SOLUTIONS TO EXERCISES

Ex. 31

a. Accounting period
b. Accounting cycle
c. None (This statement describes the accounting convention of conservatism.)
d. Net income
e. Realization principle
f.

Credit

g. Matching principle
h. Expenses
Ex. 32

a. 1. Journalize transactions.
2. Post transaction data to the ledger.
3. Prepare a trial balance.
4. Make end-of-period adjustments.
5. Prepare an adjusted trial balance.
6. Prepare financial statements.
7. Journalize and post closing entries.
8. Prepare an after-closing trial balance.
b. 1. Evaluate the efficiency of operations.
2. Establish accountability for assets and transactions.
3. Maintain a documentary record of business activities.
4. Help make business decisions.

Ex. 33

a. Costs of owning and operating an automobile (estimates will vary; the following list is only
an example):
Insurance.................................................................................................................
Gasoline (15,000 miles at 20 mpg. $1.20/gal.).....................................................
Registration and license..........................................................................................
Repairs and maintenance.........................................................................................
Depreciation............................................................................................................
Interest on car loan*................................................................................................
Annual total.............................................................................................................
Average cost per mile ($3,900 15,000 miles).......................................................

$1,000
900
100
200
1,200
500
$ 3,900
$ 0.26

*Note to instructor: It is worth noting that including both depreciation and the principal portion of the car
loan would be double-counting the purchase price of the car. Depreciation issues are introduced in
Chapter 4.
b. Although you spent no money during this trip, you incurred significant costs. For example,
you have used much of the gasoline in your tank. Also, the more miles you drive, the higher
your repair and maintenance costs, depreciation, and insurance. Assuming that it cost you
about 26 cents per mile to own and operate your vehicle, about $26 would be a reasonable
estimate of your driving expenses.
Note to instructor: Most employers do base their reimbursement of driving expenses on an average cost per
mile. In a sophisticated class, you may want to point out that the incremental costs of this trip are much less
than the average cost. Thus, employees usually benefit somewhat in the short-term when they are
reimbursed for using their own cars.
Ex. 34

Oct. 1 Cash..........................................................................................
Capital Stock.................................................................
Issued capital stock at $20 per share.

100,000

4 Computer Equipment................................................................
Cash..............................................................................
Notes Payable................................................................
Purchased computer equipment by paying $15,000 cash and
issuing a note payable for the remaining balance.

45,000

12 Notes Payable...........................................................................
Cash..............................................................................
Paid note payable to West Milton State Bank.

11,000

19 Office Supplies..........................................................................
Accounts Payable..........................................................
Purchased office supplies on account.

300

25 Cash..........................................................................................
Accounts Receivable.....................................................
Collected amount owed from Lewisburg School District.

12,000

30 Dividends..................................................................................
Cash..............................................................................
Declared and paid cash dividend.

6,000

100,000

15,000
30,000

11,000

300

12,000

6,000

Ex. 35

Ex. 36

Nov. 1 Cash..........................................................................................
Capital Stock.................................................................
Issued stock in exchange for cash.

120,000

8 Land..........................................................................................
Building....................................................................................
Cash..............................................................................
Notes Payable................................................................
Purchased land and building, by paying $33,600 cash and
issuing a note payable for the remaining balance.

70,000
58,600

15 Office Equipment......................................................................
Accounts Payable..........................................................
Purchased office equipment on account.

3,200

21 Accounts Payable......................................................................
Office Equipment..........................................................
Returned some of the office equipment purchased on
November 15.

480

25 Notes Payable...........................................................................
Cash..............................................................................
Paid note payable.

12,000

30 Vehicles.....................................................................................
Cash..............................................................................
Notes Payable................................................................
Purchased vehicles by paying $1,400 cash and issuing a note
payable for the remaining balance.

9,400

AVENSON INSURANCE COMPANY

Trial Balance
November 30, 20__
Cash...........................................................................................................
Land...........................................................................................................
Building.....................................................................................................
Office equipment........................................................................................
Vehicles......................................................................................................
Notes payable.............................................................................................
Accounts payable.......................................................................................
Capital stock...............................................................................................

120,000

33,600
95,000

3,200

480

12,000

1,400
8,000

$ 73,000
70,000
58,600
2,720
9,400

$ 213,720

$ 91,000
2,720
120,000
$ 213,720

Ex. 37
Owners equity was $200,000 at the beginning of the year ($300,000 - $100,000), and $225,000 at the end of
the year ($335,000 - $110,000). Thus, owners equity increased by $25,000 during the year. Net income (or
loss) for the year can be computed as follows:
Increase in
=
Capital Stock
+
Owners Equity
Issued
Net Income
Dividends
a.
$25,000
$
0
$25,000
$
0
b.
$25,000
$20,000
$ 5,000
$
0
c.
$25,000
$
0
$35,000
$10,000
d.
$25,000
$30,000
$10,000
$15,000
e.
$25,000
$35,000
( $10,000)*
$
0
*Brackets signify a net loss.
Ex. 38

Income Statement
Transaction
1.
2.
3.
4.
5.
6.

Balance Sheet

Net
Revenue Expenses = Income
I
NE
NE
NE
NE
NE

Ex. 39
a.

NE
NE
NE
I
NE
NE

I
NE
NE
D
NE
NE

Assets = Liabilities +
I
D
NE
NE
I
D

Income Statement
Transaction
1.
2.
3.
4.
5.
6.
7.
8.

I
NE
NE
NE
I
NE
NE
NE

I
NE
NE
D
NE
D

Balance Sheet

Net
Revenue Expenses = Income
NE
I
NE
NE
NE
NE
NE
NE

NE
D
NE
I
I
NE

Owners
Equity

D
I
NE
NE
D
NE
NE
NE

Assets = Liabilities +
NE
I
D
I
D
NE
I
D

I
NE
NE
I
NE
NE
I
D

Owners
Equity
D
I
D
NE
D
NE
NE
NE

b.

1.
2.
3.
4.
5.
6.
7.

Incurred wages expense to be paid at a later date.

Earned revenue to be collected at a later date.
Declared and paid a cash dividend.
Purchased office supplies on account.
Incurred and paid repairs expense.
Collected cash from a customer for revenue earned previously on account.
Purchased tools and equipment by paying part in cash and issuing a note payable for the
remaining balance.
8. Paid an outstanding account payable.

Ex. 310 a. An investment by stockholders does not constitute revenue. Although this investment causes
an increase in owners equity, this increase was not earned. It did not result from the
rendering of services or sale of merchandise to outsiders.
b. The collection of an account receivable does not increase owners equity and does not
represent revenue.
c. The borrowing of money from a bank creates a liability; it does not increase the owners
equity and does not represent revenue.
d. The interest was earned in May and represents revenue of that month, despite the fact that no
withdrawals were made from the bank.
e. This fee was earned in May and represents revenue of that month, despite the fact that
collection will not be made until June.
Ex. 311 a. Purchase of a copying machine does not represent expense. The asset Cash is exchanged for
the asset Office Equipment, without any change in owners equity. The purpose of the
transaction was to obtain the use of the copier over a number of years, rather than to generate
revenue only during the current period. (Evergreen will recognize depreciation expense on
this asset throughout its useful life, but the purchase does not represent an expense in March.
Depreciation issues are introduced in Chapter 4.)
b. Gasoline purchased is an expense because it is ordinarily used up in the current period. These
purchases decrease the owners equity and are for the purpose of generating revenue.
c. Payment to an employee for services rendered in March is a March expense. Such a payment
is made to generate revenue and decreases owners equity.
d. The payment to the attorney for services rendered in a prior period reduced an existing
liability but did not affect the owners equity. The payment was not an expense.
e. The dividend does not constitute an expense. Unlike payments for advertising, rent, and
supplies, dividends do not generate revenue. Dividends constitute a return to stockholders of
a portion of their equity in the business.

Ex. 312 a. Apr. 5 Accounts Receivable..........................................................

Drafting Fees Earned..............................................
Prepared plans for Spangler Construction; payment due in
30 days.

900

May 17 Dividends...........................................................................
Dividends Payable..................................................
Declared cash dividend; payment due June 25.

5,000

May 29 Professional Expenses........................................................

Accounts Payable....................................................
Received accounting bill from Bob Needham due on June
10.

2,000

June 4 Cash....................................................................................
Accounts Receivable...............................................
Received full payment from Spangler Construction for
bill sent April 5.

900

June 10 Accounts Payable...............................................................

Cash........................................................................
Paid amount owed to Bob Needham, CPA.

2,000

June 25 Dividends Payable..............................................................

Cash........................................................................
Paid cash dividend declared May 17.

5,000

900

5,000

2,000

900

2,000

5,000

b. The following transactions will not cause a change in net income.

May 17:
June 4:
June 10:
June 25:

Declaration of a cash dividend.

Collection of an account receivable.
Payment of an account payable.
Payment of a dividend payable.

Ex. 313 a. The companys balance sheet is dated December 31. Thus, it is apparent that its financial year
coincides with the calendar year.
b. 1998: $487,423 = $90,966 + $396,457
1999: $529,416 = $98,770 + $430,646
c. The companys cash (and cash equivalents) increased from $80,744 at the beginning of the
year, to $88,504 at the end of the year. Thus, it had to have posted more debits than credits to
cash (and cash equivalents). Note that these figures are stated in thousands of dollars.

SOLUTIONS TO PROBLEMS
30 Minutes, Medium

a.

PROBLEM 31
HEARTLAND CONSTRUCTION
General Journal

20__
Feb. 1 Cash

Capital Stock

10 Land
Office Building
Cash
Notes Payable
16 Computer Systems
Cash
18 Office Furnishings
Cash
Accounts Payable
22 Office Supplies
Cash
23 Accounts Receivable
Computer Systems
27 Accounts Payable
Cash
28 Cash

Accounts Receivable

500000
100000
200000

12000
9000

300
36
4000
36

500000

60000
240000
12000
1000
8000
300
36
4000
36

PROBLEM 31

HEARTLAND CONSTRUCTION (concluded)

b.
Transaction
Feb. 1

Assets
+ $500,000 (Cash)

Liabilities
$0

Owners Equity
+ $500,000 (Capital
Stock)

Feb. 10

+ $100,000 (Land)
+ $200,000 (Office Building)
$60,000 (Cash)

+ $240,000 (Notes Payable)

$0

Feb. 16

+ $12,000 (Computer Systems)

$12,000 (Cash)

$0

$0

Feb. 18

+ $9,000 (Office Furnishings)

$1,000 (Cash)

+ $8,000 (Accounts Payable)

$0

Feb. 22

+ $300 (Office Supplies)

$300 (Cash)

$0

$0

Feb. 23

+ $36 (Accounts Receivable)

$36 (Computer Systems)

$0

$0

Feb. 27

$4,000 (Cash)

- $4,000 (Accounts Payable)

$0

Feb. 28

+ $36 (Cash)
$36 (Accounts Receivable)

$0

$0

30 Minutes, Medium

PROBLEM 32
ENVIRONMENTAL SERVICES, INC.

a. (1) (a) The asset Accounts Receivable was increased. Increases in assets are recorded by debits. Debit
Accounts Receivable, $2,500.
(b) Revenue has been earned. Revenue increases owners equity. Increases in owners equity are
recorded by credits. Credit Testing Service Revenue, $2,500.
(2) (a) The asset Testing Supplies was increased. Increases in assets are recorded by debits. Debit
Testing Supplies, $3,800.
(b) The asset Cash was decreased. Decreases in assets are recorded by credits. Credit Cash, $800.
(c) The liability Accounts Payable was increased. Increases in liabilities are recorded by credits.
Credit Accounts Payable, $3,000.
(3) (a) The liability Accounts Payable was decreased. Decreases in liabilities are recorded by debits.
Debit Accounts Payable, $100.
(b) The asset Testing Supplies was decreased. Decreases in assets are recorded by credits. Credit
Testing Supplies, $100.
(4) (a) The asset Cash was increased. Increases in assets are recorded by debits. Debit Cash, $20,000.
(b) The owners equity account Capital Stock was increased. Increases in owners equity are
recorded by credits. Credit Capital Stock, $20,000.
(5) (a) The asset Cash was increased. Increases in assets are recorded by debits. Debit Cash, $600.
(b) The asset Accounts Receivable was decreased. Decreases in assets are recorded by credits.
Credit Accounts Receivable, $600.
(6) (a) The liability Accounts Payable was decreased. Decreases in liabilities are recorded by debits.
Debit Accounts Payable, $2,900 ($3,800 - $800 - $100).
(b) The asset Cash was decreased. Decreases in assets are recorded by credits. Credit Cash, $2,900.
(7) (a) The Dividends account was increased. Dividends decrease the owners equity account Retained
Earnings. Decreases in owners equity are recorded by debits. Debit Dividends, $6,800.
(b) The asset Cash was decreased. Decreases in assets are recorded by credits. Credit Cash, $6,800.

PROBLEM 32
ENVIRONMENTAL SERVICES, INC. (continued)

b.

General Journal

20__
(1)
Aug. 1 Accounts Receivable
Testing Service Revenue
Billed customers for services rendered.
3 Testing Supplies
Cash
Accounts Payable
Purchased testing supplies.

(2)

(3)
5 Accounts Payable
Testing Supplies
Returned portion of testing supplies puchased on Aug. 3.
17 Cash

(4)

Capital Stock
Issued 2,500 shares of capital stock at $8 per share.

22 Cash

(5)

Accounts Receivable
Received partial payment for services billed on Aug. 1.

(6)
29 Accounts Payable
Cash
Paid outstanding balance owed for testing supplies
purchased on Aug. 3.
(7)
30 Dividends
Cash
Declared and paid a cash dividend.

2500

3800

100

20000

600

2900

6800

2500

800
3000

100

20000

600

2900

6800

PROBLEM 32
ENVIRONMENTAL SERVICES, INC. (concluded)

c. The realization principle requires that revenue be recorded when it is earned, even if cash for the goods
or services provided has not been received.
d. The matching principle requires that revenue earned during an accounting period be matched (offset)
with expenses incurred in generating this revenue. Testing supplies are recorded as an asset when they
are first purchased. As these supplies are used in a particular accounting period, their cost will be
matched against the revenue earned in that period.
35 Minutes, Medium

a.
Transaction
Sept. 1
Sept. 3
Sept. 9
Sept. 14
Sept. 25
Sept. 26
Sept. 29
Sept. 30

PROBLEM 33
WEIDA SURVEYING, INC.
Income Statement

Balance Sheet

Net
Revenue Expenses = Income
NE
I
D
I
NE
I
I
NE
I
NE
I
D
NE
NE
NE
I
NE
I
NE
NE
NE
NE
NE
NE

Owners
Assets = Liabilities + Equity
D
I
I
NE
NE
I
D
D

NE
NE
NE
I
NE
NE
D
NE

D
I
I
D
NE
I
NE
D

PROBLEM 33
WEIDA SURVEYING, INC. (concluded)

b.

General Journal

Sept. 1

Rent Expense
Cash
Paid September rent.

4400

3 Accounts Receivable
Surveying Revenue
Billed Fine Line Homes for surveying services.

5620

9 Cash

2830

Surveying Revenue
Collected cash from Sunset Ridge Development for
services provided.

14 Advertising Expense
Accounts Payable
Placed ad in the newspaper to be published on Sept. 20.
Total amount due in 30 days.
25 Cash

5620

26 Cash
Accounts Receivable
Surveying Revenue
Collected partial payment from Thompson and billed
remainder.

400
1490

Accounts Receivable
Received payment from Fine Line Homes for services
billed on Sept. 3.

29 Accounts Payable
Cash
Paid newspaper for advertisement published on Sept. 20.
30 Dividends
Cash
Declared and paid a cash dividend.

c.

165

165

7600

4400

5620

2830

165

5620

1890

165

7600

Three situations in which a cash payment does not involve an expense include: (1) the payment of a
cash dividend, (2) the payment of a liability for a previously recorded expense, and (3) the purchase of
an asset, including expenses paid in advance such as insurance, rent, and advertising.

50 Minutes, Strong

a.

PROBLEM 34
AERIAL VIEWS
Income Statement

Transaction

Net
Revenue Expenses = Income

Balance Sheet
Assets = Liabilities +

Owners
Equity

June 1
June 2
June 4
June 15
June 15
June 18
June 25
June 30
June 30
June 30
June 30

NE
NE
NE
I
NE
NE
NE
I
NE
NE
NE

NE
NE
I
NE
I
I
NE
NE
I
I
NE

NE
NE
D
I
D
D
NE
I
D
D
NE

I
I
D
I
D
D
NE
I
D
NE
NE

NE
I
NE
NE
NE
NE
NE
NE
NE
I
I

I
NE
D
I
D
D
NE
I
D
D
D

PROBLEM 34
AERIAL VIEWS (continued)

b.

General Journal

2002
June 1 Cash

60000

Capital Stock
Issued stock to Wendy Winger.

2 Aircraft
Cash
Notes Payable
Purchased plane from Utility Aircraft.

220000

4 Rent Expense
Cash
Paid office and hangar rent for June.

2500

15 Accounts Receivable
Aerial Photography Revenue
Paid salaries for first half of June.

8320

15 Salaries Expense
Cash
Paid salaries for first half of June.

5880

18 Maintenance Expense
Cash
Paid Hannigan's Hangar for repair services.

1890

25 Cash

4910

Accounts Receivable
Collected portion of amount billed to customers.

30 Accounts Receivable
Aerial Photography Revenue
Billed customers for services rendered through month-end.

16450

30 Salaries Expense
Cash
Paid salaries through month-end.

6000

30 Fuel Expense
Accounts Payable
Received bill for fuel used during June.

2510

30 Dividends
Dividends Payable
Declared dividend payable July 15.

2000

60000

40000
180000

2500

8320

5880

1890

4910

16450

6000

2510

2000

PROBLEM 34
AERIAL VIEWS (continued)

c.

Date
2002
June
1
2
4
15
18
25
30

Explanation

Date
2002
June 15
25
30

Explanation

Date
2002
June
2

Explanation

Date
2002
June
2

Explanation

Date
2002
June 30

Explanation

Cash
Debit
60000

4910

Accounts Receivable
Debit
8320
16450

Aircraft
Debit

Credit
40
2
5
1

0
5
8
8

0
0
8
9

Balance
0
0
0
0

6000

Credit
4910

Credit

220000

Notes Payable
Debit

Accounts Payable
Debit

6
2
1
1

0
0
7
1
9
14
8

0
0
5
6
7
6
6

0
0
0
2
3
4
4

0
0
0
0
0
0
0

Balance
8320
3410
19860

Balance
220000

Credit

Balance

180000

180000

Credit

Balance

2510

2510

PROBLEM 34
AERIAL VIEWS (continued)

Date
2002
June 30

Explanation

Date
2002
June 1

Explanation

Date
2002
June 30

Explanation

Date
2002
June 15
30

Explanation

Date
2002
June 18

Explanation

Dividends Payable
Debit

Credit
2000

Capital Stock
Debit

Credit
60000

Dividends
Debit

Credit

2000

Aerial Photography Revenue

Debit

1890

2000

Balance
60000

Balance
2000

Credit
8320
16450

Maintenance Expense
Debit

Balance

Credit

Balance
8320
24770

Balance
1890

PROBLEM 34
AERIAL VIEWS (continued)

Date
2002
June 30

Explanation

Date
2002
June 15
30

Explanation

Date
2002
June 4

Explanation

Fuel Expense
Debit

Credit

2510

Salaries Expense
Debit

2510

Credit

5880
6000

Rent Expense
Debit
2500

Balance

Balance
5880
11880

Credit

Balance
2500

PROBLEM 34
AERIAL VIEWS (continued)

d.
Cash
Accounts receivable
Aircraft
Notes payable
Accounts payable
Dividends payable
Capital stock
Retained earnings
Dividends
Aerial photography revenue
Maintenance expense
Fuel expense
Salaries expense
Rent expense

AERIAL VIEWS
Trial Balance
June 30, 2002

8640
19860
220000

2000
1
2
11
2
$269

8
5
8
5
2

9
1
8
0
8

0
0
0
0
0

$180
2
2
60

0
5
0
0

0
1
0
0

0
0
0
0
0

24770

$269280

PROBLEM 34
AERIAL VIEWS (concluded)

e.
Total assets:
Cash
Accounts receivable
Aircraft
Total assets
Total liabilities:
Notes payable
Accounts payable
Dividends payable
Total liabilities
Total stockholders equity:
Total assets - total liabilities ($248,500 - $184,510)

8640
19860
220000

$180000
2510
2000

$248500

$184510
$

63990

(Alternate computationnet all owners equity accounts, permanent

and temporary:
$60,000 $2,000 $24,770 $1,890 $2,510 $11,880 $2,500)
The above figures are most likely not the amounts to be reported
in the balance sheet dated June 30. The accounting cycle includes
adjustments that must be made to the trial balance figures before
financial statements are prepared. The adjusting process is
covered in Chapter 4.

60 Minutes, Strong

PROBLEM 35
DR. SCHEKTER, DVM

a.

Income Statement
Transaction
May 1
May 4
May 9
May 16
May 21
May 24
May 27
May 28
May 31

Net
Revenue Expenses = Income
NE
NE
NE
NE
NE
NE
NE
NE
NE
NE
NE
NE
NE
NE
NE
I
NE
I
NE
D
D
NE
NE
NE
NE
I
D

Balance Sheet
Assets = Liabilities +
I
I
NE
I
NE
I
NE
NE
D

NE
I
NE
I
NE
NE
I
NE
NE

Owners
Equity
I
NE
NE
NE
NE
I
D
NE
D

PROBLEM 35
DR. SCHEKTER, DVM (continued)

b.

General Journal

2002
May
1 Cash

400000

Capital Stock
Issued 5,000 shares of capital stock.

4 Land
Building
Cash
Notes Payable
Purchased land and building.

70000
180000

9 Medical Instruments
Cash
Purchased medical instruments.

130000

16 Office Fixtures & Equipment

Cash
Accounts Payable
Purchased fixtures and equipment.

50000

21 Office Supplies
Cash
Purchased office supplies.

5000

24 Cash
Accounts Receivable
Veterinary Service Revenue
Recorded veterinary service revenue earned.

1900
300

27 Advertising Expense
Accounts Payable
Recorded advertising expense incurred in May.

400

28 Cash

100

Accounts Receivable
Collected cash for May 24 services.

31 Salary Expense
Cash
Paid May salary expense.

2800

400000

100000
150000

130000

20000
30000

5000

2200

400

100

2800

PROBLEM 35
DR. SCHEKTER, DVM (continued)
c.

May 1

Cash
400,000

May 4

May 24

1,900

May 9

May 28

100

May31
Bal.

May 24
May 31
Bal.

May 21
May 31
Bal.

May 9
May 31
Bal.

May 16

100,00
0
130,00
0
20,000

May 21
May 31

5,000
2,800

Notes Payable
May 4

Accounts Receivable
300
May 28

100

200
Office Supplies
5,000

Accounts Payable
May 16
May 27
May 31
Bal.

30,000
400
30,400

5,000

May 31
Bal.

Medical Instruments
130,000

Veterinary Service Revenue

May 24

130,000

May 31
Bal.

May 31
Bal.

May 31
Bal.

May 4

150,00
0

Capital Stock
May 1

May 27

May 31
Bal.

May 31
Bal.

144,200

Office Fixtures & Equipment

May 16
50,000

May 4

150,00
0

50,000
Land
70,000
70,000
Building
180,000

May 31
May 31
Bal.

Advertising Expense
400
400
Salary Expense
2,800
2,800

400,00
0
400,00
0

2,200
2,200

May 31
Bal.

180,000

PROBLEM 35
DR. SCHEKTER, DVM (continued)
d.
Cash
Accounts receivable
Office supplies
Medical instruments
Office fixtures & equipment
Land
Building
Notes payable
Accounts payable
Capital stock
Retained earnings
Veterinary service revenue
Advertising expense
Salary expense

DR. SCHEKTER, DVM

Trial Balance
May 31, 2002

$14420
20
500
13000
5000
7000
18000

0
0
0
0
0
0
0

400
2800
$582600

$150000
30400
400000
0
2200
$582600

PROBLEM 35
DR. SCHEKTER, DMV (concluded)

e.
Total assets:
Cash
Accounts receivable
Office supplies
Medical instruments
Office fixtures & equipment
Land
Building
Total assets

$1442
2
50
1300
500
700
1800

Total liabilities:
Notes payable
Accounts payable
Total liabilities

$150000
30400

0
0
0
0
0
0
0

0
0
0
0
0
0
0

Total owners' (stockholders) equity:

Total assets total liabilities ($579,400 $180,400)

$579400

$180400
$399000

As shown below, the business was not profitable in its first month
of operations:
Veterinary service revenue
Less: Advertising expense
Salary expense

Net loss
Note to Instructor: It is not uncommon for new small businesses
to initially report a net loss from operations. In this particular
situation, there were so few revenue and expense transactions in
May that it is difficult, if not impossible, to draw any conclusions
about the expected performance of the veterinary clinic in the future.

2200

3200
( 1000)

400
2800