2.Consider the following three budgets for Minute Clinic during 2020:Static BudgetFlexible BudgetActual ResultsVisitsBCBS PatientsHighmark PatientsTotal Patients36,00054,00090,00040,00060,000100,00040,00060,000100,000Revenue$900,000.00$ 1,080,000.00$ 1,980,000.00BCBS PatientsHighmark PatientsTotal Revenue$1,000,000.00$1,200,000.00$2,200,000.00$ 1,120,000.00S 1,080,000.00$ 2,200,000.00ExpensesVariable$ 1,200,000.00$ 150,000.00$ 1,350,000.00500,000.00$ 1,850,000.00$ 630,000.00Labor$1,333,333.33$ 166,666.67$1,500,000.002$$ 1,400,000.00$225,000.00$ 1,625,000.00500,000.00$ 2,125,000.00SuppliesTotal VariableS 500,000.00$2,000,000.00$ 700,000.00FixedTotal ExpensesContribution575,000.00MarginNet Profit$ 130,000.00$ 200,000.0075,000.00Calculate and provide an interpretation of the profit variance.Calculate and provide an interpretation of the revenue variance (total).Calculate and provide and interpretation of the cost/expense variance (total).Evaluate the overall budgetary performance for Minute Clinic in 2020. What factors(identify at least two) that contributed to this overall level of performance.A.В.C.D.

Name: 2.Consider the following three budgets for Minute Clinic during 2020:
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: 2.Consider the following three budgets for Minute Clinic during 2020:Static BudgetFlexible BudgetActual ResultsVisitsBCBS PatientsHighmark PatientsTotal Patients36,00054,00090,00040,00060,000100,00040,00060,000100,000Revenue$900,000.00$ 1,080,000.00

Since you have asked a question under which there are 04 sub-parts but as per our protocol we…

Business

Accounting

2. Consider the following three budgets for Minute Clinic during 2020: Static Budget Flexible Budget Actual Results Visits BCBS Patients Highmark Patients Total Patients 36,000 54,000 90,000 40,000 60,000 100,000 40,000 60,000 100,000 Revenue S 900,000.00 $ 1,080,000.00 $ 1,980,000.00 BCBS Patients $1,000,000.00 S 1,200,000.00 $2,200,000.00 $ 1,120,000.00 S 1,080,000.00 $ 2,200,000.00 Highmark Patients Total Revenue Expenses Variable Labor $ 1,200,000.00 $ 150,000.00 $ 1,350,000.00 $ 500,000.00 $ 1,850,000.00 630,000.00 $1,333,333.33 $ 166,666.67 $1,500,000.00 S 500,000.00 $2,000,000.00 $ 700,000.00 $ 1,400,000.00 $225,000.00 $ 1,625,000.00 $ 500,000.00 $ 2,125,000.00 $ 575,000.00 Supplies Total Variable Fixed Total Expenses Contribution Margin Net Profit 130,000.00 $ 200,000.00 2$ 75,000.00 Calculate and provide an interpretation of the profit variance. Calculate and provide an interpretation of the revenue variance (total). Calculate and provide and interpretation of the cost/expense variance (total). A. В. C. %24

2. Consider the following three budgets for Minute Clinic during 2020: Static Budget Flexible Budget Actual Results Visits BCBS Patients Highmark Patients Total Patients 36,000 54,000 90,000 40,000 60,000 100,000 40,000 60,000 100,000 Revenue S 900,000.00 $ 1,080,000.00 $ 1,980,000.00 BCBS Patients $1,000,000.00 S 1,200,000.00 $2,200,000.00 $ 1,120,000.00 S 1,080,000.00 $ 2,200,000.00 Highmark Patients Total Revenue Expenses Variable Labor $ 1,200,000.00 $ 150,000.00 $ 1,350,000.00 $ 500,000.00 $ 1,850,000.00 630,000.00 $1,333,333.33 $ 166,666.67 $1,500,000.00 S 500,000.00 $2,000,000.00 $ 700,000.00 $ 1,400,000.00 $225,000.00 $ 1,625,000.00 $ 500,000.00 $ 2,125,000.00 $ 575,000.00 Supplies Total Variable Fixed Total Expenses Contribution Margin Net Profit 130,000.00 $ 200,000.00 2$ 75,000.00 Calculate and provide an interpretation of the profit variance. Calculate and provide an interpretation of the revenue variance (total). Calculate and provide and interpretation of the cost/expense variance (total). A. В. C. %24

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

Please avoid images in solution thanku
M. Cyrus Rehab Clinic bases its budgets on patient-visits. The clinic's fixed planning budget for November appears below. Note that this fixed budget is based on 8,100 patient-visits: Budgeted number of patient-visits 8,100 Budgeted variable costs: Supplies (@ $4.90 per patient-visit) $39,690 Laundry (@ $4.80 per patient-visit) 38,880 Budgeted fixed costs: Wages and salaries 46,980 Occupancy costs 44,550 Total expense $170,100 Required: Prepare a flexible budget for 8,900 patient-visits per month. Use the template below. Fill in the blanks for each budgeted expense and calculate total expense.
The following are selected budgeted data for Green Company for the coming year: Budgeted sales ₱600,000 Selling price per unit ₱12 Fixed expenses ₱150,000 Variable cost per unit ₱8 What is the margin of safety percentage? Show solution Group of answer choices 25% 15% 30% 20%
33) Everyone Deserves to Smile mobile dentist office budgeted for 4365 patient visits a year. Everyone Deserves to Smile actually saw 4400 patients during the year and they have provided the following data: Revenue Personnel Expenses Medical Supplies Occupancy Expenses Admin Expenses Fixed Portion for Budget A) Cannot be determined C) $2000 Favorable $80,000 $12,000 $19,000 Variable Portion per patient visit for Budget $67 $13 $1.75 $0.25 Based on the given information, what is the volume variance for personnel expenses? Actual Results B) $0 D) $2000 Unfavorable $417,000 $78.000 $38.200 $18.000 $19,650 33)
Please avoid handwritten solution thanku
Ma 1 Prepare a PLANNED BUDGET for the month of December 2022 for your imaginary company assuming any level of activity. Prepare a SUMMARY OF ACTUAL RESULTS for the month of December 2022 for your imaginary company assuming any level of activity different from planned level of activity. That means, if you prepare a planned budget for 1000 units, your actual results should be for more than or less than 1000 units. Prepare a FLEXIBLE BUDGET for the actual level of activity for the month of December 2022 for your imaginary company. Prepare a PERFORMANCE REPORT (by comparing actual results with flexible budget) and shows therein REVENUE AND SPENDING VARIANCES.
Hh1. Account
Please do not give solution in image format thanku
Please help me with the functions for this ! Thank you! Jay Corporation has decided to prepare contribution income statements for internal planning. Budgeted information for Quarter 1 of 2024: Sales in units 17,000 Sales price per unit $48.00 After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) $29.00 Sales Commissions (per dollar of sales) 9.50% Administrative Salaries (per quarter) $45,000 Rent Expense (per quarter) $27,000 Depreciation Expense (per quarter) $36,000 Shipping has been determined to be a mixed cost with the following total costs and units: 2022 Total Cost Units Quarter 1 $67,000 12,500 Quarter2 $94,000 21,000 Quarter 3 $89,800 13,800 Quarter 4 $92,600 20,000 2023 Quarter 1 $72,500 13,700 Quarter2 $80,000 14,000 Quarter 3 $84,000 14,300 Quarter…
Howard Cooper, the president of Campbell Computer Services, needs your help. He wonders about the potential effects on the firm's net income if he changes the service rate that the firm charges its customers. The following basic data pertain to fiscal Year 3. Standard rate and variable costs Service rate per hour $ 85.00 Labor cost 37.00 Overhead cost 7.10 Selling, general, and administrative cost Expected fixed costs Facility maintenance Selling, general, and administrative 3.80 $522,000 142,000 Required: a. Prepare the pro forma income statement that would appear in the master budget if the firm expects to provide 45,000 hours of services in Year 3. b. A marketing consultant suggests to Mr. Cooper that the service rate may affect the number of service hours that the firm can achieve. According to the consultant's analysis, if Campbell charges customers $80 per hour, the firm can achieve 50,000 hours of services. Prepare a flexible budget using the consultant's assumption. c. The same…
5. Archer's cost accountant prepared the following static budget based on expected activity of 4,000 units for the May 2022 accounting period: Sales Revenue $64,000 Variable Costs (34.000) Contribution Margin $30,000 (20.000) $10,000 Fixed Costs Net Income a. If Archer's sales manager were to prepare a flexible budget for expected activity of 4,300 units, budgeted net income on this flexible budget would be? b. If Archer actually produced and sold 4,300 units at $20 each, what is the sales revenue activity/volume variance? Indicate favorable / unfavorable variances c. If Archer actually incurred the following costs during May 2022: Sales Revenue Variable Costs Contribution Margin $49,000 Fixed Costs $86,000 (37.000) (22.000) $27,000 Net Income The flexible budget variance for: Indicate favorable / unfavorable variances i. Fixed costs: ii. Variable costs:
⦁ XYZ Company budgeted to produce 20,000 units for the year ending December 31, 2021 at sales revenue of $400,000 and fixed cost of $150,000 and variable costs of $80,000. During the year ended December 31,2022, it produced 26,000 units. Required:Prepare a flexible budget, in good form, to reflect its level of attainment in a performance report. Use the following headings: Static budget, flexible budge and Variances (Fav or UF)