You have been asked to prepare a forecast of expenses for the entirety of Fiscal Year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You have been asked to prepare a forecast of expenses for the entirety of Fiscal Year 20X3 which runs from January 1 to December 31, 20X3 and have access to the most recent Departmental Expense Report. Departmental Expense Report January 1 - May 31, 20X3 Description Office Supplies (F) IV Solutions (V) Maintenance Contracts (F) Dues and Memberships (F) Total Med/Surg Supplies (V) Stock Drugs (V) Books & Periodicals (F) Miscellaneous (F) Units of Service Amount $1,500 164,000 24,000 3,250 680,000 238,000 450 1,200 $1.112.400 18,000 In addition to the numbers shown, you have the following information. In January, med/surg supplies amounting to $30,000 that had been purchased last fiscal year were returned to the vendor for a credit. In February, your department was charged $12,000 for a maintenance contract that covers the period from January 1 to December 31, 20X3. Lastly, you are anticipating the start of a new program that will begin early in the following fiscal year. You must rent space starting this year and will be making rent payments of $5,000 per month starting on September 1st. You have consulted your superiors about volume for the rest of the year and anticipate 4,000 units of service a month from June 1st through year-end. You have been asked to prepare a forecast of expenses for the entirety of Fiscal Year 20X3 which runs from January 1 to December 31, 20X3 and have access to the most recent Departmental Expense Report. Departmental Expense Report January 1 - May 31, 20X3 Description Office Supplies (F) IV Solutions (V) Maintenance Contracts (F) Dues and Memberships (F) Total Med/Surg Supplies (V) Stock Drugs (V) Books & Periodicals (F) Miscellaneous (F) Units of Service Amount $1,500 164,000 24,000 3,250 680,000 238,000 450 1,200 $1.112.400 18,000 In addition to the numbers shown, you have the following information. In January, med/surg supplies amounting to $30,000 that had been purchased last fiscal year were returned to the vendor for a credit. In February, your department was charged $12,000 for a maintenance contract that covers the period from January 1 to December 31, 20X3. Lastly, you are anticipating the start of a new program that will begin early in the following fiscal year. You must rent space starting this year and will be making rent payments of $5,000 per month starting on September 1st. You have consulted your superiors about volume for the rest of the year and anticipate 4,000 units of service a month from June 1st through year-end.
Expert Answer:
Answer rating: 100% (QA)
Forecast of Expenses for Fiscal Year 20X3 January 1 December 31 20X3 Office Supplies F 5000 IV Solutions V 816000 Maintenance Contracts F 36000 Dues a... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
You have been asked to prepare a report showing monthly sales by geographic region. Most of the managers using the report are not accountants, so your supervisor thought they would be more likely to...
-
You have been asked to prepare a brief statement about labor force participation rate for males and females (percentage of population age 15-64). Using statistics from the following table obtained...
-
You have been asked to prepare a brief presentation on the nature and purpose of the auditors' opinion for your investment club. The club members would like your presentation to answer these...
-
The dehydration butanol of alumina is carried out over a silica-alumina catalyst at 680K. CH3CH2CH2CH20H------->cat CH3CH=CHCH3 + H2O The rate law is -r Bu = KPBU/(1+KBuPBul with k= 0.054...
-
Describe the differences between functional and innovative products.
-
An investor is considering 4 investments, A, B, C and leaving his money in the bank. The payoff from each investment is a function of the economic climate over the next 2 years. The economy can...
-
Problem 24.25 describes two particles that orbit the earth's magnetic field lines. What is the frequency of the circular orbit for a. An electron with speed \(1.0 \times 10^{6} \mathrm{~m} /...
-
Mickey Lawson is considering investing some money that he inherited. The following payoff table gives the profits that would be realized during the next year for each of three investment alternatives...
-
Graph the function f(x) = -0.5x - 4+ 3 using a series of transformations.
-
Conrad Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Conrad Manufacturing's operations: Current assets as of December 31...
-
Complete the waveforms for A, B and z for the x input shown for both state machines. Assume falling edge triggered flip-flops are used for the state variables. 1/0 01 Clock X A B Z 0/0 0/0 A B 00 1/0...
-
Dennis has come to see you for advice on maximising his superannuation and minimising his tax payable as well as estate planning advice. Denis is aged 53 and is married to Ella, aged 49. They have 2...
-
For the second question, the insurer would not make a positive economic profit if they offer a premium of $2,000. The expected healthcare costs for the low-risk subgroup are $1,000 (10% x $10,000),...
-
Triple A Office Mart Income Statement (selected years) 1990 1989199019911992 Sales$3,800,000$4,180,000$4,850,000$6,000,000 Cost of goods sold(2,460,000)(2,975,000)(3,200,000)(4,180,000) Gross...
-
375 mm E A 80 N Find reactions at C and tension in the cable. B C a = 300 mm 200 mm 400 mm 175 mm
-
When last did you purchase something? Do you think there were elements of choice architecture evident during this purchase? How do you think these elements influenced your decision to purchase the...
-
Sanders Company has two production departments: Manufacturing and Finishing. Beginning inventories are: Work in processManufacturing, $6,030; Work in ProgressCompletion, $4,100; and Finished...
-
Tarick Toys Company manufactures video game consoles and accounts for product costs using process costing. The following information is available regarding its June inventories. The following...
-
Dudas Inc. sold a division of its business in 2017. Pertinent details follow: Required: Prepare the journal entry to record the sale of the assets assuming that Dudas Inc. uses the net method to...
-
Sandhawalia Inc. (SI) sold a division of its business in 2017 for $2,700,000 cash and a $1,800,000, 4% note repayable in annual installments of $495,882. The interest rate charged approximated the...
-
a. List the three primary sources of information required to prepare a statement of cash flows. b. A company may report its accounts receivable at the gross amount less an allowance for bad debts....
-
National Express and Stagecoach are both major providers of transport services in the UK. Here we compare their accounts of financial performance in their UK Bus divisions. National Express plc UK...
-
In the year, total turnover of 17.7bn was down 2% (2012/13: 18.1bn). When compared to the prior year the underlying operating margin of 4.9% fell by 40bps. This increased to 50bps after adjusting for...
-
Who we are Royal Mail is the UKs pre-eminent delivery company, connecting people, customers and businesses. As the UKs sole designated Universal Service Provider1, we are proud to deliver a...
Study smarter with the SolutionInn App