San Mateo Healthcare had an equity balance of $1.50 million at the beginning of the year. At the end of the year, its equity balance was $2.10 million. Assume that San Mateo is a not-for-profit organization. What was its net income for the period? Solution Hence net income=$0.6 millions .

1. San Mateo Healthcare had an equity balance of $1.50 million at the beginning of the year. At the
end of the year, its equity balance was $2.10 million. Assume that San Mateo is a not-for-profit
organization. What was its net income for the period?
Solution
Hence net income=$0.6 millions
Particulars Figures (in $ millions)
Equity Balance at the end 2.1
Less Equity Balance at the beginning 1.5
Net Income 0.6