Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
JAMAICA THEOLOGICAL SEMINARY/PORTMORE COMMUNITY COLLEGE MANAGEMENT OF HUMAN SERVICE ORGANIZATION 1 SEMESTER-2021/2022 ACADEMIC YEAR INDIVIDUAL IN-COURSE ASSESSMENT 10% ASSIGNED DATE: Monday, November 8, 2021 DUE
JAMAICA THEOLOGICAL SEMINARY/PORTMORE COMMUNITY COLLEGE MANAGEMENT OF HUMAN SERVICE ORGANIZATION 1" SEMESTER-2021/2022 ACADEMIC YEAR INDIVIDUAL IN-COURSE ASSESSMENT 10% ASSIGNED DATE: Monday, November 8, 2021 DUE DATE: Friday, November 19, 2021 On Sunday October 31, 2021, the Jamaica Sun reported that a number of young men who were recently released from the adult correctional centres, lacked the social skills required to effectively reintegrate into the society. Accordingly, the JMS Foundation will be implementing an initiative to provide approximately 30 of these young men with the necessary personal development coaching. This project requires financial help to the tune of $3 million dollars to be successful. Additionally, the Foundation hopes to continue to offer this programme after the first implementation The Foundation needs to select a Financier and have their financials ready to show how the organisation has been performing. They will also need to submit a budget to show how they plan to ulise the funds if successful. The Foundation data is as follows: Over the period January 1 to December 31, 2020, the Foundation received and spent as follows: Sales Revenue $2,500,000.00 Cost of Sales $ 500,000.00 Operating Expenses are as follows: Electricity (quarterly) $ 16,000.00 Internet (quarterly) $ 14,000.00 Mortgage payment (monthly) $ 50,000.00 Salary (annually) $ 1,000,000.00 Stationery (annually) $ 100,000.00 Promotional activities (annually)$ 300,000.00 As at December 31, 2020, the Foundation owned and owed the following: Bank Account $2,000,000.00 Cash $ 600,000.00 Receivables $1,200,000.00 Machinery and Equipment $4,000,000.00 Short term debt $ 620,000.00 Long term debt $2,400,000.00 For the upcoming initiative to be rolled in January 2022, for an initial period of six (6) months the Foundation anticipates the following income and projected expenses. Grant funding Own contribution $3,000,000.00 $1,000,000.00 Promotion Facilitators Opening and Graduation Ceremonies Stationery and Printing cost Travelling & Stipend Project Manager Books and learning aids Personal Coaching $ 600,000.00 $ 600,000.00 S 600,000.00 $ 100,000.00 $ 100,000.00 $ 500,000.00 $1,000,000.00 $ 500,000.00 As the accountant for JMS Foundation, you are required to use the above data to prepare the following: 1. Budget for the Project 10 marks 2. Income and Expenditure Statement - 20 marks 3. Balance Sheet - 20 marks JAMAICA THEOLOGICAL SEMINARY/PORTMORE COMMUNITY COLLEGE MANAGEMENT OF HUMAN SERVICE ORGANIZATION 1" SEMESTER-2021/2022 ACADEMIC YEAR INDIVIDUAL IN-COURSE ASSESSMENT 10% ASSIGNED DATE: Monday, November 8, 2021 DUE DATE: Friday, November 19, 2021 On Sunday October 31, 2021, the Jamaica Sun reported that a number of young men who were recently released from the adult correctional centres, lacked the social skills required to effectively reintegrate into the society. Accordingly, the JMS Foundation will be implementing an initiative to provide approximately 30 of these young men with the necessary personal development coaching. This project requires financial help to the tune of $3 million dollars to be successful. Additionally, the Foundation hopes to continue to offer this programme after the first implementation The Foundation needs to select a Financier and have their financials ready to show how the organisation has been performing. They will also need to submit a budget to show how they plan to ulise the funds if successful. The Foundation data is as follows: Over the period January 1 to December 31, 2020, the Foundation received and spent as follows: Sales Revenue $2,500,000.00 Cost of Sales $ 500,000.00 Operating Expenses are as follows: Electricity (quarterly) $ 16,000.00 Internet (quarterly) $ 14,000.00 Mortgage payment (monthly) $ 50,000.00 Salary (annually) $ 1,000,000.00 Stationery (annually) $ 100,000.00 Promotional activities (annually)$ 300,000.00 As at December 31, 2020, the Foundation owned and owed the following: Bank Account $2,000,000.00 Cash $ 600,000.00 Receivables $1,200,000.00 Machinery and Equipment $4,000,000.00 Short term debt $ 620,000.00 Long term debt $2,400,000.00 For the upcoming initiative to be rolled in January 2022, for an initial period of six (6) months the Foundation anticipates the following income and projected expenses. Grant funding Own contribution $3,000,000.00 $1,000,000.00 Promotion Facilitators Opening and Graduation Ceremonies Stationery and Printing cost Travelling & Stipend Project Manager Books and learning aids Personal Coaching $ 600,000.00 $ 600,000.00 S 600,000.00 $ 100,000.00 $ 100,000.00 $ 500,000.00 $1,000,000.00 $ 500,000.00 As the accountant for JMS Foundation, you are required to use the above data to prepare the following: 1. Budget for the Project 10 marks 2. Income and Expenditure Statement - 20 marks 3. Balance Sheet - 20 marks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started