Consider the following 2019 data for Madison General Hospital (in millions of dollars): Revenues Costs Profits Static Budget $4.7 $4.1 $0.6 Calculate the profit variance. Flexible Budget $4.8 $4.1 $0.7 Actual Results $4.5 $4.2 $0.3
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- 1 Consider the fallowing 2020 data for Queens General Hospital (in millions of dollars): Simple Flexible Actual Budget Budget Results Revenues $5.7 $3.8 $4.5 Cost 4.8 3.1 4.2 Profit 0.9 0.8 0.3 Calculate and interpret the two profit variances. Calculate and interpret the two revenue variances. Calculate and interpret the two cost variances. How are variances related?An assisted living has actual total revenues of 1.68 million, expenses of 1 million in 2018. The budgeted revenue was 1.7 million and the budgeted expenses were 900,000. What is the net income for 2018? What is the revenue variance (in dollars or percentage) for 2018? What is the total margin for 2018?Font Paragraph Styles 6. Assume you are the chief administrator of a small healthcare facility and are comparing the actual cost to the budgeted cost. Prepare a Comparative Analysis of Actual to Budget and write a brief paragraph on how you believe this unit performed during the year. 2021 Actual Difference 2020 Budget Dollars Dollars Dollars Maintenance Expense $300,000.00 $450,000.00 Dietary Expense $615,000.00 $645,000.00 General Services $21,500,000.00 ? $21,200,000.00 ? Supply Expense Total $5,500,000.00 $6,150,000.00
- Consider the following 2015 data for Newark General Hospital (in millions of dollars): Static Flexible Actual Budget Budget Results Revenues $4.7 $4.8 $4.5 Costs 4.1 4.1 4.2 Profits 0.6 0.7 0.3 a. Calculate and interpret the profit variance. b. Calculate and interpret the revenue variance. c. Calculate and interpret the cost variance. d. Calculate and interpret the volume and price variances on the revenue side. e. Calculate and interpret the volume and management variances on the cost side. f. How are the variances calculated above related?Chelsea Clinic projected the following budget information for 2020: Total FFS Visit Volume 90,000 visits Payer Mix: Blue Cross Highmark Reimbursement Rates: Blue Cross Highmark Variable Costs Resource Inputs: Labor Supplies Resource Input Prices: Labor Supplies Fixed Costs (overhead, plant, and equipment) 40% 60% $25 per visit $20 per visit 48,000 total hours 100,000 total units $25.00 per hour $1.50 per unit $500,000 a. Construct Chelsea Clinic’s operating budget for 2020. b. Discuss how each key budget assumption might result in a budget variance, and name the variance that would be used to examine results associated with each assumption.2. Consider the following three budgets for Minute Clinic during 2020: Static Budget Flexible Budget Actual Results Visits BCBS Patients Highmark Patients Total Patients 36,000 54,000 90,000 40,000 60,000 100,000 40,000 60,000 100,000 Revenue $900,000.00 $ 1,080,000.00 $ 1,980,000.00 BCBS Patients Highmark Patients Total Revenue $1,000,000.00 $1,200,000.00 $2,200,000.00 $ 1,120,000.00 S 1,080,000.00 $ 2,200,000.00 Expenses Variable $ 1,200,000.00 $ 150,000.00 $ 1,350,000.00 500,000.00 $ 1,850,000.00 $ 630,000.00 Labor $1,333,333.33 $ 166,666.67 $1,500,000.00 2$ $ 1,400,000.00 $225,000.00 $ 1,625,000.00 500,000.00 $ 2,125,000.00 Supplies Total Variable S 500,000.00 $2,000,000.00 $ 700,000.00 Fixed Total Expenses Contribution 575,000.00 Margin Net Profit $ 130,000.00 $ 200,000.00 75,000.00 Calculate and provide an interpretation of the profit variance. Calculate and provide an interpretation of the revenue variance (total). Calculate and provide and interpretation of the cost/expense…
- Statler Corporation wants to find an equation to estimate some of their monthly operating costs for the operating budget for 2021. The following cost and other data were gathered for 2020: (Click the icon to view the cost and other data) Read the requirements. Requirement 1. Which of the preceding costs is variable? Fixed? Mixed? Explain. Cost function Mixed Fixed Variable Cost Maintenance Health insurance Shipping costs Requirement 2. Using the high-low method, determine the cost function for each cost. Begin by selecting the general formula that represents the linear cost function for each cost. y = a +bX y = a y = bX Maintenance Health insurance Shipping costs Now determine the cost function for each cost. (Enter all values in the same format as the general linear formula. If an input field is not used in the Cost function Maintenance Explanation The cost neither remains constant in total nor remains constant per unit. Although the cost driver varies from month to month, the total…Question: Assume that an HMO's capitation payment to PCPs is $20 PMPM, but 15% of this amount is placed in the PCP risk pool. The budgeted amount for specialty and hospital costs is $40 PMPM. The purpose of the risk pool is to encourage the PCPs to take actions that cause realized specialty and hospital costs to be less than those budgeted. Cost is measured by the amount the HMO spends on each physician's referral. There are three PCPs: Physician A, Physician B, and Physician C. Assume that each physician has 1,000 patients. Suppose Physician A's actual referral costs are $500,000, Physician B's are $540,000, and Physician C's are $620,00. Finally, suppose that no PCP will receive any funds from the risk pool if it is empty at the end of the year, but if there are referral funds left in the risk pool at the end of the year, they will be divided equally among the three physicians. 1) What is the amount of referral gain (loss) for Physician A? a. -$100,000 b. -$36,000 c. -$20,000 d.…2. What will be the budgeted ‘Guest Supplies’ expenses for 2020 ($)? • Assume you are working on budgeting for the room department of your hotel. • Assume the hotel’s ‘Room Revenue (Sales)’ was $1,640,000 during 2019. Based on the lodging forecast report, you expect the ‘Room Revenue (Sales)’ to increase by 3.7% next year. • Assume the ‘Guest Supplies’ expenses (variable costs) from the room department was $246,000 during 2019. For 2020, this variable cost will remain at the same percentage of the Room Revenue (Sales) as experienced in 2019. • Assume the ‘Salaries’ expenses (fixed costs) from the room department was $280,000 during 2019. For 2020, this fixed cost will increase by 2% due to the expected increase in living expenses in this area. Note: The Answer field only accepts numbers. Thus, do not include $ or commas when you type your answer. Type your answer as a whole number (e.g., 200000).
- Given the information below, answer questions 1-3. • Assume you are working on budgeting for the room department of your hotel. • Assume the hotel’s ‘Room Revenue (Sales)’ was $1,640,000 during 2019. Based on the lodging forecast report, you expect the ‘Room Revenue (Sales)’ to increase by 3.7% next year. • Assume the ‘Guest Supplies’ expenses (variable costs) from the room department was $246,000 during 2019. For 2020, this variable cost will remain at the same percentage of the Room Revenue (Sales) as experienced in 2019. • Assume the ‘Salaries’ expenses (fixed costs) from the room department was $280,000 during 2019. For 2020, this fixed cost will increase by 2% due to the expected increase in living expenses in this area. 1. What will be the budgeted ‘Room Revenue (Sales)’ for 2020 ($)? Note: The Answer field only accepts numbers. Thus, do not include $ or commas when you type your answer. Type your answer as a whole number (e.g., 200000).Perform a sensitivity analysis on the budget for values from $5,000 to $35,000 inincrements of $5,000. Construct a graph of percentage reach versus budget. Is theadditional increase in percentage reach monotonically decreasing as the budget allocationincreases? Why or why not? What is your recommended budget? Explain.Using sensitivity analysis Rucker Company prepared the following budgeted income statement for 2019: Requirements Prepare a budgeted income statement with columns for 700 units, 1,300 units, and 1,700 units sold. How might managers use this type of budgeted income statement?
