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Homework answers / question archive / The nominal accounts of South Orlando Nursing Home Inc
The nominal accounts of South Orlando Nursing Home Inc. for the year ended December 2020 are listed below in alphabetical order: Depreciation Insurance and other Interest Medical supplies and drugs Other revenue Patient service revenue Provision for bad debt Provision for income taxes Salaries and benefits $ 80,000 300,200 190,000 920,400 110,564 3,274,258 120,000 96,377 1,498,860 a. Prepare a properly formatted income statement for the year ended December 31, 2020.
Nursing Home Inc.Income StatementFor the year ended December 2020ParticularsAmountAmountRevenuesPatient service revenue 3,274,258Other revenue 110,564Total revenues (A) 3,384,822ExpensesSalaries and benefits 1,498,860Depreciation 80,000Insurance and other 300,200Interest 190,000Provision for bad debt 120,000Provision for income taxes 96,377Total expenses (B) 2,285,437Net Income (A - B) 1,099,385
