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Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 35,300 customers, but actually served 32,200 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $3.80q Wages and salaries: $33,500+ $1.19q Supplies: $0.59q Insurance: $10,700 Miscellaneous expenses: $6,700 + $0.33q The company reported the following actual results for February: $ 125,800 $ 68,300 $ 14,700 $ 10,700 $ 19,200 Revenue Wages and salaries Supplies Insurance Miscellaneous expense Required: Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (U). (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 as positive values.) Customers served Revenue Expenses: Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results Revenue and Spending Flexible Variances Budget 32,200 $ 125,800 $ 68,300 14,700 10,700 19,200 112,900 $ 12.900 S 3,440 F 3,518 F 4,298 F 0 None 1,874 U 5,942 F 9.382 F Activity Variances 32,200 $ 122,360 $11,780 U 71,818 18,998 10,700 17,326 3,689 F 1,829 F 0 None 1,023 F 118,842 6,541 F s 3.518 $5.239 U Planning Budget 35,300

Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 35,300 customers, but actually served 32,200 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $3.80q Wages and salaries: $33,500+ $1.19q Supplies: $0.59q Insurance: $10,700 Miscellaneous expenses: $6,700 + $0.33q The company reported the following actual results for February: $ 125,800 $ 68,300 $ 14,700 $ 10,700 $ 19,200 Revenue Wages and salaries Supplies Insurance Miscellaneous expense Required: Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (U). (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 as positive values.) Customers served Revenue Expenses: Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results Revenue and Spending Flexible Variances Budget 32,200 $ 125,800 $ 68,300 14,700 10,700 19,200 112,900 $ 12.900 S 3,440 F 3,518 F 4,298 F 0 None 1,874 U 5,942 F 9.382 F Activity Variances 32,200 $ 122,360 $11,780 U 71,818 18,998 10,700 17,326 3,689 F 1,829 F 0 None 1,023 F 118,842 6,541 F s 3.518 $5.239 U Planning Budget 35,300

FINANCIAL ACCOUNTING
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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i only need the planning budget. help asap pls
Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 35,300 customers, but actually served 32,200 customers. The company uses the following revenue and cost formulas in its budgeting, where qis the number of customers served: Revenue: $3.80q Wages and salaries: $33,500+ $1.19q Supplies: $0.59q Insurance: $10,700 Miscellaneous expenses: $6,700 + $0.33q The company reported the following actual results for February: $ 125,800 $ 68,300 $ 14,700 $ 10,700 $ 19,200 Revenue Wages and salaries. Supplies Insurance Miscellaneous expense Required: Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (U). (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 as positive values.) Customers served Revenue Expenses: Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results Revenue and Spending Flexible Variances Budget 32,200 $ 125,800 $ 68,300 14,700 10,700 19,200 112,900 $ 12.900 $ 3,440 F 3,518 F 4,298 F 0 None 1,874 U 5,942 F 9.382 F Activity Variances 32,200 $ 122,360 $11,780 U 3,689 F 1,829 F 71,818 18,998 10,700 17,326 1,023 F 118,842 6,541 F $ 3.518 $5.239 U 0 None Planning Budget 35,300 & Exit
Transcribed Image Text:Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 35,300 customers, but actually served 32,200 customers. The company uses the following revenue and cost formulas in its budgeting, where qis the number of customers served: Revenue: $3.80q Wages and salaries: $33,500+ $1.19q Supplies: $0.59q Insurance: $10,700 Miscellaneous expenses: $6,700 + $0.33q The company reported the following actual results for February: $ 125,800 $ 68,300 $ 14,700 $ 10,700 $ 19,200 Revenue Wages and salaries. Supplies Insurance Miscellaneous expense Required: Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (U). (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 as positive values.) Customers served Revenue Expenses: Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 Actual Results Revenue and Spending Flexible Variances Budget 32,200 $ 125,800 $ 68,300 14,700 10,700 19,200 112,900 $ 12.900 $ 3,440 F 3,518 F 4,298 F 0 None 1,874 U 5,942 F 9.382 F Activity Variances 32,200 $ 122,360 $11,780 U 3,689 F 1,829 F 71,818 18,998 10,700 17,326 1,023 F 118,842 6,541 F $ 3.518 $5.239 U 0 None Planning Budget 35,300 & Exit
wayes aru saares. P Supplies: $0.59q Insurance: $10,700 Miscellaneous expenses: $6,700 + $0.33q The company reported the following actual results for February: Revenue Wages and salaries Supplies Insurance Miscellaneous expense Customers served Revenue Expenses: Required: Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., ze variance). Input all amounts as positive values.) Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income $ 125,800 $ 68,300 $ 14,700 10,700 Actual Results $ $ 19,200 Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 32,200 Revenue and Spending Flexible Variances Budget $125,800 $ 68,300 14,700 10,700 19,200 112,900 $ 12,900 $ 3,440 F 3,518 F 4,298 F 0 None 1,874 U 5,942 F 9,382 F 32,200 $ 122,360 Activity Variances $11,780 U 3,689 F 1,829 F 71,818 18,998 10,700 17,326 1,023 F 118,842 6,541 F $ 3,518 $5,239 U 0 None Planning Budget 35,300
Transcribed Image Text:wayes aru saares. P Supplies: $0.59q Insurance: $10,700 Miscellaneous expenses: $6,700 + $0.33q The company reported the following actual results for February: Revenue Wages and salaries Supplies Insurance Miscellaneous expense Customers served Revenue Expenses: Required: Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., ze variance). Input all amounts as positive values.) Wages and salaries Supplies Insurance Miscellaneous expense Total expense Net operating income $ 125,800 $ 68,300 $ 14,700 10,700 Actual Results $ $ 19,200 Arrasmith Corporation Flexible Budget Performance Report For the Month Ended February 28 32,200 Revenue and Spending Flexible Variances Budget $125,800 $ 68,300 14,700 10,700 19,200 112,900 $ 12,900 $ 3,440 F 3,518 F 4,298 F 0 None 1,874 U 5,942 F 9,382 F 32,200 $ 122,360 Activity Variances $11,780 U 3,689 F 1,829 F 71,818 18,998 10,700 17,326 1,023 F 118,842 6,541 F $ 3,518 $5,239 U 0 None Planning Budget 35,300
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