{"id":17068,"date":"2020-11-24T09:15:55","date_gmt":"2020-11-24T09:15:55","guid":{"rendered":"http:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/prior-year-financial-statements\/"},"modified":"2020-11-24T09:15:55","modified_gmt":"2020-11-24T09:15:55","slug":"prior-year-financial-statements","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/prior-year-financial-statements\/","title":{"rendered":"Prior year financial statements"},"content":{"rendered":"<style type=\"text\/css\"><\/style><p>You have been asked to take prior year financial statements and prepare next year\u2019s budget by factoring in some changes expected in the next year, including lost revenue, opportunities for additional revenue, etc\u2026 To make the budget balance you will have to cut expenses in a thoughtful and strategic manner. My instructions will step you through\u00a0<a href=\"https:\/\/homeworkhandlers.com\/three\/\">three<\/a>\u00a0Excel worksheets starting with the prior year financial statements and ending with next year\u2019s budget.<\/p>\n<p>Use these Excel workbook \u201cWorksheets for Chapter 8 Case Study\u201d to complete this assignment. Look at the tabs at the bottom of the workbook for each of the three worksheets you need to complete.<\/p>\n<p>Step-by-step instructions:<\/p>\n<p>Worksheet 8.3 (prior year statement of activities by account categories):<br \/>\nUse the June 30, 2011 column of the trial balance under Table 8.14 on\u00a0<a href=\"https:\/\/homeworkhandlers.com\/pages\/\">pages<\/a>\u00a0177-8 to complete this worksheet. You\u2019ll need to add together accounts for each category. For example, Government Grants = Acct. 4101 through 4103.<br \/>\nEnter amounts in thousands. For example, $79,451.25 will be $79.<br \/>\nCheck Figures: Revenue less expenses = $35.<br \/>\nWorksheet 8.4 (prior year statement of activities allocated out to programs and support categories):<br \/>\nUsing the trial balance from Table 8.14, allocate each line over its programs and support subcategories.<br \/>\nFor example, Government Grants will be accounted 4101 through 4103, but only 4101 and 4102 go under the HOPE column. 4103 goes under CARE.<br \/>\nAdd together the two subcategories (program and support) column totals to reach the Total column amounts at the far right. This column will tie to the 2011\/10 revenues and expenses in Worksheet 8.3.<br \/>\nCheck Figures: \u201cHope\u201d revenue less expenses = $106, the \u201cSupport\u201d subtotal revenue less expenses = $(151) and the Total Column revenue \u2013 expenses = $35.<br \/>\nWorksheet 8.5 (upcoming year statement of activities budget = prior year adjusted for changes in the upcoming year):<br \/>\nInput all the numbers from Worksheet 8.4.<br \/>\nAs you make the following changes, take notes on what you are changing and why. This will help with the recommendations section at the end!<br \/>\nThen adjust (reduce) the revenues for the changes listed in instruction #5 at the bottom of page 180. These changes affect the HOPE program and Admin. support.<br \/>\nThen adjust the revenues in the CARE program to maximize the revenue possibilities listed in Table 8.16 on page 182.<br \/>\nConsider\u00a0<a href=\"https:\/\/homeworkhandlers.com\/other\/\">other<\/a>\u00a0realistic possibilities for increasing revenues through special events, etc\u2026 and reflect them in the worksheet.<br \/>\nBased on these changes, adjust the expenses in a reasonable manner to reflect the above changes in revenue.<br \/>\nYou need to adjust the expenses in a thoughtful and strategic manner to get to a breakeven ($0) \u201crevenues less expenses\u201d in the Total column.<br \/>\nRecommendations will describe how you overcome the lost revenue. This is worth almost of a third of the assignment, so don\u2019t forget this!<\/p>\n<p>How were revenues decreased?<br \/>\nWhat other revenue sources did you plan to increase and how?<br \/>\nWhat expenses did you decide to adjust and what reasoning do you have for these changes?<\/p>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>You have been asked to take prior year financial statements and prepare next year\u2019s budget by factoring in some changes expected in the next year, including lost revenue, opportunities for additional revenue, etc\u2026 To make the budget balance you will have to cut expenses in a thoughtful and strategic manner. My instructions will step you&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-17068","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prior year financial statements - onlineclassesguru<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/prior-year-financial-statements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prior year financial statements - onlineclassesguru\" \/>\n<meta property=\"og:description\" content=\"You have been asked to take prior year financial statements and prepare next year\u2019s budget by factoring in some changes expected in the next year, including lost revenue, opportunities for additional revenue, etc\u2026 To make the budget balance you will have to cut expenses in a thoughtful and strategic manner. 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