Bay City Company's fixed budget performance report for July follows. The $367,000 budgeted total expenses include $280,000 variable expenses and $87,000 fixed expenses. Actual expenses include $77,000 fixed expenses. Actual Fixed Budget Variances Results Sales (in units) 5,000 3,900 Sales (in dollars) Total expenses $400,000 367,000 $ 33,000 $ 343, 200 333,000 $ 10, 200 $ 56,800 U 34,000 F $ 22,800 U Income from operations Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Do not round your intermediate calculations. Round your final answers to whole dollars.) BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav./Unf. Sales 343,200 Favorable Variable expenses Unfavorable Contribution margin Favorable Fixed expenses 87,000 77,000 Favorable Income from operations Favorable

Bay City Company's fixed budget performance report for July follows. The $367,000 budgeted total expenses include $280,000 variable expenses and $87,000 fixed expenses. Actual expenses include $77,000 fixed expenses. Actual Fixed Budget Variances Results Sales (in units) 5,000 3,900 Sales (in dollars) Total expenses $400,000 367,000 $ 33,000 $ 343, 200 333,000 $ 10, 200 $ 56,800 U 34,000 F $ 22,800 U Income from operations Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Do not round your intermediate calculations. Round your final answers to whole dollars.) BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav./Unf. Sales 343,200 Favorable Variable expenses Unfavorable Contribution margin Favorable Fixed expenses 87,000 77,000 Favorable Income from operations Favorable

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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Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 36.100 customers, but actually served 27.900 customers. The company uses the following revenue and cost formules in its budgeting, where is the number of customers served: Revenue: $4.60q Wages and salaries: $34,300+ $1.43q Supplies: $0.83q Insurance: $11,500 Miscellaneous expenses: $7,500 + $0.41q The company reported the following actual results for February: $ 141,800 $ 69,100 $ 15,500 $ 11,500 $ 23,200 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). Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values. Customers served Revenue Expenses: Wages and salaries Supplies Insurance Miscellaneous…
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The following information was drawn from the accounting records of Smith Company Static Budget Flexible Budget Actual Results Sales $ 13,500 $ 19,000 $ 21,100 Cost of Goods Sold (6,700 ) (8,600 ) (7,250 ) Gross Margin 6,800 10,400 13,850 Variable Cost (2,700 ) (3,450 ) (4,350 ) Fixed Cost (1,700 ) (1,700 ) (2,000 ) Net Income $ 2,400 $ 5,250 $ 7,500 Based on this information the Multiple Choice variable operating cost volume variance is a $1,100 favorable variance. variable operating cost flexible budget variance is a $900 unfavorable variance. variable operating cost volume variance is a $900 favorable variance. variable operating cost flexible budget variance is a $1,100 favorable variance.
What is the arm's length principle and how does it relate to transfer pricing?
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Bartosiewicz Clinic uses client-visits as its measure of activity. During January, the clinic budgeted for 4,000 client-visits, but its actual level of activity was 3,980 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January: Data used in budgeting: Fixed element per month Variable element per client-visit Revenue - $ 36.00 Personnel expenses $ 28,000 $ 12.00 Medical supplies 2,000 6.00 Occupancy expenses 11,000 1.00 Administrative expenses 7,000 0.10 Total expenses $ 48,000 $ 19.10 Actual results for January: Revenue $ 124,750 Personnel expenses $ 70,500 Medical supplies $ 21,050 Occupancy expenses $ 14,000 Administrative expenses $ 7,850 The overall revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget performance…
Assume a company's sales budget for July estimates 15,000 units sold. The variable selling and administrative expense used for budgeting purposes is $4.00 per unit sold. The total budgeted fixed selling and administrative expense for July is $80,000 including depreciation of $15,000. What is the total budgeted selling and administrative expense for July? Multiple Choice $120,000 $155,000 $125,000 $140,000