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Middleton clinc had total assets of $500,000 and an equity balance of $350,000 at the
Middleton clinc had total assets of $500,000 and an equity balance of $350,000 at the end of 2007. One year later, at the end of 2008, the clinic had $575,000 in assets and $380,000 in equity. What was the clinic's growth in assets during 2008, and how was this growth financed?
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What is your difference between your beginning and ending assets. $575,000 - $500,000
Now what is your difference between your beginning and ending equity. $380,000 - $350,000 Now what do the two amounts tell you. The change in assets equals one amount while the change in equity is a different amount. So where do the difference between these two amounts go. Hint: You need to know the accounting equation, which is: Assets = Liabilities + Owners Equity |
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