Bartosiewicz Clinic uses client-visits as its measure of activity. During January, the clinic budgeted for 3,000 client-visits, but its actual level of activity was 2,980 client-visits. The clinic has providedthe following data concerning the formulas used in its budgeting and its actual results for January:Data used in budgeting:Fixed elementVariable elementper month$ 0$ 27,000per client-visit$ 35.00RevenuePersonnel expensesMedical supplies$ 11.001,0005.00Occupancy expenses10,0001.00Administrative expenses6,0000.10Total expenses$ 44,000$ 17.10Actual results for January:$ 124,650$ 72,000$ 22,700$ 14,600$ 8,105RevenuePersonnel expensesMedical suppliesОсcuрancy exрensesAdministrative expensesThe overall revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget performance report) for January would beclosest to: Multiple Choice$2,097 F$2,455 U$2.097 U$2,455 F

Flexible budget is that type or form of budget, which changes directly with change in activity…

Answered: Bartosiewicz Clinic uses client-visits…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sharifi Hospital bases its budgets on patient-visits. The hospital's static budget for October appears below: Budgeted number of patient-visits 9,500 Budgeted variable overhead costs: Supplies (@$5.20 per patient-visit) $ 49,400 Laundry (@$8.20 per patient-visit) 77,900 Total variable overhead cost 127,300 Budgeted fixed overhead costs: Wages and salaries 52,900 Occupancy costs 85,800 Total fixed overhead cost 138,700 Total budgeted overhead cost $ 266,000 The total overhead cost at an activity level of 10,200 patient-visits per month should be
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Leist Clinic uses client-visits as its measure of activity. During September, the clinic budgeted for 2,200 client-visits, but its actual level of activity was 2,170 client-visits. The clinic has provided the following data concerning the formulas to be used in its budgeting: Fixed element per month Variable element per client-visit Revenue $ 0 $ 50.80 Personnel expenses $ 26,600 $ 15.60 Medical supplies 1,400 9.40 Occupancy expenses 7,600 2.40 Administrative expenses 5,300 0.10 Total expenses $ 40,900 $ 27.50 The occupancy expenses in the flexible budget for September would be closest to: Multiple Choice A. $13,215 B. 12,808 C. $13,583 D. $12,880
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Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement 600 $ 2,020 $ 1,670 $ 55 $ 107,000 $ 18,000
Tennies Clinic uses client-visits as its measure of activity. During November, the clinic budgeted for 4,000 client-visits, but its actual level of activity was 3,990 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for November. Data used in budgeting: Revenue Personnel expenses Medical supplies occupancy expenses Administrative expenses Total expenses Actual results for November: Revenue Personnel expenses Medical supplies occupancy expenses Administrative expenses Multiple Choice $832 F $832 U $760 U Fixed element Variable element per per month client-visit $36.80 The spending varlance for medical supplies in November would be closest to: $760 F $30,900 1,900 9,000 7,300 $49,100 $147,032 $ 77,944 $ 31,460 $ 21,673 $ 7,859 $11.80 7.20 3.30 0.20 $22.50
Mayo Clinic uses patient-visits as its measure of activity. During September, the clinic budgeted for 3,000 patient-visits, but its actual level of activity was 2,900 patient-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for September: Data used in budgeting: Revenue Personnel expenses Medical supplies. Occupancy expenses. Administrative expenses.. Actual results for September: Revenue Personnel expenses. Medical supplies. Occupancy expenses. Administrative expenses..... Fixed element per month $27,600 $1,500 $6,200 $3,600 $105,010 $61,020 $22,120 $10,930 $4,570 Variable element per patient-visit $37.20 $11.30 $6.80 $1.70 $0.30 Compute the total Revenue variance (due to a difference in the actual amount collected per customer from expected). State answer as a positive.
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The College of Business at Northeast College is accumulating data as a first step in the preparation of next year's budget development. One cost that is being looked at closely is administrative costs as a function of student credit hours. Data on administrative costs and credit hours for the past thirteen months are shown below: Month July August September October November December January February March April May June July Total Average Multiple R R Square Adjusted R Square Standard Error Observations ANOVA Administrative Costs $ 130, 151 Regression Residual Total 83,293 226,090 216,734 258,433 185,299 219,817 245, 510 209,802 192,095 250,828 171,098 128,677 $ 2,517,827 $ 193,679 SUMMARY OUTPUT Regression Statistics The controller's office has analyzed the data and has given you the results from the regression analysis: Credit Hours df 1 11 12 1,100 557 1,834 1,442 1,751 1,554 1,781 1,815 1,506 1,565 1,802 862 757 18,326 1,410 0.9169697 0.840833374 0.826363681 22,082.14006 13 SS…
Bustillo Incorporated is working on its cash budget for March. The budgeted beginning cash balance is $36,000. Budgeted cash receipts total $117,000 and budgeted cash disbursements total $111,000. The desired ending cash balance is $53,500. To attain its desired ending cash balance for March, the company needs to borrow: Multiple Choice $95,500 $11,500 $0 $53,500
Shaak Corporation uses customers served as its measure of activity. The company bases its budgets on the following information: Revenue should be $4.20 per customer served. Wages and salaries should be $21,800 per month plus $1.00 per customer served. Supplies should be $0.70 per customer served. Insurance should be $5,700 per month, Miscellaneous expenses should be $3,900 per month plus $0.30 per customer served. The company reported the following actual results for October: Customers served Revenue Wages and salaries Supplies Insurance Miscellaneous expense Required: 22,500 $ 137,300 $ 40,600 $ 16,300 $ 5,580 $ 7,480 Prepare a report showing the company's revenue and spending variances for October. Label each variance as favorable (F) or unfavorable (U). Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Shaak Corporation Revenue and Spending Variances…

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