Question
You have been assigned to the finance committee on the board of directors. Your committee is working on the first year operating budget for HCI.
You have been assigned to the finance committee on the board of directors. Your committee is working on the first year operating budget for HCI. Using the information provided in the project overview and the format provided below, create the Budgeted Statement of Operations for the first year using the accrual basis of accounting.
Healthy Community, Inc.
Budgeted Statement of Operations
For the fiscal Year ended September 30, 2019
Income from Operations:
Patient Care Services $72,000
Other Operating Income 0
TOTAL INCOME FROM OPERATIONS $72,000
Operating Expenses:
Salaries and Wages $128,656
Employee Benefits 0
Supplies:
Medical supplies 2,000
Drugs/Pharmeceuticals 5,000
Office supplies 500
Kitchen supplies 0
Cleaning supplies 0
Laundry Services 0
Utilities 12,000
Repairs and Maintenance
Insurance 55,000
Fees and licenses
Professional fees (accounting & attorney)
Building Lease 120
Depreciation
Total Expenses $
Operating Income (Loss) $
Non Operating Income (net of expenses)
Grants $100,000
In-kind donations
Contributions/Donations
Total Non Operating Income $
Total Income (Loss) $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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