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Please answer all the ones in the blank area The Museum of Contemporary Art (MOCA) is committed to the collection, presentation, and preservation of artwork

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Please answer all the ones in the blank area

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The Museum of Contemporary Art (MOCA) is committed to the collection, presentation, and preservation of artwork produced after 1940. MOCA has been in operation for over 20 years and operates on a fiscal year that begins on July 1. The museum is open 5 days per week, 52 weeks per year, and expects to start FY 2018 with $125,000 cash on hand. On July 1, MOCA will purchase a new building for $25,000,000 in order to increase space for exhibits and provide more programming to museum patrons. The museum expects the building to be in use for 50 years and to have no salvage value. To pay for the new building, MOCA will take out a loan on July 1 for the full cost of the building. The loan has an annual interest rate of 2.5%. Principal repayment on the loan must be made in 20 equal annual payments, due on the last day of each fiscal year, beginning at the end of FY 2018. The first loan repayment will be due at the end of FY 2018. Interest on the loan must also be paid on the last day of each fiscal year. Additionally, the museum has purchased equipment in previous fiscal years that will depreciate by $60,000 during FY 2018. During FY 2018, MOCA will charge $10 per general admission ticket and $8 per discounted ticket for students and senior citizens. The museum estimates that 300,000 patrons in total will visit the museum during FY 2018, spread evenly throughout the year, and that 25% of these patrons will pay the discounted ticket price. Payment for all tickets is received immediately. MOCA estimates that its gift shop will earn $800,000 in FY 2018; 60% of the gift shop revenue will be earned in the first half of the fiscal year and 40% in the second half. Payment for all gift shop purchases is received immediately. MOCA's full-time employees will earn $900,000 in salaries during FY 2018, spread evenly throughout the year and paid timely. MOCA also plans to hire 35 part-time employees. Part-time employees will work 20 hours per week, on average, 52 weeks per year, and will be paid $12 per hour. Part-time employees are paid with a one-month lag and earned $35,000 in total during June 2017. Utilities and maintenance will be equal to $35,000 a month in FY 2018 and will increase to $37,000 per month in FY 2019. Utilities and maintenance must be paid one month in advance. During FY 2018, the museum plans to order programs for its patrons at a cost of $0.50 per program. Each patron who purchases a ticket - general admission or discounted - will receive one program. The programs will be paid for in full during the first month of the fiscal year. Using the information above, complete the following budgets:Total Expenses Profit/(Loss) Semiannual Cash Budget Fiscal Year 2018 First Half Second Half Beginning Balance Cash Receipts Ticket Revenue Gift Shop Revenue Corporate Grant Total Cash Receipts Available Cash Cash Payments Salaries Part-time Wages Utilities & Maintenance Supplies/Programs Interest Total Cash Payments Subtotal Borrowing Repayments Investments Ending Balance marked incorrect. marked Incorrect. Museum of Contemporary Art Annual Operating Budget Fiscal Year 2018 Revenues & Support Ticket Revenue Gift Shop Revenue Corporate Grant Total Revenues & Support Expenses Salaries Part-time Wages Utilities & Maintenance Supplies/Programs Interest Depreciation Total Expenses Profit/(Loss) Semiannual Cash Budget Fiscal Year 2018 First Half Second Half Beginning Balance

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