Triple-F health Club Budget Paper

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24-7-custom-writing-serviceTriple-F health Club Budget Essay

Triple-F health Club Budget Assignment

 

  1. 2018 Budget for the Triple-F Health Club

Budget Item

$

Cash balance at the beginning of the period

$       7,300

Cash inflows:

 

Annual membership fees

$  402,200

Lesson and class fees

$  304,200

Miscellaneous

$       2,700

Total cash inflows

$  709,100

Cash outflows

 

Unpaid invoices for supplies and utilities

$    2,500

Annual mortgage payment

$    30,000

Adjoining Property down payment (25% of market value)

$    60,000

2017 New equipment balance

$    15,000

New Equipment

$    25,000

Manager's salary and benefits

$    41,400

Regular employees' wages and benefits

$  218,500

Lesson and class employees' wages and benefits

$  224,250

Towels and supplies

$    20,000

Utilities (heat and light)

$    27,500

Mortgage interest

$    32,400

Miscellaneous

$       2,500

Total cash outflows

$  699,050

Cash Surplus (deficit)

$    10,050

 

Cash balance at the end of the period

$    17,350

 

According to the budget above, the total cash inflows for Triple-F for the year 2018 will be $709,100, with these money being received from annual membership fees, lesson and class fees, and miscellaneous sources. The total of $402,200 received from membership fees is as a result of a 3% increase in the number of members and a 10% increase in the membership fees from 2017. An increase of 30% in the lesson and class fees was observed between 2016 and 2017. The same rate is applied between 2017 and 2018, resulting in the reported $304,200 received from lesson and class fees in 2018. Similarly, the same percentage change rate of 33.33% observed in the miscellaneous cash inflow between 2016 and 2017 was applied between 2017 and 2018 to come up with the figure of $2,700. Cash balance at the beginning of the period, including cash in the checking account ($7,000) and petty cash ($300), totaled to $7,300.

Considering the board’s desire to put in place a fund to purchase the adjoining property within the next five years, the initial cost has been included in the cash outflows. The same terms as those used in the current mortgage arrangement were used to calculate projections of cost distribution. As such, Triple-F paid a down payment of $120,000 for the land and building that were valued at $600,000. This formed 20% of the total cost. When calculated with the current market value of the adjoining property, $300,000, the down payment required for the adjoining property is $60,000. The company will be required to pay $60,000 plus an interest rate of 9% on the remaining mortgage balance, annually, for the adjoining property, as from 2019, for four years. In this budget, only the down payment is included. There was a 15% increase in the manager’s salary and benefits to $41,400 in 2018. A 15% increase was similarly applied on the hourly wages for the regular employees and lesson and class employees, obtaining a total of $218,500 for the regular employees’ wages and benefits, and $224,250 for the lessons and class employees’ wages and benefits. On the other hand, a 25% increase was applied on the 2017 towels and supplies, utilities, and miscellaneous expenses, obtaining totals of $20,000, $27,500, and $2,500 respectively. The mortgage interest of $32,400 was obtained by calculating 9% of the outstanding mortgage balance of $360,000. The total expenditure was established to be $699,050. This budget presents a surplus of $10,050 and a cash balance of $17,350 at the end of 2018...................GET A PLAGIARISM FREE COPY