The activity variance for net operating income in October would be closest to:Multiple Choice$2,328 U$218 U$2,328 F$218 F Bernes Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During October, the kennel budgetedfor 2,700 tenant-days, but its actual level of activity was 2,720 tenant-days. The kennel has provided the following data concerning the formulas to be used in its budgeting:Fixed element perVariable elementmonthper tenant-day$ 30.80$ 6.10RevenueWages and salariesFood and suppliesFacility expenses$ 3,30060010.108,8003.60Administrative expenses7,6000.10Total expenses$ 20,300$ 19.90The activity variance for net operating income in October would be closest to:

Net Operating income in Flexible budget = 2720 (30.80 - 19.9) - 20300…

Answered: 8 U | bartleby

Business

Accounting

8 U

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

100%

The activity variance for net operating income in October would be closest to:
Multiple Choice
$2,328 U
$218 U
$2,328 F
$218 F

Bernes Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During October, the kennel budgeted
for 2,700 tenant-days, but its actual level of activity was 2,720 tenant-days. The kennel has provided the following data concerning the formulas to be used in its budgeting:
Fixed element per
Variable element
month
per tenant-day
$ 30.80
$ 6.10
Revenue
Wages and salaries
Food and supplies
Facility expenses
$ 3,300
600
10.10
8,800
3.60
Administrative expenses
7,600
0.10
Total expenses
$ 20,300
$ 19.90
The activity variance for net operating income in October would be closest to:

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