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Problem 2 Below, please find financial statement information on four "not-for-profit hospitals"
Problem 2 Below, please find financial statement information on four "not-for-profit hospitals". Orlando Apopka Kissimmee Winter Park $220,000 70,000 A $500,000 D 200,000 G 280,000 370,000 $480,000 J 400,000 December 31, 2019 Assets Liabilities Equity December 31, 2020 Assets Liabilities Equity During 2020 Total revenues Total expenses B 60,000 180,000 480,000 310,000 E 700,000 ? 350,000 K 100,000 440,000 750,000 ? 640,000 1 690,000 320,000 L Using the accounting equation (Assets Liabilities + Equity) and the expanded accounting equation (A_2020 = Liabilities_2020 + Equity_2019 + Revenues_2020 - Expenses_2020) fill in the missing values labeled A through L.
Expert Solution
ORLANDO
December 31, 2019
Assets = liability + equity
220000 = 70000 + A
A = 220000 -70000
A = 150000
December 31, 2020
Assets = liability + equity
B = 60000 + 180000
B = 240000
Assets 2020 = liability 2020 + equity 2019 + revenue 2020 - expenses 2020
240000 = 60000 + 150000 + C - 640000
240000 = -430000 + C
C = 670000
APOPKA
December 31,2019
Assets = Liability +Equity
500000 = D + 200000
D = 300000
December 31,2020
Assets = Liability +Equity
480000 = 310000 +E
E = 170000
Assets 2020 = liability 2020 + Equity 2019 + revenue 2020 - Expenses 2020
480000 = 310000 +200000+750000 - F
480000 = 1260000 - F
F = 780000
KISSIMMEE
December 31,2019
Assets = Liability + Equity
G = 280000 + 370000
G = 650000
December 31,2020
Assets = Liability +Equity
700000 = H + 350000
H = 350000
Assets 2020 = Liability 2020 + Equity2019 + Revenue 2020 - Expenses 2020
700000 = 350000 +370000 + I - 690000
700000 = I + 30000
I = 670000
WINTER PARK
December 31,2019
Assets = Liability + Equity
480000 = J + 400000
J = 80000
December 31,2020
Assets = Liability + Equity
K = 100000 + 440000
K = 540000
Assets 2020 = Liability 2020 + Equity 2019 + Revenue 2020 - Expenses 2020
540000 = 100000 + 400000 + 320000- L
540000 = 820000 - L
L = 280000
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