Fixed Variable element element per per month patient-visit $60.00 Revenues $24,000 Personnel expenses Medical supplies $6.60 $2.40 Occupancy expenses Administrative expenses $6,000 $5,000 The behaviour of the revenue and expenses is valid for between 1,500 and 4,000 patient-visits per month. tequired: Prepare a flexible budget for 2,000 and 3,000 patient-visits in a month. (14 marks) You may not need to use all the cells. Patient -visits
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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- Here are the 2015 revenues for the Wendover Group Practice Association for four different budgets (in thousands of dollars): Static Budget Flexible (Enrollment/ Flexible (Enrollment) Actual Utilization) Budget Budget Results $425 $200 $180 $300 a. What do the budget data tell you about the nature of Wendover's patients: Are they capitated or fee-for-service? (Hint: See the note to Exhibit 8.7.) b. Calculate and interpret the following variances: Revenue variance . Volume variance • Price variance Enrollment variance Utilization varianceUse the following information for Questions 16 & 17 Ibsen Clinic uses client-visits as its measure of activity. During December, the clinic budgeted for 3,300 client-visits, but its actual level of activity was 3,340 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for December: Data used in budgeting: Revenue Personnel expenses Medical supplies Occupancy expenses Administrative expenses Total expenses Actual results for December: Revenue Personnel expenses Medical supplies 16. $ 134,170 $ 80,776 $ 17,302 Occupancy expenses $ 15,754 Administrative expenses$ 8,296 17. C. d. Fixed element per month a. b. $0 $ 32,400 $76,620 $77,156 $79,809 $80,776 C. d. 1,500 9,100 6,700 $ 49,700 The personnel expenses in the flexible budget for December would be closest to: a. b. Variable element per client-visit $ 40.00 $13.40 4.80 2.10 0.40 $ 20.70 The net operating income in the flexible budget for December would be closest…Mayo Clinic uses patient-visits as its measure of activity. During September, the clinic budgeted for 3,000 patient-visits, but its actual level of activity was 2,900 patient-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for September: Data used in budgeting: Revenue Personnel expenses Medical supplies. Occupancy expenses. Administrative expenses.. Actual results for September: Revenue Personnel expenses. Medical supplies. Occupancy expenses. Administrative expenses..... Fixed element per month $27,600 $1,500 $6,200 $3,600 $105,010 $61,020 $22,120 $10,930 $4,570 Variable element per patient-visit $37.20 $11.30 $6.80 $1.70 $0.30 Compute the total Revenue variance (due to a difference in the actual amount collected per customer from expected). State answer as a positive.
- Sharifi Hospital bases its budgets on patient-visits. The hospital's static budget for October appears below: Budgeted number of patient-visits 7,000 Budgeted variable overhead costs: Supplies (es5.90 per patient-visit) $ 41,300 Laundry (@s8.90 per patient-visit) 62,300 Total variable overhead cost 103,600 Budgeted fixed overhead costs: Wages and salaries 54,650 Осcuрancy costs 86,850 Total fixed overhead cost 141,500 Total budgeted overhead cost $245,100 The total overhead cost at an activity level of 7,700 patient-visits per month should be:Capelli Hospital bases its budgets on patient-visits. The hospital's static budget for August appears below: Budgeted number of patient-visits 8,300 Budgeted variable costs: Supplies (@$8.40 per patient-visit) $ 69,720 Laundry (@$8.10 per patient-visit) 67,230 Total variable cost 136,950 Budgeted fixed costs: Wages and salaries 99,630 Occupancy costs 107,630 Total fixed cost 207,260 Total cost $ 344,210 Budgeted number of patient-visits 8,300 Budgeted variable costs: Supplies (@$8.40 per patient-visit) $ 69,720 Laundry (@$8.10 per patient-visit) 67,230 Total variable cost 136,950 Budgeted fixed costs: Wages and salaries 99,630 Occupancy costs 107,630 Total fixed cost 207,260 Total cost $ 344,210 What is total variable cost at activity level of 8,400 patient visits per month?Tennies Clinic uses client-visits as its measure of activity. During November, the clinic budgeted for 4,000 client-visits, but its actual level of activity was 3,990 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for November. Data used in budgeting: Revenue Personnel expenses Medical supplies occupancy expenses Administrative expenses Total expenses Actual results for November: Revenue Personnel expenses Medical supplies occupancy expenses Administrative expenses Multiple Choice $832 F $832 U $760 U Fixed element Variable element per per month client-visit $36.80 The spending varlance for medical supplies in November would be closest to: $760 F $30,900 1,900 9,000 7,300 $49,100 $147,032 $ 77,944 $ 31,460 $ 21,673 $ 7,859 $11.80 7.20 3.30 0.20 $22.50
- Evaluating the budgeting system in a service company Childrens Hospital of the Kings Daughters Health Systemin Norfolk, Virginia, introduced a new budgeting method that allowed the hospitals annual plan to be updated for changes in operating plans. For example, if the budget was based on 400 patient days (numberof patients number of days in the hospital) and the actual count rose to 450 patient days,the variable costs of staffing, lab work, and medication costs could be adjusted to reflect thischange. The budget manager stated, I work with hospital directors to turn data into meaningfulinformation and effect change before the month ends. a. What budgeting methods are being used under the new approach? b. Why are these methods superior to the former approaches?M. Cyrus Rehab Clinic bases its budgets on patient-visits. The clinic's fixed planning budget for November appears below. Note that this fixed budget is based on 8,100 patient-visits: Budgeted number of patient-visits 8,100 Budgeted variable costs: Supplies (@ $4.90 per patient-visit) $39,690 Laundry (@ $4.80 per patient-visit) 38,880 Budgeted fixed costs: Wages and salaries 46,980 Occupancy costs 44,550 Total expense $170,100 Required: Prepare a flexible budget for 8,900 patient-visits per month. Use the template below. Fill in the blanks for each budgeted expense and calculate total expense.Touro Dental Clinic uses patient-visits as its measure of activity. During January, the clinic budgeted for 3,600 patient-visits, but its actual level of activity was 3,500 patient-visits. The clinic uses the following revenue and cost formulas in its budgeting, where q is the number of patient-visits:Revenue: $39.70qPersonnel expenses: $38,700 + $11.50qMedical supplies: $1,000 + $7.30qOccupancy expenses: $11,700 + $1.30qAdministrative expenses: $6,700 + $0.30qThe clinic reported the following actual results for January: Revenue - $132,280 Personnel expenses - 76,500 Medical supplies - 26,300 Rent expenses - 16,310 Administrative expenses - 7,620 Required:Prepare a report showing the clinic's revenue and spending variances for April. Label each variance as favorable (F) or unfavorable (U). Fill in all lines. actual flexible…
- Capelli Hospital bases its budgets on patient-visits. The hospital's static budget for August appears below: Budgeted number of patient-visits Budgeted variable costs: Supplies (@$5.00 per patient-visit) 8,300 $ 41,500 Laundry (@$7.30 per patient-visit) 60,590 Total variable cost 102,090 Budgeted fixed costs: Wages and salaries 60,590 Occupancy costs 73,040 Total fixed cost 133,630 Total cost $235,720 The total variable cost at the activity level of 9,300 patient-visits per month should be: Multiple Choice $133,630 $114,390 $149,730 $102,090Willow Clinic bases its budgets on patient-visits. During October, the clinic plans for a level of activity of 2,250 patient-visits. The clinic has provided the following data concerning the formulas it uses in its budgeting: Fixed elementper month Variable element per patient-visit Revenue - $ 68.00 Personnel expenses $ 24,700 $ 26.00 Medical supplies $ 850 $ 7.40 Occupancy expenses $ 5,550 $ 3.20 Administrative expenses $ 4,250 $ 14.20 Required: Prepare the clinic's planning budget for October.Bickel Corporation uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of November: Bickel Corporation - Comparison of Actual Results to Planning Budget For the Month Ended November 30 Customers served Revenue ($3.504) Expenses: Mages and salaries ($24,200 $1.324) Supplies ($0.729) Insurance ($6,100) Miscellaneous expense (55,100 50.410) Total expense Net operating income Actual Results 43,000 $150,300 80,960 28,840 6,100 20,920 136,820 $ 11,400 Planning Budget 42,000 $147,000 79,640 30,240 6,100 22,320 138,300 $1,700 Variances $3,300 F 1,320 U 1,400 F 0 None 1,400 F 1,480 F $4,780 F Required: Prepare the company's Comprehensive Performance Report for November. Label each variance as favorable (F) or unfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance), Input all amounts as positive values.)