Middleton Clinic had total assets of $500,000 and an equity balance of $350,000 at the end of 2006. One year later, at the end of 2007, the clinic had $575,000 in assets and $380,000 in equity. What was the clinic's dollar growth in assets during 2007, and how was this growth financed?
San Mateo Healthcare had an equity balance of $1.38 million at the beginning of the year. At the end of the year, its equity balance was $1.98 million.
a. Assume that San Mateo is a not-for-profit organization. What was its net income for the period?