Dinham Kennel uses tenant-days as its measure of activity, an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 5,400 tenant-days, but its actual level of activity was 5,450 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for March: Data used in budgeting Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Total expenses Actual results for March: Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Fixed element per month $ 2,600 1,800 8,200 6,700 $19,300 $172,325 $ 28,730 $ 87,530 $ 34,975 $ 7,113 The revenue variance for March would be closest to Variable element per tenant-day $35.90 $ 9.30 15.80 4.80 0.60 $30.50

Dinham Kennel uses tenant-days as its measure of activity, an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 5,400 tenant-days, but its actual level of activity was 5,450 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for March: Data used in budgeting Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Total expenses Actual results for March: Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Fixed element per month $ 2,600 1,800 8,200 6,700 $19,300 $172,325 $ 28,730 $ 87,530 $ 34,975 $ 7,113 The revenue variance for March would be closest to Variable element per tenant-day $35.90 $ 9.30 15.80 4.80 0.60 $30.50

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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Concept explainers

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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Dinham Kennel uses tenant-days as its measure of activity, an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 5,400
tenant-days, but its actual level of activity was 5,450 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for
March:
Data used in budgeting:
Revenue
Wages and salaries
Food and supplies
Facility expenses
Administrative expenses
Total expenses
Actual results for March:
Revenue
Wages and salaries.
Food and supplies
Facility expenses
Administrative expenses
Fixed
element
per month
Multiple Choice
$ 2,600
1,800
8,200
6,700
$19,300
$172,325
$ 28,730
$ 87,530
$ 34,975
$ 7,113
The revenue variance for March would be closest to:
Variable
element per
tenant-day
$35.90
$ 9.30
15.80
4.80
0.60
$30.50

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