Based on E9-10 that we did in class, (the planning budget), prepare E9-12 (the flexible budget) andE9-14 ( the Flexible Budget Performance Report.SEE EXHIBIT 9-8 ON PAGE 402 OF THE TEXT FOR AN EXAMPLE ON HOW TO SET UP.ementsE9-10 Flexible Budget [Q L09-1]Lavage Rapide is a Canadian company that owns and operates a large automatic carwash facility near Montreal. The following table provides data concerningthe company's costs:Fixed CostCost perCar Washedper MonthCleaning suppilies$0.80Bectricity. .$1,200$0.15$0.20$0.30MaintananceWages and salariesDepreciationRent....Administrative expenses$5,000$0.000$8.000$4,000$0.10For example, electricity costs are $1,200 per month plus $0.15 per car washed. The company expects to wash 9,000 cars inAugust and to collect an average of $4.90 per car washed.Required:Prepare the company's planning budget for August. - WE DID THIS IN CLASS.EXERCISE 9-11 Flexible Budget (e LO9-1]Refer to the data for Lavage Rapide in e Exercise 9-10. The company actually washed 8.800 cars in August.Required:Prepare the company's flexible budget for August.EXERCISE 9-12 Prepare a Report Showing Activity Variances [e LO9-2]Refer to the data for Lavage Rapide inExercise 9-10. The actual operating results for August appear below.Lavage RapideIncome StatementFor the Month Ended August 31Actual cars washed8,800Revenue$43,080Expenses:Cleaning suppliesElectricityMaintenanceWages and saiariesDepreciation.Rent....Administrative expensesTotal expense7,5802,6702,2608,5006,0008,0004,950....39,940Net operating income$ 3,140EXERCISE 9-14 Prepare a Flexible Budget Performance Report [e LO9-4]Refer to the data for Lavage Rapide in e Exercises 9-10 and Q Exercises 9-12-Required:Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for August

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E9-10 Flexible Budget [ LO9-1] Lavage Rapide is a Canadian company that owns and operates a large automatic carwash facility near Montreal. The following table provides data concerning the company's costs: Fixed Cost Cost per per Month Car Washed Cleaning supplies Bectricity Mavitanance Wages and salaries Depreciation Rent Administrative expenses $0.80 $1,200 $0.15 40.20 $0.30 ....... ... $5,000 $6.000 $8.000 $4,000 ............. .. $0.10 For example, electricity costs are $1,200 per month plus $0.15 per car washed. The company expects to wash 9.000 cars in August and to collect an average of $4.90 per car washed. Required: Prepare the company's planning budget for August. WE DID THIS IN CLASS.

E9-10 Flexible Budget [ LO9-1] Lavage Rapide is a Canadian company that owns and operates a large automatic carwash facility near Montreal. The following table provides data concerning the company's costs: Fixed Cost Cost per per Month Car Washed Cleaning supplies Bectricity Mavitanance Wages and salaries Depreciation Rent Administrative expenses $0.80 $1,200 $0.15 40.20 $0.30 ....... ... $5,000 $6.000 $8.000 $4,000 ............. .. $0.10 For example, electricity costs are $1,200 per month plus $0.15 per car washed. The company expects to wash 9.000 cars in August and to collect an average of $4.90 per car washed. Required: Prepare the company's planning budget for August. WE DID THIS IN CLASS.

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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