12.3Here is the financial statement information on four not-for-profit clinics: Fill in the missing values labeled a through l. ### Financial Data and Analysis for Four IndividualsThis table presents the financial positions and performances of four individuals - Pittman, Rose, Beckman, and Jaffe - as of December 31, 2015, December 31, 2016, and for the year 2016.#### December 31, 2015:- **Assets:** - Pittman: $80,000 - Rose: $100,000 - Beckman: g - Jaffe: $150,000- **Liabilities:** - Pittman: $50,000 - Rose: d - Beckman: $75,000 - Jaffe: j- **Equity (calculated as Assets - Liabilities):** - Pittman: a - Rose: $60,000 - Beckman: $45,000 - Jaffe: $90,000#### December 31, 2016:- **Assets:** - Pittman: b - Rose: $130,000 - Beckman: $180,000 - Jaffe: k- **Liabilities:** - Pittman: $55,000 - Rose: $62,000 - Beckman: h - Jaffe: $80,000- **Equity:** - Pittman: $45,000 - Rose: e - Beckman: $110,000 - Jaffe: $145,000#### During 2016:- **Total Revenues:** - Pittman: c - Rose: $400,000 - Beckman: i - Jaffe: $500,000- **Total Expenses:** - Pittman: $330,000 - Rose: f - Beckman: $360,000 - Jaffe: l---### Explanation of Missing ValuesThe table contains several variables represented by the letters **a** through **l**. These variables are placeholders for unknown or to-be-calculated values. For instance:- The equity for Pittman on December 31, 2015 (**a**) can be computed as Assets ($80,000) - Liabilities ($50,000) = $30,000.- Similarly, other

This question can be solved on the accounting equation of Total asset = Equity + liability. This…

Pittman Rose Beckman Jaffe December 31, 2015: Assets $ 80,000 $1o0,000 $150,000 Liabilities 50,000 d $ 75,000 j Equity a 60,000 45,000 90,000 December 31, 2016: Assets b 130,000 180,000 k Liabilities 55,000 62,000 h 80,000 Equity 45,000 e 110,000 145,000 During 2016: Total revenues 400,000 i 500,000 Total expenses 369.000 330.000

Pittman Rose Beckman Jaffe December 31, 2015: Assets $ 80,000 $1o0,000 $150,000 Liabilities 50,000 d $ 75,000 j Equity a 60,000 45,000 90,000 December 31, 2016: Assets b 130,000 180,000 k Liabilities 55,000 62,000 h 80,000 Equity 45,000 e 110,000 145,000 During 2016: Total revenues 400,000 i 500,000 Total expenses 369.000 330.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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