For more than 75 years, the Jack Miner Gallery of Kingsville (JMGK) has offered a variety...

 

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For more than 75 years, the Jack Miner Gallery of Kingsville (JMGK) has offered a variety of art sessions for artists of all ages and skill levels at the Billy Fontaine School of Profit Inc., (BFS). The BFS is a profit-oriented operation with a mission to inspire creativity, exploration, and artistic expression in the general public while raising funds for the JMGK. Any cash surplus arising from the running of the BFS is re-directed to the JMGK to fund renovations and curate artwork. It is now November 11, 2022. You, CPA, have just joined the JMGK Board of Directors (Board). It has been a few years since the organization has had a CPA as a Board member and the other Board members are glad to have someone with your skill set. At the last Board meeting on October 20, 2022, the JMGK Board was told that the BFS bank account was in an overdrawn position of $1,350. The JMGK Board does not understand how this could have happened when there is full session enrollment, minimal expenses, and there was a balance of $5,000 at the start of the year. You have been asked to determine the expected cash flow to be generated by the BFS for the year ended December 31, 2022. For more than 75 years, the Jack Miner Gallery of Kingsville (JMGK) has offered a variety of art sessions for artists of all ages and skill levels at the Billy Fontaine School of Profit Inc., (BFS). The BFS is a profit-oriented operation with a mission to inspire creativity, exploration, and artistic expression in the general public while raising funds for the JMGK. Any cash surplus arising from the running of the BFS is re-directed to the JMGK to fund renovations and curate artwork. It is now November 11, 2022. You, CPA, have just joined the JMGK Board of Directors (Board). It has been a few years since the organization has had a CPA as a Board member and the other Board members are glad to have someone with your skill set. At the last Board meeting on October 20, 2022, the JMGK Board was told that the BFS bank account was in an overdrawn position of $1,350. The JMGK Board does not understand how this could have happened when there is full session enrollment, minimal expenses, and there was a balance of $5,000 at the start of the year. You have been asked to determine the expected cash flow to be generated by the BFS for the year ended December 31, 2022.

Answer rating: 100% (QA)

To determine the expected cash flow to be generated by the Billy Fontaine School of Profit Inc BFS f... View the full answer