Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Marshall B. Romney, Paul J. Steinbart

12th edition

132552620, 978-0132552622

More Books

Students also viewed these Accounting questions

Question

What are some of the topics they study?

Answered: 1 week ago