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a. Prepare in good form a budgeted and actual income statement for internal use. Separate operating income from net income in the statements and indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (Le., zero variance).) VERNON COMPANY Internal Income Statement Budget Actual Variance Effect Sales Variable expenses

a. Prepare in good form a budgeted and actual income statement for internal use. Separate operating income from net income in the statements and indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (Le., zero variance).) VERNON COMPANY Internal Income Statement Budget Actual Variance Effect Sales Variable expenses

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required a. Prepare in good form a budgeted and actual income statement for internal use. Separate operating income from net income in the statements and indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (l.e., zero variance).) VERNON COMPANY Internal Income Statement Budget Actual Variance Effect Sales Variable expenses Fixed expenses
Transcribed Image Text:Required a. Prepare in good form a budgeted and actual income statement for internal use. Separate operating income from net income in the statements and indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (l.e., zero variance).) VERNON COMPANY Internal Income Statement Budget Actual Variance Effect Sales Variable expenses Fixed expenses
Vernon Company has provided the following for the year. Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Variances Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense $502,000 185,000 48,000 2,900 16,100 23,600 1,600 780 7,900 U 4,900 F 1,600 U 1,300 U 320 F 420 F 120 U 150 F
Transcribed Image Text:Vernon Company has provided the following for the year. Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Variances Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense $502,000 185,000 48,000 2,900 16,100 23,600 1,600 780 7,900 U 4,900 F 1,600 U 1,300 U 320 F 420 F 120 U 150 F
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