Here is financial statement information for not-for-profit clinics: Pittman Rose
ID: 2694216 • Letter: H
Question
Here is financial statement information for not-for-profit clinics: Pittman Rose Beckman Jaffe Dec. 31 2006 Assets 80,000 100,000 120,000 150,000 Liabilities 50,000 40,000 75,000 60,000 Equity 30,000 60,000 45,000 90,000 Dec. 31 2007 Assets 100,000 130,000 180,000 225,000 Liabilities 55,000 62,000 70,000 80,000 Equity 45,000 68,000 110,000 145,000 During 2007 Total revenues 345,000 400,000 425,000 500,000 Total expenses 330,000 ? 360,000 ? Please calculate expenses, and give a brief explanation so that I will know how to figure it out on in class tests. Thanks. Question 2: The following are selected entries for Family Medical Clinic for December 31, 2011 in alphabetical order. Create Family Medical Clinic's balance sheet. Accounts payable $20,000 Accounts receivable, net $60,000 Cash $30,000 Other long-term liabilities $10,000 Long-term debt $120,000 Long-term investments $100,000 Net property and equipment $150,000 Other assets $40,000 Equity $230,000Explanation / Answer
Accounts payable $20,000 Accounts receivable, net $60,000
Other long-term liabilities $10,000 Cash $30,000
Long-term debt $120,000 Long-term investments $100,000
Equity $230,000 Net property and equipment $150,000
other assets 40000