What is the Difference between Gross income and Net income

What is the Difference between Gross income and Net income

Instructions
Columbia Needycare is a clinic in south Florida that provides basic medical care for homeless and indigent patients. Unit II Case Study. The clinic is a nonprofit organization that receives revenue from however much patients can pay at the time of their visit. These revenues totaled $5 million in 2017. The clinic’s expenses, other than its
depreciation, totaled 70% of its revenues. The depreciation expenses were $1
million. Other than depreciation, the clinic pays all of its expenses with cash because
all of its revenues are collected in cash. Based on this information, complete the
following items for Part I of the case study.
§Develop an income statement for Columbia Needy care for 2017.
§Calculate the total profit margin and net income for the clinic.
§Explain the difference between gross income and net income.
For Part II of this case study, suppose that the clinic has an opportunity to purchase
an additional building in another part of the city to help more patients. The new
building will cost $480,000, but it will also need $35,000 in renovations. Based on this
information, answer the following questions:
§Can the clinic afford to purchase and renovate the new facility?
§Do you have enough information to make this decision? If so, how would you
recommend that the clinic handle the financing for purchasing and renovating the
facility? If no, what additional information would clinic managers need to make this
decision?
Combine both parts of the case study in one document. Your case study must be at
least two pages in length and use APA format. Be sure to include a separate title
page and reference page. You are required to use at least your textbook for the
assignment. You must cite and reference your textbook and any other sources used.

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APA 423 words