Please answer question 1 and 2 showing your calculations / formulas. Assignments submitted without calculations will receive a zero grade.
- 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 |
