Review the Consolidated Financial Reports for Mayo Clinic and answer the following questions.

2021-Mayo-Clinic-Consolidated-Financial-Report.pdfDownload 2021-Mayo-Clinic-Consolidated-Financial-Report.pdf

Balance Sheet

1) What is a balance sheet?

2) Define asset. How much were the total assets for 2021? Did the total assets increase or decrease from 2020? What is the difference from 2021 to 2020? Provide three examples of assets that a healthcare organization would have.

3) Define liability. How much were the total liabilities for 2021? Did the total liabilities increase or decrease from 2020? What is the difference from 2021 to 2020? Provide three examples of liabilities that a healthcare organization would have.

4) How much did Mayo Clinic spend on payroll for 2021? Did the payroll expense increase or decrease from 2020? What is the difference from 2021 to 2020? What could be a reason for this change?

5) Define equity. What is the difference between total assets and total liabilities? Does Mayo Clinic have positive equity or negative equity?

Income Statement

1) What is an income statement?

2) Define revenue. What is the total revenue for 2021? Did the total revenue increase or decrease from 2020? What is the difference?

3) Define expenses. What is the total expenses for 2021? Did the total expenses increase or decrease from 2020? What is the difference?