Budget vs Actual Worksheet You are responsible for completing a budget for an Ambulatory Clinic. Here are the assumptions: INITIAL BUDGET a. The budget anticipated 65,000 inpatient days this year at an average of $960 per day. b. Inpatient expenses were budgeted at $850 per day. c. The budget anticipated 27,000 outpatient visits this year at an average of $675 revenue per visit. d. Outpatient expenses were budgeted at $520 per visit. ACTUAL RESULTS a. Assume that only 56,550 or 87% of the inpatient days are going to actually be achieved for the year. b. The average revenue of $960 per day will be achieved for these 56,550 inpatient days. c. The Outpatient visits will actually amount to 120% of budget or 30,240 for the year. d. The average revenue of $475 per visit will be achieved for these 30,240 visits. e. Actual inpatient expenses will amount to $14,600,000 and actual outpatient expenses will amount to $5,220,000. REQUIRED: A. Prepare the budget and the actual on the attached worksheet.

Budget vs Actual Worksheet You are responsible for completing a budget for an Ambulatory Clinic. Here are the assumptions: INITIAL BUDGET a. The budget anticipated 65,000 inpatient days this year at an average of $960 per day. b. Inpatient expenses were budgeted at $850 per day. c. The budget anticipated 27,000 outpatient visits this year at an average of $675 revenue per visit. d. Outpatient expenses were budgeted at $520 per visit. ACTUAL RESULTS a. Assume that only 56,550 or 87% of the inpatient days are going to actually be achieved for the year. b. The average revenue of $960 per day will be achieved for these 56,550 inpatient days. c. The Outpatient visits will actually amount to 120% of budget or 30,240 for the year. d. The average revenue of $475 per visit will be achieved for these 30,240 visits. e. Actual inpatient expenses will amount to $14,600,000 and actual outpatient expenses will amount to $5,220,000. REQUIRED: A. Prepare the budget and the actual on the attached worksheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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