Refer to the information below regarding Lakeland Medical Center to answer the following questions: Lakeland Medical Center Financial Statement Description Amount Allowance for doubtful accounts $110 Cash $1,400 Accounts receivable $2,330 Accounts payable $1,110 Service revenue $14,600 Other assets $350 Cost of services sold and other expenses $12,700 Notes payable $3,280 How much net income did Lakeland earn for the month? Enter answer here. Show two ways Lakeland can report receivables on its classified balance sheet.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is