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AgencyName:DepartmentOfCorrectionsAgencyCode:N040Section:65FiscalYearFY20232024 AgencyBudgetPlanFORMABUDGETPLANSUMMARYOPERATING REQUESTS (FORMB1) NONRECURRING REQUESTS (FORMB2) CAPITAL REQUESTSForFY20232024,myagencyis(mark):
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Gather all necessary financial documents such as income statements, balance sheets, and cash flow statements.
02
Determine the start and end dates for the fiscal year 2023-2024.
03
Calculate the total revenue earned during this time period.
04
Calculate the total expenses incurred during this time period.
05
Calculate the net income by subtracting total expenses from total revenue.
06
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The fiscal year 20232024 refers to the period of time from October 1, 2023, to September 30, 2024, during which an organization allocates its financial resources, prepares budgets, and conducts its accounting activities.
Entities that operate on a fiscal year ending between October 1, 2024, and September 30, 2025, including corporations, partnerships, and certain tax-exempt organizations, are required to file for fiscal year 20232024.
To fill out the fiscal year 20232024 forms, organizations need to gather financial statements, including income and expenses, complete the required tax forms accurately, and submit them according to the IRS guidelines.
The purpose of the fiscal year 20232024 is to provide a standardized timeframe for organizations to report their financial performance, plan budgets, and manage cash flows.
Organizations must report their income, deductions, credits, and other relevant financial data, including balance sheets, income statements, and any applicable tax payment information.
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