Application: Expense Forecasting
Throughout this course, you’ve examined the importance of anticipating financial fluctuations that may impact your organization’s ability to provide services. While financial managers have no time machines or crystal balls, they do have expense forecasts. Expense forecasting is one of the preeminent tools that financial managers can use to prepare their organizations fiscal turbulence. In this Assignment, you will examine a scenario and generate a corresponding expense forecast in Excel.
Note: Assignments in this course that require you to perform calculations you must:
Create an Excel spreadsheet containing the information provided.
Show all your work.
Answer any questions included with the problems (as text in the Excel spreadsheet).
not comfortable with the use of Microsoft Excel, this week’s Optional Resources suggest several tutorials.
Review the information in this week’s Learning Resources (including the Media) dealing with expense forecasting, how it is calculated and how it can be used in decision making.
Carefully examine the information in the scenario below and consider how calculations using this information can be used to answer the questions asked.
Expense Forecasting Scenario
Your department has performed 20,000 procedures during the first six months (January–June) of 20X1. Spending during that period of time was $210,000 expense items and $1,200,000 expense items. Of those amounts, $50,000 of fixed expense money was spent on preparing Joint Commission survey. Volume is anticipated to be 10% higher in the second half of the year. On November 1st, two new procedure technicians will begin work. The salary and fringe benefit costs are $96,000/year. Based on the information provided, prepare an expense forecast .
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