9 Homework Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,200) Wages and salaries ($2,100 + $0.45q) Shipping ($0.65g) Utilities ($1,290) Other ($500 + $0.819) Total expenses Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,000 $ 29,058 2,458 3,200 5,250 4,550 1,290 570 17,319 $ 11,740 Actual pounds Revenue Expenses: es Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,808 $ 27,100 2,620 3,060 5,668 4,280 1,100 1,190 17,910 $ 9,198 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 (Le., zero variance). Input all amounts as positive values. Revenue Expenses: Packing supplies Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income
9 Homework Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,200) Wages and salaries ($2,100 + $0.45q) Shipping ($0.65g) Utilities ($1,290) Other ($500 + $0.819) Total expenses Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,000 $ 29,058 2,458 3,200 5,250 4,550 1,290 570 17,319 $ 11,740 Actual pounds Revenue Expenses: es Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,808 $ 27,100 2,620 3,060 5,668 4,280 1,100 1,190 17,910 $ 9,198 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 (Le., zero variance). Input all amounts as positive values. Revenue Expenses: Packing supplies Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:9 Homework
Quilcene Oysteria
Flexible Budget
For the Month Ended August 31
Actual pounds (q)
Revenue ($4.15q)
Expenses:
Packing supplies ($0.35q)
Oyster bed maintenance ($3,200)
Wages and salaries ($2,100 + $0.45q)
Shipping ($0.65g)
Utilities ($1,290)
Other ($500 + $0.819)
Total expenses
Net operating income
The actual results for August were as follows:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
7,000
$ 29,058
2,458
3,200
5,250
4,550
1,290
570
17,319
$ 11,740
Actual pounds
Revenue
Expenses:
es
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expenses
Net operating income
Required:
7,808
$ 27,100
2,620
3,060
5,668
4,280
1,100
1,190
17,910
$ 9,198
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 (Le., zero
variance). Input all amounts as positive values.
Revenue
Expenses:
Packing supplies
Quilcene Oysteria
Revenue and Spending Variances
For the Month Ended August 31
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expenses
Net operating income
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