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Hello, can anyone please figure out what I'm doing wrong here? Ridgewood Healthcare, a group practice clinic with 10 physicians, had the following income in

Hello, can anyone please figure out what I'm doing wrong here? image text in transcribedimage text in transcribedimage text in transcribed

Ridgewood Healthcare, a group practice clinic with 10 physicians, had the following income in 2017: Revenue Less operating expenses $3,050,000 Salaries $1,210,000 138,000 70,500 48,000 47,000 110,000 248,000 3,650 285,000 231,000 19,600 65,000 Physicians Nurses Nursing aide Receptionist Accounting services Training Supplies Phone and fax Insurance Depreciation Utilities Miscellaneous Total operating expenses Income before taxes Less taxes on income Net income 2,475,750 574,250 200,988 $373,262 The following changes are expected in 2018: 1. The clinic is expecting a 2 percent decline in revenues because of increasing pressure from insurance companies 2. Physicians are planning to hire a physician assistant at a salary of $45,000 per year 3. Training costs are expected to increase by $19,000 4. Supplies are expected to increase to be 10 percent of revenue 5. Phone, fax, accounting services and insurance amounts will stay the same 6. Depreciation expense will increase by $21,000 per year, since the clinic is planning to purchase equipment for $125,000 6. Depreciation expense will increase by $21,000 per year, since the clinic is planning to purchase equipment for $125,000 7. Utilities and miscellaneous expenses are expected to increase by 5 percent next year 8. Taxes on income will be 35 percent. Prepare a budgeted income statement for Ridgewood Healthcare for the year 2018. (Round answers to 0 decimal places, e.g. 125.) idgewood Healthcare Budgeted Income Statement For the Year Ended December 31, 2018 Revenue 2,989,000 Less Operating expenses Salaries of Physicians Salaries of Nursing aid Salaries of Receptionist Salaries of Nurses Salaries of Physician assistant Accounting services Training 1,210,000 70,500 48,000 138,000 45000 47,000 129000 Supplies 305,000

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