San Juan Health Services, Inc. Balance Sheet December 31, 2018 Assets Cash .............................................

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San Juan Health Services, Inc.
Balance Sheet
December 31, 2018
Assets
Cash ................................................................................ $ 22,100
Account Receivable......................................................... 27,000
Inventory ......................................................................... 13,500
Supplies........................................................................... 600
Total Assets..................................................................... $63,200
Liabilities and Stockholders’ Equity
Liabilities:
Account Payable .........................................................… 17,000
Salaries Payable ............................................................. 3,500
Income Taxes payable .................................................... 3,200
Total Liabilities................................................................. $23,700
Stockholders’ Equity:
Capital Stock (10, shares outstanding) .......................... $20,000
Retained earnings ........................................................... 19,500
Total Stockholders’ equity ............................................... $39,500
Totals Liabilities and Stockholders’ equity....................... $63,200
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Integrated Health Services, Inc.
Income Statements
For the Year Ended December 31, 2018
Sales revenues…………………………………………………….. $143,000
Rent revenues………………………………………………………$4,000
Total revenues…………………………………………………… $147,000
Less cost of goods sold……………………………………… 85,000
Gross margin……………………………………………………. $62,000
Less operating expenses:
Supplies expense…………………………………………… $1,200
Salaries expense……………………………………………. 31,000
Miscellaneous expense…………………………………….6,400 $38,600
Income before taxes………………………………………… $23,400
Less income taxes……………………………………………. 8,190
Net Income……………………………………………………… $15,210
Earnings per share ($15,210 / 10,000 shares)…… $1.52
Integrated Health Services, Inc.
Post-Closing Trial Balance
December 31, 2018
Debito Crédito
Cash………………………………………………………………..$22,100
Account Receivable…………………………………………27,000
Inventory……………………………………………………….13,500
Supplies………………………………………………………...600
Account Payable…………………………………………… $17,000
Salaries Payable…………………………………………… 3,500
Income Taxes Payable…………………………………. 3,200
Capital Stock…………………………………………………. 20,000
Retained Earnings………………………………………… 19,500
Totals…………………………………………………………… $63,200 $63,200
The following information summarizes the business activity for the year, 2019.
a. Issued 6,000 additional shares capital stock for $30,000 cash.
b. Borrowed $10,000 on January 2, 2018, from Metropolis Bank as a long-term loan. Interest for the year is $700, payable on January 2, 2019.
c. Paid $5, 100 cash on September 1 to lease a truck for six month’s rent.
d. Received $1,800 on November 1 from a tenant for six month’s rent.
e. Paid $900 on December 1 for a one-year insurance policy.
f. Purchased $250 of supplies for cash.
g. Purchased inventory for $80,000 on account.
h. Sold inventory for $105,000 on account; cost of the merchandise sold was $60,000.
i. Collected $95,000 cash from customers’ accounts receivable
j. Paid $65,000 cash for inventories purchased during the year.
k. Paid $34,000 for sales rep’s salaries, including $3,500 owed at the beginning of 2019.
l. No dividends were paid during the year.
m. The income taxes payable for 2019 were paid.
n. For adjusting entries, all prepaid expenses are initially recorded as assets, and all unearned revenues are initially recorded as liabilities.
o. At year-end, $400 worth of supplies are on hand.
p. At year-end, an additional $4,000 of sales salaries are owed, but have not yet been paid.
q. Income tax expense is based on a 35% corporate tax rate.