Reporting receivables and other accounts in the financial statements Northend Medical Center included the following items in its financial statements:
|
Allowance for doubtful accounts |
$ 150 |
Service revenue |
$ 14,700 |
|
Cash |
1,010 |
Other assets |
380 |
|
Accounts receivable |
2,590 |
Cost of services sold and other expenses |
12,400 |
|
Accounts payable |
900 |
Notes payable |
3,490 |
Requirements
1. How much net income did Northend earn for the month?
2. Show two ways Northend can report receivables on its classified balance sheet.