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Case Study on Dhaka Institute of Management Studies (DIMS) Dhaka Institute of Management Studies (DIMS), is a non-profit organization that sponsors a wide variety of management seminars throughout Bangladesh. In addition, it is heavily involved in research into improved methods of teaching and motivating university administrators. The seminar activity is largely supported by fees, and the research program is supported by membership dues. DIMS operates on a calendar-year basis and is finalizing the budget for 2023. The following information has been taken from approved plans, which are still tentative at this time: SEMINAR PROGRAM - Revenue-The scheduled number of programs should produce 612,000,000 of revenue for the year. Each program is budgeted to produce the same amount of revenue. The revenue is collected during the month the program is offered. No programs are held during June, July, August, and December. 12% of the revenue is generated in each of the first five months of the year, and the remainder is distributed evenly during September, October, and November. - Direct expenses-The seminar expenses are made up of three types: - Instructors' fees are paid at the rate of 70% of seminar revenue in the month following the seminar. The instructors are considered independent contractors and are not eligible for DIMS employee benefits. - Venue fees total t55,600,000 for the year. They are the same for each program and are paid in the month the program is given. Annual promotional costs of t1,000,000 are spent equally in all months except June and July when there is no promotional effort. RESEARCH PROGRAM - Research grants - The research program has a large number of projects nearing completion. The main research activity in 2023 includes feasibility studies for new projects to be started in 2024. As a result, the total grant expense of 63,000,000 for 2023 is expected to be paid out at the rate of 6500,000 per month during the first six months of the year. SALARIES AND OTHER OFFICE EXPENSES - Office lease-annual amount of 6240,000 paid monthly at the beginning of each month. - General administrative expenses- 1,500,000 annually or 6125,000 per month. These are paid in cash as incurred. - Depreciation expense-t 6240,000 per year. - General DIMS promotion-annual cost of t600,000, paid monthly. - Salaries and benefits are as follows: - Employee benefits amount to 25% of annual salaries. Except for the pension contribution, the benefits are paid as salaries are paid. The annual pension payment of 524,000 , based on 2.5% of total annual salaries, is due on April 15, 2023. OTHER INFORMATION - Membership income-DIMS has 100,000 members who each pay an annual fee of t 100 . The fee for the calendar year is invoiced in late June. - The collection schedule is as follows: July, 60 percent; August, 30 percent; September, 5 percent; and October, 5%. - Capital expenditures -The capital expenditures program calls for a total of 6510,000 in cash payments to be spread evenly over the first five months of 2023. - Cash in hand on January 1, 2023, are estimated at 6750,000. Requirements: c. Schedule of excess or deficiency of cash in each month of 2023. d. Based on the schedules prepared in parts (a), (b), and (c), discuss your findings. Do you notice any problem(s)? If yes, recommend a strategy to manage the problem(s) as a Management Accounting Consultant