Question
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
- 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.
- What was Tropical Clinics dollar growth in assets during 2021? (Dollars)
- What was Tropical Clinics growth rate in assets during 2021? (Percent)
- What was Tropical Clinics growth in equity? (Percent)
- 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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Cornerstones of Financial Accounting
Authors: Jay Rich, Jeff Jones
4th edition
978-1337690881, 9781337669450, 1337690880, 1337690899, 1337669458, 978-1337690898
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