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NNS Hospitals Ltd.

NNS Hospitals Ltd. is a publicly owned company which owns a chain of hospitals. The Balance Sheet of NNS as of 31/3/2015 is given below:
Liabilities and Owners’ Equity
Accounts Payable 120,000
Salaries Payable 10,000
Provision for Taxes (2013-14) 90,000
Provision for Taxes (2014-15) 100,000
8% Bank Loan 160,000
Share Capital 400,000
Share Premium 200,000
Retained Earnings 20,000
TOTAL 1,100,000

Assets
Cash 80,000
Inventories of Medical Supplies 120,000
Accounts Receivable 100,000
Less: Allowance for Doubtful Debts -5,000 95,000
Advance Taxes Paid (2013-14) 95,000
Advance Taxes Paid (2014-15) 100,000
Prepaid Insurance 20,000
Investments in 10% Government Bonds 200,000
Land 150,000
Building 200,000
Less: Accumulated Depreciation -20,000 180,000
Equipment 100,000
Less: Accumulated Depreciation -40,000 60,000
TOTAL 1,100,000

Majority of the cash payments and receipts made during the year are given below:
Cash Receipts Cash Payments
Total Cash Collected from Patients 700,000 Cash Paid for Staff Salaries 110,000
Interest Received on Govt. Bonds 20,000 Cash Paid for Accounts Payable 300,000
Sale of Equipment (31/12/2015) 15,000 Cash Paid for Utilities 50,000
Dividends received 5,000 Loan Repaid (31/3/2016) 20,000
Doctors Honorarium 140,000
Equipment Purchase (30/9/2015) 30,000
Advance Tax Paid 100,000
Dividends paid 50,000
Investment in Stock of ND Co. 20,000

Additional Details:

  1. NNS provides services to certain patients on a credit basis. During the current financial year, $300,000 worth of services was provided to such patients on a credit basis and $310,000 was collected from such patients. Due to poor financial condition of certain patients, $6,000 was written-off as bad debts in March 2016. $2,000 worth of previously written-off amounts was collected in January 2016. The firm wishes to maintain a balance of 5% of year-end Accounts Receivable as an allowance for doubtful debts.
  2. NNS purchases all inventory of medical supplies on credit. The total purchase in the current financial year amounted to $250,000. The ending balance of inventory of medical supplies was $90,000.
  3. The interest on 8% Bank Loan is accrued, but due to a computer glitch, could not be paid till 10th April 2016. The company had to pay a penalty of $10,000 along with the interest on 10th April 2016 for late payment of interest. The penalty becomes due in the year of default.
  4. The equipment has a useful life of 5 years and Building has a useful life of 10 years. The equipment that was sold on 31/12/2015 was two years old at the beginning of the year and had a historical cost of $20,000.
  5. Salaries for the last two weeks of March 2015 will be paid on 5th April 2016. Such salaries amounted to $15,000. Salaries payable for previous years were paid off in the current year.
  6. The prepaid insurance is valid for another 15 months starting from 1/4/2015.
  7. Tax assessment for the years 2013-14 and 2014-15 was completed in the current year and the tax was assessed to be Rs. 100,000 for 2013-14 and 95,000 for 2014-15. Shortfall (refund), if any, was paid (received) during the year 2015-16. Provision for taxes for the current year is 25% of Profit before Tax.
  8. 10,000 new shares were issued. The face value of shares was $1 and Market value was $20.

Based on the above information, prepare the Balance Sheet, Income Statement, and Cash Flow Statement (Use Indirect Method) for the year ended on 31/3/2016.

Sample Solution

intricacies like power and impact shape how they can be applied to best suit what is happening a pioneer faces. Initiative Contingency based hypotheses of authority recommend that there is no right or most effective way to lead a gathering, or association, because of the critical number of limitations on a circumstance (Flinsch-Rodriguez, 2019). Fiedler, in his Contingency Theory of Leadership (Fiedler, 1967), recommends that the adequacy of a gathering is reliant upon the initiative styles of the pioneer and their favourability to the circumstance. A large part of the hypothesis is laid out around the most un-favored associate scale (LPC). The LPC means to measure a potential chiefs way to deal with an undertaking on a size of relationship persuaded to task inspired, where the pioneer fits on the scale permits what is going on to be concluded, and along these lines permits the recognizable proof of appropriate pioneers for assignments. The favourableness of the circumstance relies upon three qualities: pioneer part relations, the help and trust the pioneer as from the gathering; task structure, the lucidity of the undertaking to the pioneer; and positional power, the power the pioneer needs to survey a gatherings execution and give prizes and disciplines (Fiedler, 1967). In the event that the pioneers approach matches what is expected from going on, achievement is anticipated for the gathering. Fiedler's possibility model offers an extremely stark categorisation of administration, obviously characterizing which circumstances endlessly won't bring about progress for an expected pioneer. At the senior administration level of a hierarchal design inside an association the hypothesis can be applied unreservedly, initially because of the straightforwardness at which people can be supplanted in the event that their LPC score doesn't match that expected of the circumstance (Pettinger, 2007). Besides, and above all, is to guarantee that the senior administration are ideally suited to effectively lead the association. Be that as it may, further down the pecking order Fielder's possibility hypothesis starts to hold substantially less importance, it becomes unrealistic according to a hierarchical viewpoint because of the quantity of individuals at this degree of administration. The strategies of coordinating the pioneer with their most un-favored colleague is difficult to reliably accomplish, so a more continuum based approach is required. Figure 1: Chelladurai's Multi-Dimensional Model of Leadership (Miller and Cronin, 2012)
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