OK, I’m trying to work out a formula to calculate what a year’s expenses for me in Denmark would be. However, not all the numbers I have fit neatly into “one year” chunks.
the exact values aren’t so important now, but if it helps: http://wannabeakp.wordpress.com/budget/
YEAR ONE:
Start-off costs (things that only happen once, at the beginning): Entrance Fees, Student Visa, Mac Laptop, Airfare, Train, Travel Insurance, Health Insurance
Monthly costs: School Fee (per month, but only for 10 months), Living Costs (per month, for 12 months)
Could happen anytime within the year: Books & Materials (for the year)
YEAR TWO:
Monthly costs: School Fee (per month, but only for 10 months), Living Costs (per month, for 12 months)
Could happen anytime within the year: Books & Materials (for the year)
YEAR THREE:
Monthly costs: School Fee (per month, but only for 10 months), Living Costs (per month, for 12 months)
Could happen anytime within the year: Books & Materials (for the year)
(travel doesn’t figure in Year 2/3 because the assumption is that I stay in Denmark for the whole 3 years. There is a sem-long Outpost overseas in Year 2, so cost of supplies may be higher, but KP covers the travel. If I go back home or go elsewhere in those 2 years, that’s on my own dime.)
How can I calculate a good monthly (or at least small) figure out of all that info? I figured that people would be more likely to sponsor a month than a year or 3 years in a chunk. How do I organize this?
March 18, 2008 at 3:53 pm
Hi,
You can divide them into recurrent and non recurrent funding – monthly phasing.
For example, the start off costs would be classified as non-recurrent funding & the rest are recurrent.
NGOs usually have Service Agreement Plans with their funding sources, in which the funding is given monthly.
A suggestion would be to breakdown your yearly cost by 12 months. I.e. take your estimated yearly expenditure & break them down to 12 months. You can also approach different funding sources for the different types of costs you have. Like you said, people are more inclined to give when the amount is not too large.
all the best. hope this helps.
April 4, 2008 at 10:56 am
Instruction: Discuss the appropriateness of the journal entries in terms of generally accepted accounting principles.
1. The president of Fresh Horses, Inc. used his expense account to purchase a new Suburban solely for personal use. The following journal entry was made.
Miscellaneous Expense 29,000
Cash 29,000
2. Merchandise inventory that cost $620,000 is reported on the balance sheet at $690,000, the expected selling price less estimated selling costs. The following entry was made to record this increase in value.
Merchandise Inventory 70,000
Revenue 70,000
3. The company is being sued for $500,000 by a customer who claims damages for personal injury apparently caused by a defective product. Company attorneys feel extremely confident that the company will have no liability for damages resulting from the situation. Nevertheless, the company decides to make the following entry.
Loss from Lawsuit 500,000
Liability for Lawsuit 500,000
4. Because the general level of prices increased during the current year, Fresh Horses, Inc. determined that there was a $16,000 understatement of depreciation expense on its equipment and decided to record it in its accounts. The following entry was made.
Depreciation Expense 16,000
Accumulated Depreciation 16,000
5. Fresh Horses, Inc. has been concerned about whether intangible assets could generate cash in case of liquidation. As a consequence, goodwill arising from a purchase transaction during the current year and recorded at $800,000 was written off as follows.
Retained Earnings 800,000
Goodwill 800,000
6. Because of a “fire sale,” equipment obviously worth $200,000 was acquired at a cost of $155,000. The following entry was made.
Equipment 200,000
Cash 155,000
Revenue 45,000
April 4, 2008 at 10:58 am
Uh, Emeric, I’m not a maths or accounting teacher, so I can’t help you with your homework. Sorry.
April 4, 2008 at 12:06 pm
Then, what are you?
April 4, 2008 at 1:42 pm
Am I allowed to laugh? Emeric is pretty funny.
It says maths/accounting help needed, not dispensed freely.
Also, what kind of company name is Fresh Horses, Inc?
April 4, 2008 at 2:26 pm
Syar: OMG. I was reading about very similar phenomena on The Daily WTF (about everyone piling on to a question about programming code, with homework “help”) but I never thought it would happen to me!
Emeric: I am a young person who was fundraising for entry into a social entrepreneurship school, and I needed some help with my own budget.
By the way, publishing your entire homework online and expecting people to solve it for you isn’t the best way to get your homework done. You can ask for help, sure, but at least do some of the work yourself.
July 31, 2008 at 8:46 pm
i want to lean maths and accounting becuse is part of me,