Accounting EZ-Tax is a tax accounting practice with partners and staff members. Each billable hour of partner time has a $520 budgeted price and $230 budgeted variable cost. Each billable hour of staff time has a budgeted price of $140 and a budgeted variable cost of $80. For the most recent year, the partnership budget called for 8,200 billable partner-hours and 36,650 staff-hours. Actual results were as follows. Partner revenue $ 3,884,000 7,700 hours Staff revenue $ 5,065,000 36,000 hours Required: a. Compute the sales price variance. b. Compute the total sales activity variance. c. Compute the total sales mix variance. d. Compute the total sales quantity variance. (For all requirements, do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Enter your answers rounded to the nearest whole dollar) a. Partner Staff b. Sales activity variance C. Sales mix variance d. Sales quantity variance

Accounting EZ-Tax is a tax accounting practice with partners and staff members. Each billable hour of partner time has a $520 budgeted price and $230 budgeted variable cost. Each billable hour of staff time has a budgeted price of $140 and a budgeted variable cost of $80. For the most recent year, the partnership budget called for 8,200 billable partner-hours and 36,650 staff-hours. Actual results were as follows. Partner revenue $ 3,884,000 7,700 hours Staff revenue $ 5,065,000 36,000 hours Required: a. Compute the sales price variance. b. Compute the total sales activity variance. c. Compute the total sales mix variance. d. Compute the total sales quantity variance. (For all requirements, do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Enter your answers rounded to the nearest whole dollar) a. Partner Staff b. Sales activity variance C. Sales mix variance d. Sales quantity variance

Name: AccountingEZ-Tax is a tax accounting practice with partners and staff
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: AccountingEZ-Tax is a tax accounting practice with partners and staff members. Eachbillable hour of partner time has a $520 budgeted price and $230 budgetedvariable cost. Each billable hour of staff time has a budgeted price of $140 anda budgeted va

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The director of public works needs to distribute the indirect cost allocation of $1.2 million to the three branches around the city. She will use the information from last year to determine the rates for this year. a. Determine this year’s indirect cost rates for each branch. b. Use the rates from last year and records for this year to distribute the allocation for this year. How much of the $1.2 million is actually distributed?
please answer within 30 minutes...
Why is there a need for you to propose the project or program? What are the benefits that your community/locality can get from the implementation of such?
Sager
The partnership of Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows: $73,440 101,520 Ben Testerman The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $41,040 cash for a 19% interest. Dennis Overton 2. Net income of $280,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $60,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting Campbell. 3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income. Prepare a statement of partnership equity for the year ended December 31, 20Y5. If an amount box does not require an entry, leave it blank. Angel Investor Associates Statement of Partnership Equity For the Year Ended December 31, 20Y5 Ben Testerman, Capital Balances,…
subject:accounting
Activity-Based Flexible Budgeting Foy Company has a welding activity and wants to develop a flexible budget formula for the activity. The following resources are used by the activity: • Four welding units, with a lease cost of $11,000 per year per unit • Six welding employees each paid a salary of $51,000 per year (A total of 12,000 welding hours are supplied by the six workers.) • Welding supplies: $400 per job • Welding hours: 4 hours used per job During the year, the activity operated at 85 percent of capacity and incurred the following actual activity and resource costs. • Lease cost: $44,000 • Salaries: $321,300 • Parts and supplies: $1,014,900 1. Prepare a performance report for the welding activity. In the last column of Foy Company Activity-Based Performance Report, if variance amount is unfavorable select "U" , select "F", if it is Favorable and select "NA" if there is no variance. Foy Company Activity-Based Performance Report Activity Actual Cost Budgeted Cost…
The partnership of Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows: Dennis Overton $180,000 Ben Testerman 120,000 The following additional partner transactions took place during the year: In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. Net income of $150,000 was earned in 2015. In addition, Dennis Overton received a salary allowance of $40,000 for the year The three partners agree to an income-sharing ratio equal to their capital balances after admitting Campbell. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income. Prepare a statement of partnership equity for the year ended December 31, 20Y5.
Please do not give solution in image format thanku
Hudson Community College enrolls students in two departments, Liberal Arts and Sciences. The college also has two service departments, the Library and the Computing Services Department. The usage of these two service departments' output for the year is as follows: User of Service Library Computing Services Liberal Arts Sciences Provider of Service Computing Services 20% Library Computing Services Library 65% 35% The budgeted costs in the two service departments for the year are as follows: $1,090,000 550,000 30% 50% Required: 1. Use the step-down method to allocate Hudson Community College's service department costs to the Liberal Arts and Sciences departments. (Do not round intermediate calculations.) Allocation of Computing Service costs Allocation of Library costs Total costs allocated to each department Liberal Arts Sciences
Professional Labor Cost Budget for a Service Company Rollins and Cohen, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending December 31, 20Y7: Billable Hours Audit Department: Staff 37,500 Partners 5,600 Tax Department: Staff 27,400 Partners 3,400 Small Business Accounting Department: Staff 4,900 Partners 700 Based on the data provided above and assuming that the average compensation per hour for staff is $45 and for partners is $140, prepare a professional labor cost budget for each department for Rollins and Cohen, CPAS, for the year ending December 31, 20Y7. Rollins and Cohen, CPAS Professional Labor Cost Budget For the Year Ending December 31, 20Y7 Staff Partners Audit department hours Tax department hours Small business accounting department hours Total hours Average compensation per hour X $ Total professional labor cost $
Professional Labor Cost Budget Day & Spieth, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending March 31, 20Y6: Billable Hours Audit Department: Staff 28,200 Partners 4,200 Tax Department: Staff 20,600 Partners 2,600 Small Business Accounting Department: Staff 3,400 Partners 500 Assume that the average compensation per hour for staff is $65 and for partners is $160. Prepare a professional labor cost budget for Day & Spieth, CPAs, for the year ending March 31, 20Y6. Enter all amounts as positive numbers. DAY & SPIETH, CPAs Professional Labor Cost Budget For the Year Ending March 31, 20Y6 Staff Partners Audit Department Hours fill in the blank 1 fill in the blank 2 Tax Department Hours fill in the blank 3 fill in the blank 4 Small Business Accounting…