2-22. Children's Best Hope (CBH) provides day care services to low-income families. CBH bills the state...
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2-22. Children's Best Hope (CBH) provides day care services to low-income families. CBH bills the state for its services under a service contract. Billings for the first 4 months of 2017 are anticipated to be as follows: January February March April $220,000 $200,000 $240,000 $230,000 CBH finds that it collects 25 percent of the amounts billed in the month of service with the balance collected in the month following service. CBH is planning to acquire a new building as an additional site for its services in March 2017. The full $250,000 purchase cost of the building will be financed with a mortgage loan. CBH anticipates a February 28, 2017, cash balance of $26,000. CBH anticipates the following expenses and disbursements for the month of March 2017: Payroll payments $170,000 Personnel expenses $160,000 Payments to suppliers $ 45,000 Supplies expense $ 48,000 Depreciation expense $ 12,000 Interest expense $6,000 2-22. Children's Best Hope (CBH) provides day care services to low-income families. CBH bills the state for its services under a service contract. Billings for the first 4 months of 2017 are anticipated to be as follows: January February March April $220,000 $200,000 $240,000 $230,000 CBH finds that it collects 25 percent of the amounts billed in the month of service with the balance collected in the month following service. CBH is planning to acquire a new building as an additional site for its services in March 2017. The full $250,000 purchase cost of the building will be financed with a mortgage loan. CBH anticipates a February 28, 2017, cash balance of $26,000. CBH anticipates the following expenses and disbursements for the month of March 2017: Payroll payments $170,000 Personnel expenses $160,000 Payments to suppliers $ 45,000 Supplies expense $ 48,000 Depreciation expense $ 12,000 Interest expense $6,000
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