Sipacore Healthcare, a group practice clinic with 10 physicians, had the following income in 2017: Revenue $3,200,000 Le...
Sipacore Healthcare, a group practice clinic with 10 physicians, had the following income in 2017:
Revenue
$3,200,000
Less operating expenses:
Salaries
Physicians
$1,330,000
Nurses
137,000
Nursing aide
72,500
Receptionist
53,000
Accounting services
49,000
Training
129,000
Supplies
232,000
Phone and fax
3,700
Insurance
259,000
Depreciation
247,000
Utilities
21,700
Miscellaneous
71,000
Total operating expenses
2,604,900
Income before taxes
595,100
Less taxes on income
208,285
Net income
$386,815
The following changes are expected in 2018:
1. The clinic is expecting a 2
percent decline in revenues because of increasing pressure from
insurance companies.
2. Physicians are planning to hire a
physician assistant at a salary of $54,000 per year.
3. Training costs are expected to
increase by $19,000.
4. Supplies are expected to increase
to be 10 percent of revenue.
5. Phone, fax, accounting services
and insurance amounts will stay the same.
6. Depreciation expense will
increase by $21,000 per year, since the clinic is planning to
purchase equipment for $125,000.
7. Utilities and miscellaneous
expenses are expected to increase by 5 percent next year.
8. Taxes on income will be 35
percent.
Prepare a budgeted income statement for Sipacore Healthcare for the year 2018. (Round answers to 0 decimal places, e.g. 125.)
Sipacore Healthcare
Budgeted Income Statement
$
:
:
$
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