please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Required:Calculate the company's revenue and spending variances for August.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance). Input all amounts as positive values.RevenueExpenses:Lavage RapideRevenue and Spending VariancesFor the Month Ended August 31Cleaning suppliesElectricityMaintenanceWages and salariesDepreciationRentAdministrative expensesTotal expensesNet operating income Lavage Rapide owns and operates a large automatic car wash facility near Montreal. The following table provides estimatesconcerning the company's costs:Cleaning suppliesElectricityMaintenanceWages and salariesDepreciationRentAdministrative expenses$ 0.03For example, electricity costs should be $1,500 per month plus $0.07 per car washed. The company expects to wash 8,400 cars inAugust and to collect an average of $6.70 per car washed.The actual operating results for August are as follows:Lavage RapideIncome Statement.For the Month Ended August 31Actual cars washedRevenueExpenses:Cleaning suppliesElectricityMaintenanceFixedCost per Cost perMonthCar Washed$0.50$ 1,500$4,700$ 8,100$ 2,200$ 1,600Wages and salariesDepreciation.Administrative expenses.Rent8,500$ 58,3804,7002,058$ 0.07$ 0.20$ 0.201,9206,7408,1002,4001,752

The revenue and spending variance is the difference between the actual results and flexible budget…

concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Administrative expenses Rent Actual cars washed Revenue Expenses: $ 0.03 For example, electricity costs should be $1,500 per month plus $0.07 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.70 per car washed. The actual operating results for August are as follows: Cleaning supplies. Lavage Rapide Income Statement For the Month Ended August 31 Electricity Maintenance Fixed Cost per Month Wages and salaries Depreciation Rent $ 1,500 $4,700 $ 8,100 $ 2,200 $ 1,600 Cost per Car Washed $0.50 $ 0.07 $ 0.20 $ 0.20 8,500 $ 58,380 4,700 2,058 1,920 6,740 8,100 2.400

concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Administrative expenses Rent Actual cars washed Revenue Expenses: $ 0.03 For example, electricity costs should be $1,500 per month plus $0.07 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.70 per car washed. The actual operating results for August are as follows: Cleaning supplies. Lavage Rapide Income Statement For the Month Ended August 31 Electricity Maintenance Fixed Cost per Month Wages and salaries Depreciation Rent $ 1,500 $4,700 $ 8,100 $ 2,200 $ 1,600 Cost per Car Washed $0.50 $ 0.07 $ 0.20 $ 0.20 8,500 $ 58,380 4,700 2,058 1,920 6,740 8,100 2.400

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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Lavage Rapide owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies. Electricity Maintenance Rent Wages and salaries. Depreciation Administrative expenses $ 0.02 For example, electricity costs should be $1,400 per month plus $0.08 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.20 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed Revenue Expenses: I Cleaning supplies. Electricity Maintenance Wages and salaries Depreciation Fixed Cost per Cost per Month Car Washed $0.60 $1,400 $ 0.08 $4,600 $ 8,300 $ 2,100 $1,500 Rent Administrative expenses Total expenses Net operating income 8,500 $ 54,100 $ 0.15 $ 0.20 5,540 2,042 1,500 6,640 8,300 2,300 1,568 27,890 $26,290 Required: Calculate the company's revenue and spending variances for August.
Lavage Rapide owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation. Administrative expenses Rent $ 0.04 For example, electricity costs should be $1,500 per month plus $0.08 per car washed. The company expects to wash 8,000 cars in August and to collect an average of $6.80 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation. Rent Administrative expenses. Total expenses Net operating income Fixed Cost per Cost per Month Car Washed $ 0.60 $ 1,500 $ 0.08 $0.10 $ 0.30 $ 4,400 $ 8,000 $ 2,100 $ 1,500 Revenue 8,100 $ 56,500 5,300 2,110 1,040 7,160 8,000 2,300 1,720 27,630 $ 28,870 Required: Calculate the company's revenue and spending variances…
Lavage Rapide owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses. $ 0.03 For example, electricity costs should be $1,000 per month plus $0.07 per car washed. The company expects to wash 8.300 cars in August and to collect an average of $6.20 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement Actual cars washed Revenue Expenses: For the Month Ended August 31 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Fixed Cost Cost per per Month Car Washed $ 0.70 $1,000 $ 0.07 $0.10 $.0.30 $ 4,300 $ 8,200 $2,100 $ 1,700 Administrative expenses Total expenses Het operating income 8,400 $53,560 6,310 1,551 1,070 7,150 8,200 2.300 1,849 28,430 $ 25,110
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Lavage Rapide owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies Electricity Maintenance Rent Wages and salaries. Depreciation Administrative expenses For example, electricity costs should be $1,300 per month plus $0.08 per car washed. The company expects to wash 8,000 cars in August and to collect an average of $6.70 per car washed. The company actually washed 8,100 cars in August. Revenue Expenses: Fixed Cost per Cost per Month Car Washed $ 1,300 $4,400 $ 8,300 $2,000 $ 1,700 Lavage Rapide Activity Variances For the Month Ended August 31 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent $ 0.70 $ 0.08 Required: Calculate the company's activity variances for August. 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.…
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