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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
On August 31, Zebra Hospital had $800,000 of assets, $500,000 of liabilities, and $300,000 of net assets. The following transactions were completed during September:
1. Borrowed $75,000 from a local bank
2. Repaid $25,000 of the bank loan, plus $750 interest for the month of September
3. Provided $186,000 of services to patients
4. Collected $193,000 on patients’ accounts
5. Other September expenses paid in cash, $184,000
6. Purchased equipment for $15,000 cash
Required: What were the amounts of Zebra Hospital’s (1) assets, (2) liabilities, and (3) net assets at September 30?
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