On January 1,2011,Dr Requirement:
Prepare a Balance Sheet as of June 30,2011

question 14

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On January 1,2011,Dr.Beth Hill started a new professional corporation,Beth Hill,P.C.,to practice medicine with an initial investment of $100,000.On June 30,2011,the accounting records showed the following amounts:
$$\begin{array} { l l } \text { Accounts Payable } & \$ 2,000 \\\text { Accounts Receivable } & \$ 6,200 \\\text { Cash } & \$ 48,100 \\\text { Contributed Capital } & \$ 100,000 \\\text { Office Equipment } & \$ 60,000 \\\text { Office Supplies } & \$ 3,500 \\\text { Retained Earnings } & \$ 5,800 \\\text { Notes Payable } & \$ 10,000\end{array}$$ Requirement:
Prepare a balance sheet as of June 30,2011.

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Definitions:

Residual Volume

Residual Volume is the amount of air remaining in the lungs after a maximal exhalation, ensuring that gas exchange can continue even between breaths.

Inspiratory Reserve Volume

The volume of air in addition to the tidal volume that can be inhaled at maximum effort.

Functional Residual Capacity

The volume of air remaining in the lungs after a normal, passive exhalation, important for respiratory function analysis.

Vital Capacity

The highest quantity of air one can release from their lungs following a maximal intake of air.