Electrocardiogram Finance Assingment Help With Solution
1. Variable and Fixed Costs
The following cost information has been turned over to you to calculate an estimated price for a new service. All salary is inclusive of fringe benefits and based on 2080 hours in a year.
The service has the following costs: average nurse time 15 minutes at $85,000/yr., average drug cost is $125, average supplies $30, exam room cost is $40 per patient, physician time averages10 minutes at $250,000/yr., business office at $5 per patient, nurse assistant is paid $50,000 per year averages 10 minutes.
Calculate the variable and fixed costs based on the information provided above.
The organization requires a 20% profit on each service. How much does the organization need to collect to recoup its costs and keep its profit margin? If the organization is a paid an average of 40%, then what is the gross charge for the procedure?
2. Contribution Margin
The clinic charges $200 per electrocardiogram (EKG, ECG and measure the electrical activity of the heart) and is paid an average of $90 after discounts. The lipid panel has $30 in variable costs and $10 in fixed costs. The clinic is expected to perform 8,000 tests in 2014. Annualize the data presented to develop a budget based on the information provided and calculate the following numbers: gross revenue, contribution margin, variable cost, discount, fixed cost, and operating income.
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3. Contribution Margin
The clinic charges $2500 for a MRI Scan and is paid an average of $1150 after discounts. The MRI has $200 in variable costs and $700 in fixed costs. The clinic is expected to perform 800procedures in 2014.
a. Annualize the data presented above to develop a budget based on the information provided Gross Revenue, contribution margin, variable cost, fixed cost, discount, and net income.
4. Breakeven Costs
Using the High-Low Method, calculate the variable cost per scan and the fixed cost, which is the proof of the correct number.
# of CT Scans Costs
January 500 $ 137,500
February 300 $ 112,500
March 200 $ 100,000
April 375 $ 121,875
May 400 $ 125,000
June 505 $ 138,125
July 375 $ 121,875
August 400 $ 125,000
September 380 $ 122,500
October 400 $ 125,000
November 500 $ 137,500
December 500 $ 137,500
Complete the questions related to the items listed below.
Value Salvage Value Useful Life
Accounting Software $ 40,000 5
Server $ 20,000 $2,000 5
Building $ 1,000,000 30
Land $ 100,000 –
Furniture $ 80,000 7
Calculate the depreciationexpense using the straight-line method of depreciation.
What is the depreciation expense for year 3?
What is the accumulated depreciation in year 3?
What is the net book value of the assets at the end of year 3?
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