Carson CPAS specializes in preparing 1040EZ returns for low-income clients. The firm charged $100 per return this year and budgeted $100 per return. Additional information for the firm includes: Actual Budgeted 800 750 $37,500 12,000 Returns processed Variable costs Fixed costs Prepare Carson's static budget and the static budget performance report. Note: Do not use negative signs with any of your answers. Note: Indicate whether the variance is favorable (F) or unfavorable (U) using the drop-down menu in the last column next to the variable amount. Budgeted returns Actual returns Returns processed variance Revenue Variable costs Fixed costs Net income $36,000 12,500 $ S Actual Results 0 For U ÷ S 05 Budget Results $ 05 Variances For U 0 ÷ 0 # 0 + 0 +
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.
![Carson CPAS specializes in preparing 1040EZ returns for low-income clients. The firm charged $100 per return this year and budgeted $100 per return. Additional information for the firm includes:
Actual Budgeted
800
750
$37,500
12,000
Returns processed
Variable costs
Fixed costs
Prepare Carson's static budget and the static budget performance report.
Note: Do not use negative signs with any of your answers.
Note: Indicate whether the variance is favorable (F) or unfavorable (U) using the drop-down menu in the last column next to the variable amount.
Budgeted returns
Actual returns
Returns processed variance
Revenue
Variable costs
Fixed costs
Net income
$36,000
12,500
$
$
Actual Results
0
For
U
$
0$
Budget Results
$
0$
Variances
0
0
0
0
For U
♦
+
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6fda5958-ea14-4ac0-ae32-c64757d0ff7b%2Fe80c1134-a0d3-4a87-a0cd-1d7201242c2b%2Fllqvqdrc_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)