Drs. Smith and Brown

Statement of Net Income for the Three Months

Ended March 31, 20__

Revenue

Net patient revenue 180,000

Other revenue 0

Total Operating Revenue180,000

Expenses

Nursing/PA salaries 16,650

Clerical salaries 10,150

Payroll taxes/employee benefits 4,800

Medical supplies and drugs 15,000

Professional fees 3,000

Dues and publications 2,400

Janitorial service 1,200

Office supplies 1,500

Repairs and maintenance 1,200

Utilities and telephone 6,000

Depreciation 30,000

Interest 3,100

Other 5,000

Total Expense 100,000

Income from Operations 80,000

Nonoperating Gains (Losses) 0

Nonoperating Gains (Net) 0

Net Income 80,000

Drs. Smith and Brown

Balance Sheet

March 31, 20__

Assets

Current Assets

Cash and Cash Equivalents 25,000

Patient accounts receivable 40,000

Inventories—supplies and drugs 5,000

Total Current Assets 70,000

Property, Plant, and Equipment

Buildings and Improvements 500,000

Equipment 800,000

Total1,300,000

Less Accumulated Depreciation (480,000)

Net Depreciable Assets 820,000

Land 100,000

Property, Plant, and Equipment, Net 920,000

Other Assets 10,000

Total Assets1,000,000

Liabilities and Capital

Current Liabilities

Current maturities of long-term debt 10,000

Accounts payable and accrued expenses 20,000

Total Current Liabilities 30,000

Long-term Debt 180,000

Less Current Portion of Long-Term Debt (10,000)

Net Long-Term Debt 170,000

Total Liabilities 200,000

Capital 300,000

Total Liabilities and Capital1,000,000