The document contains account balances for NY Medical Center as of December 31, 2014 and requests preparation of three financial statements: 1) an income statement for 2014 showing revenues of $198,000 and expenses of $212,300 resulting in a net loss of $14,300, 2) a statement of changes in equity showing beginning equity of $220,000, a net loss of $14,300, and withdrawals of $80,000 resulting in an ending balance of $125,700, and 3) a balance sheet as of December 31, 2014 with total assets of $247,900, total liabilities of $122,200, and equity of $125,700.

1. I have took a picture and attached my homework assignment can someone please help me out
Financial Statement Problem Listed below are the account balances of NY Medical Center on
December 31, 2014. e Accounts Receivable $11,000 BPatient Revenues $198,000 50,000 60,000
108,200 Equipment 52,900- A Furniture B Rent Expense c-Accounts Payablel C LandA B
Salary Expense 14,000 70,000 65,000 64,000 Loans Payable gInsurance Expense 75,200 12,100
Insurance Expense Cash A BUtilities Expense The beginning balance of equity on January 1,
2014 was $220,000. The owner, Fred Williams, made withdrawals that totaled $80,000 during
2014. Prepare the following: a) Income Statement for the year ended December 31, 2014 b)
Statement of Changes in Equity for the year ended December 31,2014./even ,2014.revenyes c)
Balance Sheet as of December 31, 2014 Include proper headings on all three financial
statements. 2,300 15,260 1,100 (O 012
Solution
a)
Income Statement of NY Medical Center
For the year ending December 31, 2014
Revenue
Patient Revenues
$ 198,000.00
Total revenues
$ 198,000.00
Expenses
Salary expense
$ 65,000.00
Rent Expense
$ 60,000.00
Insurance Expense
$ 75,200.00
Utilities Expense
$ 12,100.00
Total Expenses
$ 212,300.00
NNet Income
$ (14,300.00)

2. b)
Statement of changes in equity of NY Medical Center
For the year ending December 31, 2014
Beginning balance of Equity
$ 220,000
Net income for the year
$ (14,300)
Total
$ 205,700
Less: Withdrawals for the year
$ 80,000
Balance at 31 December 2014
$ 125,700
c)
Balance Sheet of NY Medical Center
For the year ending December 31, 2014
Assets
Current Assets
Cash
$64,000.00
Accounts Receivable
$11,000.00
Total Current Assets
$75,000.00
Fixed Assets
Land
$70,000.00
Equipment
$52,900.00
Furniture
$50,000.00
Total Fixed Assets
$172,900.00
Total Assets
$247,900.00
Liabilities & Equity

3. Current Liabilities
Accounts Payable
$14,000.00
Total Current Liabilities
$14,000.00
Long Term Liabilities
Loans payable
$108,200.00
Total Long Term Liabilities
$108,200.00
Total Liabilities
$122,200.00
Equity
$125,700.00
Total Liabilities & Equity
$247,900.00
Income Statement of NY Medical Center
For the year ending December 31, 2014
Revenue
Patient Revenues
$ 198,000.00
Total revenues
$ 198,000.00
Expenses
Salary expense
$ 65,000.00
Rent Expense
$ 60,000.00
Insurance Expense
$ 75,200.00
Utilities Expense
$ 12,100.00
Total Expenses
$ 212,300.00
NNet Income
$ (14,300.00)