FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Jackson County Senior Services is a nonprofit organization devoted to providing essential services to seniors who live in their own homes within the Jackson County area. Three services are provided for seniors-home nursing, Meals On Wheels, and housekeeping. Data on revenue and expenses for the past year follow: Revenues Variable expenses Contribution margin Fixed expenses: Depreciation Liability insurance Program administrators' salaries General administrative overhead* Total fixed expenses Net operating income (loss) Req 1A Total $ 930,000 481,000 449,000 Req 1B 69,800 42,700 Req 2A 113,800 186,000 412,300 $ 36,700 Req 2B Home Nursing $ 266,000 120,000 146,000 Complete this question by entering your answers in the tabs below. 8,500 20,300 40,100 53,200 122, 100 $ 23,900 Req 1A *Allocated on the basis of program revenues. The head administrator of Jackson County Senior Services, Judith Miyama, considers last year's net operating income of $36,700 to be unsatisfactory; therefore, she…arrow_forwardProjected revenue for year 20X1 is as follows: $823,155 in January, $685,546 in February, $454,050 in March, and $811,904 in April. Historical net revenues categorized by payer: Payer Revenue Percent Medicare 8,931,228 Medicaid 11,906,868 Blue Cross 10,159,306 Private 5,082,192 Total ? Collection patterns by payer: Payer Within 1 Month Within 2 Months Within 3 Months Within 4 Months Total Medicare 18% 26% 28% ? 100% Medicaid 6% 20% 49% ? 100% Blue Cross 11% 43% 26% ? 100% Private 59% 28% 6% ? 100% How much revenue do we expect to collect in total in March? (Do not round intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign and commas in your response. For example, $12.3456 should be entered as 12.35.)arrow_forwardMargaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows: Gross income Travel Contribution to Presidential Election Campaign Transportation 5,300 miles equally across the year, using standard mileage method Entertainment in total Nine gifts at $50 each Rent and utilities for apartment in total (25 percent is used for a home office) Gross income Expenses: Travel Political contribution Transportation Entertainment Complete the table below to determine the net income Margaret should show on her Schedule C. If an amount is zero, enter "0". If required, round the amounts to the nearest dollar. Gifts Rent and utilities Total expenses Taxable business income 45,000 1,000 0 0 225 $45,000 1,000 100 2,625 X X ? X 4,200 450 10,500arrow_forward
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