Liabilities
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Fill in missing values (A-L) for four not-for-profit clinics.
Pittman Rose Beckman Jaffe
Dec 31, 2006
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, 2007
Assets b 130,000 180,000 k
Liabilities 55,000 62,000 h 80,000
Equity 45,000 c 110,000 145,000
During 2007
Total revenues c 400,000 i 500,000
Total expenses 330,000 f 360,000 L.
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The solution explains the concepts of liabilities for non-profit clinics briefly and concisely. The answer is to the point and can easily be understood by a student with a basic understanding of the topic. Overall, an excellent response.
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a. 30,000 ( A= L+E)
b. 100,000 (A=L+E)
c. 315,000. Change in Equity = 45,000-60,000 = (15,000). So revenue must be $15,000 less than expenses. So 330,000-15,000 = ...
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