Question

Here is financial statement information on four not-for-profit clinics: Pittman Rose Beckman Jaffe December 31, 2014: 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, 2015: Assets b 130,000 180,000 k Liabilities 55,000 62,000 h 80,000 Equity 45,000 e 110,000 145,000 During 2015: 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.

Answer 1

See the explanation below.

Step-by-step explanation:

Given the following;

Pittman Rose Beckman Jaffe

December 31, 2014:

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, 2015:

Assets b 130,000 180,000 k

Liabilities 55,000 62,000 h 80,000

Equity 45,000 e 110,000 145,000

During 2015:

Total revenues c 400,000 i 500,000

Total expenses 330,000 f 360,000 l

we have:

For Pittman

a = $80,000 - 50,000 = $30,000

b = $55,000 + 45,000 = $100,000

2015 Profit = 2015 Equity - 2014 Equity = $45,000 - $30,000 = $15,000

c = 2015 Profit + 2015 Total expenses = $15,000 + $330,000 = $345,000

For Rose

d = $100,000 - $60,000 = $40,000

e = $130,000 - $62,000 = $68,000

2015 Profit = $68,000 - $60,000 = $8,000

f = $400,000 - $8,000 = $392,000

For Beckman

g = $75,000 + $45,000 = $120,000

h = $180,000 - $110,000 = $70,000

2015 Profit = $110,000 - $45,000 = $65,000

i = $360,000 + $65,000 = $425,000

For Jaffe

j = $150,000 - $90,000 = $60,000

k = $80,000 + $145,000 = $225,000

2015 Profit = $145,000 - $90,000 = $55,000

l = $500,000 - $55,000 = $445,000