Here is the financial statement information on four not-for-profit clinics: Pitt
ID: 2733356 • Letter: H
Question
Here is the financial statement information on four not-for-profit clinics:
Pittman Rose Beckman Jaffe
December 31, 2011:
Assets $80,000 $100,000 g $150,000
Liabilities $50,000 d $75,000 j
Equity a $60,000 $45,000 $90,000
December 31, 2012:
Assets b $130,000 $180,000 k
Liabilities $55,000 $62,000 h $80,000
Equity $45,000 e $110,000 $145,000
During 2012:
Total revenues c $400,000 i $500,000
Total expenses $330,000 f $360,000 l
Fill in the missing values labeled a through l.
Explanation / Answer
Pittman Rose Beckman Jaffe December 31, 2011: Assets $80,000.00 $100,000.00 $120,000.00 $150,000.00 Liabilities $50,000.00 $40,000.00 $75,000.00 $60,000.00 Equity $30,000.00 $60,000.00 $45,000.00 $90,000.00 December 31, 2012: Assets $100,000.00 $130,000.00 $180,000.00 $225,000.00 Liabilities $55,000.00 $62,000.00 $70,000.00 $80,000.00 Equity $45,000.00 $68,000.00 $110,000.00 $145,000.00 Total Revenue $345,000.00 $400,000.00 $425,000.00 $500,000.00 Total Expense $330,000.00 $392,000.00 $360,000.00 $445,000.00 Equity+Liabilities = Assets a= 80000-50000= $30000 b= 55000+45000= $100000 Revenue= Increase in Equity+Expenses c= (45000-30000)+330000= $345000 d= $100000-60000=$40000 e= 130000-62000= $68000