cesWActual pounds (q)Revenue ($4.10g)For the Month Ended August 31Quilcene OysteriaFlexible BudgetExpenses:Packing supplies ($0.30q)Oyster bed maintenance ($3,000)Wages and salaries ($2,400 + $0.30q)Shipping ($0.60q)Utilities ($1,270)Other ($470 + $0.019)Total expenseNet operating incomeThe actual results for August appear below:Quilcene OysteriaIncome StatementFor the Month Ended August 31Actual poundsRevenueExpenses:Packing suppliesOyster bed maintenanceWages and salaries.ShippingUtilitiesOtherTotal expenseNet operating income7,200$ 27,1002,3302,8604,9704,0501,0801,16216,452$ 10,648< Prev2 of 67,200$ 29,5202,1603,0004,5604,3201,27054215,852$ 13,668⠀⠀Next > NetRequired:Calculate the company's revenue and spending variances for August. (Indicate the efffor favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). InpuRevenueExpenses:ComeShippingUtilitiesOtherQuilcene OysteriaRevenue and Spending VariancesFor the Month Ended August 31Packing suppliesOyster bed maintenanceWages and salariesTotal expenseNet operating income< Prev2 of 6#Next >

REVENUE & SPENDING VARIANCE When Actual revenue are less than flexible revenue then the…

Required: Calculate the company's revenue and spending variances for August. (Indicate the eff for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Inpu Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income < Prev 2 of 6 www www www www Next >

Required: Calculate the company's revenue and spending variances for August. (Indicate the eff for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Inpu Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income < Prev 2 of 6 www www www www Next >

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 12EA: Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the...

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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
Actual pounds (9) Revenue ($4.25q) Expenses: Packing supplies ($0.25g) Oyster bed maintenance ($3,000) Wages and salaries ($2,300 + $0.259) Shipping ($0.709) Utilities ($1,300) Flexible Budget For the Month Ended August 31 Other ($470 + $0.019) Total expenses Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 7,400 $ 31,450 Packing supplies Oyster bed maintenance 1,850 3,000 4,150 5,180 1,300 544 16,024 $ 15,426 7,400 $ 27,300 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., zero variance). Input all amounts…
Budgeted diving-hours (q) Revenue ($400.00q) Puget Sound Divers Planning Budget For the Month Ended May 31 Expenses: Wages and salaries ($11,300 + $126.00g) Supplies ($3.00q) Equipment rental ($2,100 + $21.009) Insurance ($4,200) Miscellaneous ($510+ $1.50q) Total expenses Net operating income Revenue Expenses: Puget Sound Divers Flexible Budget For the Month Ended May 31 During May, the company's actual activity was 240 diving-hours. Required: Prepare a flexible budget for May. Note: Round your answers to the nearest whole number. Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expenses Net operating income 250 $ 100,000 42,800 750 7,350 4,200 885 55,985 $ 44,015
Actual pounds (9) Flexible Budget For the Month Ended August 31 Revenue ($4.189) Expenses: Packing supplies ($0.309) Oyster bed maintenance ($3,500) Wages and salaries ($2,000 + $0.459) Shipping ($0.659) Utilities ($1,250) Other ($510 + $0.019) Total expenses Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,400 $ 30,340 2,228 3,500 5,330 4,810 1,250 584 17,694 $ 12,646 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,400 $ 26,700 2,390 3,360 5,740 4,540 1,060 1,204 18,294 $ 8,406 Calculate the company's revenue and spending variances for August. Note: Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values. Revenue Quilcene Oysteria Revenue and Spending Variances For the…
Relevant data from Picta Company’s operating budgets are presented below. The company’s financial year ends on 30 June. Quarter 1Quarter 2Sales$248,470$251,539Direct material purchases120,295128,832Direct labor76,55374,289Manufacturing overhead26,00024,400Selling and administration expenses33,50033,500Depreciation included in selling and administration expenses 2,000 2,500 Collection from customers230,524220,116Cash payments for purchases114,345118,346 Additional data:Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank. Required: a) Use this information to prepare a cash budget for the first two quarters of the year. bi) Briefly comment on Picta Company’s expected cashflow position in the first two quarters of the year.
Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($430.009) Expenses: Wages and salaries ($12,000 + $124.00q) Supplies ($5.00q) Equipment rental ($2,000 + $25.00q) Insurance ($4,100) Miscellaneous ($520 + $1.48q) Total expense Net operating income 350 $ 150,500 55,400 1,750 10,750 4,100 1,038 73,038 $ 77,462 During May, the company's actual activity was 340 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income
Given below the 2PM’s Hairstyling information for the month ended June 30: a) Revenue and cost formula Budgeted client-visits q Revenue RM180q Wages and salaries RM65,000 + RM37q Hairstyling supplies RM1.50q Client gratuities RM4.10q Electricity RM1500 + RM0.10q Rent RM28,500 Liability insurance RM2,800 Employee health insurance RM21,300 Miscellaneous RM1,200 + RM0.20q b) The budgeted client-visits were 1,000. c) Income statement for the month ended June 30: 2PM’s Hairstyling Income Statement For the month ended June 30 Actual client-visits 1100 RM Revenue 194,200 Expenses: Wages and salaries 106,900 Hairstyling supplies 1,620 Client gratuities 6,870 Electricity 1,550 Rent 28,500 Employee health insurance 22,600…
Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($470.009) Expenses: Wages and salaries ($11,800 + $124.009) Supplies ($4.009) Equipment rental ($2,200 + $26.009) Insurance ($4,000) Miscellaneous ($540 + $1.469) Total expense Net operating income 300 $ 141,000 49,000 1,200 10,000 4,000 978 65,178 $ 75,822 During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $ 0
Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier. Management has identified two cost drivers-the number of cruises and the number of passengers-that it uses in its budgeting and performance reports. The company publishes a schedule of day cruises that it may supplement with special sailings if there is sufficient demand. Up to 80 passengers can be accommodated on the tour boat. Data concerning the company's cost formulas appear below: Cost per Cruise $ 477.00 Cost per Passenger Fixed Cost per Month $ 6,000 $ 2,500 $ 5,300 $ 3,300 $ 3.00 Vessel operating costs Advertising Administrative costs $ 31.00 $ 1.50 Insurance For example, vessel operating costs should be $6,000 per month plus $477.00 per cruise plus $3.00 per passenger. The company's sales should average $31.00 per passenger. In July, the company provided 52 cruises for a total of 3,200 passengers. Required: Prepare the company's flexible budget for July. Alyeski Tours Flexible…
Q. Prepare a revenues budget for the year, assuming that Ever Clean charges customers $0.60 per square foot.
Accounts Receivable on June 30 is $352,800 Ending Finished goods inventory on June 30 is 1400 units Prepare Sales Budget,Cash collection schedule,Production budget,Direct material and Direct labour budget. Budget is for July ,August,September
Prepare a cost of goods sold budget for the Crest Hills Manufacturing Co. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 854,000; beginning inventory of direct materials, 31,000; and ending inventory of direct materials, 26,000. Totals from other budgets included: