August. The company's flexible budget for August appears below:Quilcene OysteriaFlexible BudgetFor the Month Ended August 31Actual pounds (q)7,500Revenue ($4.10q)Expenses:$30,750Packing supplies ($0.30q)Oyster bed maintenance ($3,300)2,2503,300Wages and salaries ($2,400 + $0.30q)Shipping ($0.55q)4,6504, 125Utilities ($1,220)Other ($440 + $0.019)1,220515Total expense16,060Net operating income$ 14,690The actual results for August appear below:Quilcene OysteriaIncome StatementFor the Month Ended August 31Actual pounds7,500Revenue$26,500Expenses:Packing supplies2,420Oyster bed maintenance3,160Wages and salaries5,0603,855ShippingUtilities1,030Other1,135Total expense16,660$ 9,840Net operating income Required:Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)Quilcene OysteriaRevenue and Spending VariancesFor the Month Ended August 31RevenueExpenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilitiesOtherTotal expenseNet operating income

Revenue and spending variances are based on Budgeted costs for actual level of activity and actual…

August. The company's flexible budget for August appears Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,500 Revenue ($4.10q) Expenses: $30,750 2,250 3,300 Packing supplies ($0.30q) Oyster bed maintenance ($3,300) Wages and salaries ($2,400 + $0.30q) Shipping ($0.55q) Utilities ($1,220) 4,650 4,125 1,220 Other ($440 + $0.019) 515 Total expense 16,060 Net operating income $14,690 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,500 Revenue $26,500 Expenses: Packing supplies 2,420 3,160 Oyster bed maintenance Wages and salaries 5,060 3,855 Shipping Utilities 1,030 Other 1,135 Total expense 16,660 $ 9,840 Net operating income

August. The company's flexible budget for August appears Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,500 Revenue ($4.10q) Expenses: $30,750 2,250 3,300 Packing supplies ($0.30q) Oyster bed maintenance ($3,300) Wages and salaries ($2,400 + $0.30q) Shipping ($0.55q) Utilities ($1,220) 4,650 4,125 1,220 Other ($440 + $0.019) 515 Total expense 16,060 Net operating income $14,690 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,500 Revenue $26,500 Expenses: Packing supplies 2,420 3,160 Oyster bed maintenance Wages and salaries 5,060 3,855 Shipping Utilities 1,030 Other 1,135 Total expense 16,660 $ 9,840 Net operating income

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

es w Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1] Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($390.00q) Expenses: Wages and salaries ($11,200 + $126.00q) Supplies ($4.00q) Equipment rental ($2,300 + $22.00q) Insurance ($4,200) Miscellaneous ($500+ $1.46q) Total expense Net operating income During May, the company's actual activity was 340 diving-hours. 350 $ 136,500 Puget Sound Divers Flexible Budget For the Month Ended May 31
Please do not give image format
The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities and Equity Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation $ 1,680,000 420,000 Total assets $ 112,000 964,320 275,800 Liabilities Accounts payable Loan payable 911,512 Long-term note payable Equity 1,260,000 Common stock Retained earnings $ 3,523,632 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information. $ 562,800 12,000 1,400,000 938,000 610,832 $ 1,974,800 1,548,832 $ 3,523,632 a. Sales for March total 57,400 units. Budgeted sales in units follow: April, 57,400; May, 54,600; June, 56,000; and July, 57,400. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company…
Please do not give solution in image format thanku
Vibrant Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget: Rumble Thunder Estimated inventory (units), June 1 Desired inventory 250 75 287 65 (units), June 30 Expected sales volume (units): North Region 2,400 2,100 South Region 5,800 6,550 Unit sales price $125 $225 a. Prepare a sales budget. Vibrant Inc. Sales Budget For the Month Ending June 30 Unit Sales Selling Volume Price Unit Total Sales Product and Area Model Rumble: North Region South Region Total Model Thunder: North Region South Region Total Total revenue from sales
Please do not give solution in image format thanku
provide the followinf inforamtion to help prepare the master budget for the next four months of opration Could you solve ( D , E , F and G ) only thanks
am. 103.
Alpesh
Accounting Consider the following third-quarter budget data for TAP & Brothers: TAP & Brothers Third-Quarter Budget Data July August September Credit Sales 256,167 262,962 282,872 Credit Purchases 97,465 111,565 137,292 Wages, Taxes, and Expenses 26,506 31,621 33,707 Interest 7,239 7,773 8,091 Equipment Purchases 54,832 61,271 0 The company predicts that 4% of its credit sales will never be collected, 30% of its sales will be collected in the month of the sale, and the remaining 66% will be collected in the following month. Credit purchases will be paid in the month following the purchase. In June, credit sales were $138,282, and credit purchases were $102,770 July’s beginning cash is $184,797 If TAP maintains a policy of always keeping a minimum cash balance of $75,000 as a buffer against uncertainty and forecasting errors, what is the cash surplus/deficit at the end of the quarter (i.e., end of…
DO NOT GIVE SOLUTION IN IMAGE FORMAT
None