCapital stockInterest expenseFees earnedRetained earningsNo income statement account affectedItem 288 Ending cash balance, Jan. 31 Jan. 30. SelectAccounts payableCashDividendsMiscellaneous expenseNo income statement account affectedItem 291 Jan. 30. SelectCapital stockCashDividendsUnearned revenueNo income statement account affectedItem 293 SelectNet incomeNet lossItem 295

Explanation / Answer

Balance Sheet

Statement of Cash Flows

Income Statement

Statement of Cash Flows Assets = Liabilities Cash + Accounts Receivables + Prepaid Insurance + Supplies + Building - Accumulated Depreciation + Land = Accounts Payables + Unearned Revenue + Wages Payable + Notes Payables + Capital Stock + Retain Earnings Income Statement Balances 1, jan $    20,000.00 $   34,500.00 $     700.00 $ 1,000.00 $ 150,000.00 $ (11,200.00) $ 120,000.00 $   7,500.00 $                 -   $           -   $ 30,000.00 $ 50,000.00 $ 227,500.00 Jan 1 Rent Revenue $    15,000.00 $ 15,000.00 Balances $    35,000.00 # $   34,500.00 # $     700.00 # $ 1,000.00 # $ 150,000.00 # $ (11,200.00) # $ 120,000.00 # $   7,500.00 # $ 15,000.00 # $           -   # $ 30,000.00 # $ 50,000.00 # $ 227,500.00 Jan1 Paid Insurance $    (4,200.00) $ 4,200.00 Balances $    30,800.00 # $   34,500.00 # $ 4,900.00 # $ 1,000.00 # $ 150,000.00 # $ (11,200.00) # $ 120,000.00 # $   7,500.00 # $ 15,000.00 # $           -   # $ 30,000.00 # $ 50,000.00 # $ 227,500.00 Jan 6, Purchase Supplies $ 1,800.00 $   1,800.00 Balances $    30,800.00 # $   34,500.00 # $ 4,900.00 # $ 2,800.00 # $ 150,000.00 # $ (11,200.00) # $ 120,000.00 # $   9,300.00 # $ 15,000.00 # $           -   # $ 30,000.00 # $ 50,000.00 # $ 227,500.00 Jan 9, Collected Cash $    27,500.00 $ (27,500.00) Balances $    58,300.00 # $      7,000.00 # $ 4,900.00 # $ 2,800.00 # $ 150,000.00 # $ (11,200.00) # $ 120,000.00 # $   9,300.00 # $ 15,000.00 # $           -   # $ 30,000.00 # $ 50,000.00 # $ 227,500.00 Jan 11, Paid Creditors $    (3,000.00) $ (3,000.00) Balances $    55,300.00 # $      7,000.00 # $ 4,900.00 # $ 2,800.00 # $ 150,000.00 # $ (11,200.00) # $ 120,000.00 # $   6,300.00 # $ 15,000.00 # $           -   # $ 30,000.00 # $ 50,000.00 # $ 227,500.00 Jan 18, Iss. Cap Stock $    25,000.00 $ 25,000.00 Balances $    80,300.00 # $      7,000.00 # $ 4,900.00 # $ 2,800.00 # $ 150,000.00 # $ (11,200.00) # $ 120,000.00 # $   6,300.00 # $ 15,000.00 # $           -   # $ 30,000.00 # $ 75,000.00 # $ 227,500.00 $                   -   Jan 20, Billed Patients $   62,000.00 $   62,000.00 Balances $    80,300.00 # $   69,000.00 # $ 4,900.00 # $ 2,800.00 # $ 150,000.00 # $ (11,200.00) # $ 120,000.00 # $   6,300.00 # $ 15,000.00 # $           -   # $ 30,000.00 # $ 75,000.00 # $ 227,500.00 $   62,000.00 Jan 25, Cash fees $    12,900.00 $   12,900.00 Balances $    93,200.00 # $   69,000.00 # $ 4,900.00 # $ 2,800.00 # $ 150,000.00 # $ (11,200.00) # $ 120,000.00 # $   6,300.00 # $ 15,000.00 # $           -   # $ 30,000.00 # $ 75,000.00 # $ 227,500.00 $   74,900.00 Jan 30 Paid Expenses $ (37,700.00) $ (37,700.00) Balances $    55,500.00 # $   69,000.00 # $ 4,900.00 # $ 2,800.00 # $ 150,000.00 # $ (11,200.00) # $ 120,000.00 # $   6,300.00 # $ 15,000.00 # $           -   # $ 30,000.00 # $ 75,000.00 # $ 227,500.00 $   37,200.00 Jan 30, Paid Dividends $ (15,000.00) $ (15,000.00) Balances $    40,500.00 # $   69,000.00 # $ 4,900.00 # $ 2,800.00 # $ 150,000.00 # $ (11,200.00) # $ 120,000.00 # $   6,300.00 # $ 15,000.00 # $           -   # $ 30,000.00 # $ 75,000.00 # $ 212,500.00 $   37,200.00

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