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Use the respective Xcel template while answering the following TWO questions: Qu

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Use the respective Xcel template while answering the following TWO questions:
Question 1. Finn Fixes is a new charity that repairs donated cars for use by unemployed job seekers. Finn collects the cars from area junkyards. The first year Finn is in operation, jobs programs bought cars from the organization for $60,000. They paid Finn $45,000 during the year and owe $15,000. Finn uses donated, unskilled labor and free garage space at a local high school. Its only cost is for parts. Total parts cost $58,000 for the year. During that first year Finn paid its parts suppliers $52,000. It owes its suppliers the balance.
What is the profit or loss to Finn Fixes on a cash basis?
What is the profit or loss to Finn Fixes on an accrual basis?
If Finn Fixes were to stop operating at the end of the first year but received payment from the jobs programs and paid its suppliers, what would its cash budget for the next year be?
How much cash would Finn Fixes have on hand at the end of the second year? How does that amount compare to its budgeted accrual basis profit or loss for the first year?
Which basis reflects the long-term stability of the organization?
Question 2. The executive director of Mutt Rescue (MR) animal shelter has asked you to prepare an annual budget for the coming fiscal year as well as a flexible budget based on a 5 percent increase in the number of dogs taken into MR’s shelter during the year. She has given you the following guidelines:
Number of dogs rescued and placed by MR: 800
Average length of stay for a dog in the shelter: 12 days
Daily cost of feeding one dog: $1.10
Number of veterinary visits per dog on average: 1.2
Cost per veterinary visit: $45
Cost of spay/neuter and transportation per dog rescued: $60
Cost of the kennel and related equipment: $400,000
Useful life of the kennel and related equipment: 20 years
MR uses straight-line depreciation
Salvage value of the kennel and related equipment: $0
MR has three full-time employees: an executive director who earns $40,000 per year, an evaluator/trainer who earns $30,000 per year, and a kennel manager who earns $25,000. Fringe benefits are equal to 25 percent of each employee’s annual salary.
MR expects to place all the dogs that it takes into the program by the last day of the fiscal year. It charges an adoption fee of $225 per dog. Experience has shown that 15 percent of the people elect to make an additional donation to MR at the time of adoption. Historically, these extra donations have averaged $175. In addition, MR has an active fundraising program and expects to raise $40,000 in donations during the fiscal year.

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