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Tropical Clinic had total assets of $500,000 and an equity balance of $350,000 at the end of 2020. At the end of 2021, Tropical Clinic

  1. Tropical Clinic had total assets of $500,000 and an equity balance of $350,000 at the end of 2020. At the end of 2021, Tropical Clinic had $570,000 in assets and $375,000 in equity.
    1. What was Tropical Clinics dollar growth in assets during 2021? (Dollars)
    2. What was Tropical Clinics growth rate in assets during 2021? (Percent)
    3. What was Tropical Clinics growth in equity? (Percent)
  2. Fill in the missing values labeled (a) through (i). You will have 9 answers. Below is financial statement information on three not-for- profit organizations.

Financial Statement Data on Three Not-for-Profit Clinics

Lowland Clinic

Casio Clinic

Jarrod Clinic

December 31, 2019:

Assets

$80,000

$100,000

(g)

Liabilities

$50,000

(d)

$75,000

Net Assets

(a)

$60,000

$45,000

December 31, 2020:

Assets

(b)

$130,000

$180,000

Liabilities

$55,000

$62,000

(h)

Net Assets

$45,000

(e)

$110,000

During 2020:

Total Revenue

(c)

$400,000

(i)

Total Expenses

$330,000

(f)

$360,000

Increase in Equity

$15,000

$8,000

$65,000

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