Here is the financial statement information on four not-for-profit clinics: Pitt
ID: 2733360 • 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.
Alphabets are placed where missing values should be . Find the missing values.
Explanation / Answer
Computation of the missing values:-
Pittman
Rose
Beckman
Jaffe
December 31,2011
Assets
$80,000
$1,00,000
$120,000(B/F)
$150,000
Liabilities
$50,000
$40,000(B/F)
$75,000
$60,000(B/F)
Equity(A)
$30,000(B/F)
$60,000
$45,000
$90,000
December 31,2012
Assets
$100,000(B/F)
$130,000
$180,000
$225,000(B/F)
Liabilities
$55,000
$62,000
$70,000(B/F)
$80,000
Equity(B)
$45,000
$68,000(B/F)
$110,000
$145,000
During 2012
Total Revenue(C=D+E)
$345,000
$440,000
$425,000
$500,000
Total Expenses(D=C-E)
$330,000
$432,000
$360,000
$445,000
Profit for the year(E=B-A)
$15,000
$8,000
$65,000
$55,000
NOTE:-1.Profit for the year is the profit carried over in equity opening i.e., December 31,2011 to arrive at December 31,2012 Equity.So, Profit for the year is difference in closing equity and opening equity.
2.Assets=Liabilities + Equity or Liabilities=Assets-Equity or Equity=Assets-Liabillities
3.Total Revenue-Total expenses=Profit for the year carried to equity.
Pittman
Rose
Beckman
Jaffe
December 31,2011
Assets
$80,000
$1,00,000
$120,000(B/F)
$150,000
Liabilities
$50,000
$40,000(B/F)
$75,000
$60,000(B/F)
Equity(A)
$30,000(B/F)
$60,000
$45,000
$90,000
December 31,2012
Assets
$100,000(B/F)
$130,000
$180,000
$225,000(B/F)
Liabilities
$55,000
$62,000
$70,000(B/F)
$80,000
Equity(B)
$45,000
$68,000(B/F)
$110,000
$145,000
During 2012
Total Revenue(C=D+E)
$345,000
$440,000
$425,000
$500,000
Total Expenses(D=C-E)
$330,000
$432,000
$360,000
$445,000
Profit for the year(E=B-A)
$15,000
$8,000
$65,000
$55,000