Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.50q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,200 + $0.20g) Utilities ($2,000+ $0.05q) 21,000 $ 94,500 Budgeted meals (q) Revenue ($4.50q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,200+ $0.20q) Utilities ($2,000+ $0.05q) Facility rent ($3,600) Insurance ($2,700) Miscellaneous ($700 + $0.10q) Total expenses Net operating income 44,100 10,400 3,050 3,600 2,700 2,800 66,650 $ 27,850 Facility rent ($3,600) Insurance ($2,700) Miscellaneous ($700 + $0.10q) Total expenses Net operating income. In July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 22,000 $ 99,000 46,200 10,600 3,100 3,600 2,700 2,900 69, 100 $ 29,900

Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.50q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,200 + $0.20g) Utilities ($2,000+ $0.05q) 21,000 $ 94,500 Budgeted meals (q) Revenue ($4.50q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,200+ $0.20q) Utilities ($2,000+ $0.05q) Facility rent ($3,600) Insurance ($2,700) Miscellaneous ($700 + $0.10q) Total expenses Net operating income 44,100 10,400 3,050 3,600 2,700 2,800 66,650 $ 27,850 Facility rent ($3,600) Insurance ($2,700) Miscellaneous ($700 + $0.10q) Total expenses Net operating income. In July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 22,000 $ 99,000 46,200 10,600 3,100 3,600 2,700 2,900 69, 100 $ 29,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (g) Revenue (1440.000) Expenses: Wages and salaries ($11,300 $130.00g) Supplies ($5.00g) Revenue Expenses Equipment rental ($2,500+ $25.00g) Insurance (14,000) Miscellaneous ($510 $1.500) Total expenses Net operating income During May, the company's actual activity was 190 diving-hours. Required: Prepare a flexible budget for May Note: Round your answers to the nearest whole number. Puget Sound Divers Flexible Budget For the Month Ended May 31 Wages and salaries Supplies Equipment rental insurance Total expenses Net operating income 200 $ 88,000 0 37,300 1,000 7,500 4,000 810 50,610 $ 37,390
January budgeted selling and administrative expenses for the retail shoe store that Craig Shea plans to open on January 1, year 1, are as follows: sales commissions, $24,500, rent, $17,000; utilities, $4,300; depreciation, $4,900; and miscellaneous, $1,800. Utilities are paid in the month after they are incurred. Other expenses are expected to be paid in cash in the month in which they are incurred. Required a. Determine the amount of budgeted cash payments for January selling and administrative expenses. b. Determine the amount of utilities payable the store will report on the January 31 pro forma balance sheet. c. Determine the amount of depreciation expense the store will report on the income statement for year 1, assuming that monthly depreciation remains the same for the entire year. Budgeted cash payments Utilities payable a b. С Depreciation expense
es w Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1] Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($390.00q) Expenses: Wages and salaries ($11,200 + $126.00q) Supplies ($4.00q) Equipment rental ($2,300 + $22.00q) Insurance ($4,200) Miscellaneous ($500+ $1.46q) Total expense Net operating income During May, the company's actual activity was 340 diving-hours. 350 $ 136,500 Puget Sound Divers Flexible Budget For the Month Ended May 31
Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (g) Revenue ($3.98q) Expenses: Raw materials ($2.289) Wages and salaries ($6,300 + $0.209) Utilities ($1,900 + $0.059) Facility rent ($3,300). Insurance ($2,200) Miscellaneous ($800 +$0.109) Total expenses Net operating income 26,000 $ 101,400 57,200 11,500 3,200 3,300 2,200 3,400 80,800 $ 20,600 In July, 27,000 meals were actually served. The company's flexible budget for this level of activity appears below: Budgeted meals (q) Revenue ($3.90q) Expenses: Flight Café Flexible Budget For the Month Ended July 31 Raw materials ($2.209) Wages and salaries ($6,300+ $0.209) Utilities ($1,900 +$0.059) Facility rent ($3,300) Insurance ($2,200) Miscellaneous ($800 +$0.109) Total expenses Net operating income Required: 1. Calculate the company's activity variances for July. 27,000 $ 105,300 59,400 11,700 3,250 3,300 2,200 3,500…
Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland COMPANY Budget Performance Report—Vice President, Production For the Month Ended November 30 Plant Actual Budget Over Budget Under Budget Eastern Region $926,750 $929,000 $(2,250) Central Region 664,400 668,000 (3,600) Western Region (G) (H) $(I) $(J) $(K) $(L) $(5,850) Garland COMPANY Budget Performance Report—Manager, Western Region Plant For the Month Ended November 30 Department Actual Budget Over Budget Under Budget Chip Fabrication (A) (B) (C) Electronic Assembly $193,190 $190,500 $2,690 Final Assembly 306,250 307,000 $(750) $(D) $(E) $(F) $(750) Garland COMPANY Budget Performance Report—Supervisor, Chip Fabrication For the Month Ended November 30 Cost Actual Budget Over Budget Under Budget Factory wages $60,220 $58,720 $1,500 Materials 156,940 158,000 $(1,060) Power and light…
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company’s planning budget for May appears below: Puget Sound DiversPlanning BudgetFor the Month Ended May 31 Budgeted diving-hours (q) 400 Revenue ($460.00q) $ 184,000 Expenses: Wages and salaries ($11,200 + $128.00q) 62,400 Supplies ($5.00q) 2,000 Equipment rental ($2,300 + $21.00q) 10,700 Insurance ($4,100) 4,100 Miscellaneous ($520 + $1.50q) 1,120 Total expense 80,320 Net operating income $ 103,680 During May, the company’s actual activity was 390 diving-hours. DO NOT GIVE SOLUTION IN IMAGE FORMAT Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.)
Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company’s planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) 27,000 Revenue ($4.00q) $ 108,000 Expenses: Raw materials ($2.00q) 54,000 Wages and salaries ($6,200 + $0.20q) 11,600 Utilities ($2,100 + $0.05q) 3,450 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous ($700 + $0.10q) 3,400 Total expense 77,950 Net operating income $ 30,050 In July, 28,000 meals were actually served. The company’s flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q) 28,000 Revenue ($4.00q) $ 112,000 Expenses: Raw materials ($2.00q) 56,000 Wages and salaries ($6,200+ $0.20q) 11,800 Utilities ($2,100 + $0.05q) 3,500 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous…
Prepare the following budgets for the months of April, May, and June: 1. Sales budget. 2. Production budget.3. Direct materials budget. The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash $ 65,000 Liabilities Accounts receivable 399,000 Accounts payable $ 204,500 Raw materials inventory 90,200 Loan payable 27,000 Finished goods inventory 308,028 Long-term note payable 500,000 $ 731,500 Equipment $ 630,000 Equity Less: Accumulated depreciation 165,000 465,000 Common stock 350,000 Retained earnings 245,728 595,728 Total assets $ 1,327,228 Total liabilities and equity $ 1,327,228 To prepare a master budget for April, May, and June, management gathers the following information. Sales for March total 22,800 units. Budgeted sales in units follow: April, 22,800; May, 16,000; June, 23,000; and July, 22,800.…
Ivanhoe Design provided the following budgeted information for April through July: April May June July Projected sales $112320 $132840 $124200 $142560 Projected merchandise purchases $88560 $99360 $84240 $71280 The cash balance on June 1 is $12960. The company pays 40% of merchandise purchases in the month purchased and 60% in the following month. General operating expenses are budgeted to be $33480 per month of which depreciation is $3240 of this amount. Management pays operating expenses in the month incurred. The company makes loan payments of $4320 per month of which $648 is interest and the remainder is principal. How much are budgeted cash disbursements for June? $111024. $127872. $93312. $68256.
Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow: Delmar Company Plant Eastern Region Central Region Western Region Department Chip Fabrication Electronic Assembly Final Assembly Budget Performance Report-Vice President, Production For the Month Ended June 30 Cost Factory wages Materials Power and light a. S b. Maintenance c. S d. s e. S f. S Actual $402,500 286,900 (g) $(1) Actual $(a) 86,710 135,860 $(d) Delmar Company Budget Performance Report-Manager, Western Region Plant For the Month Ended June 30 Over Budget Budget $402,500 289,800 Actual $25,680 73,390 4,460 8,050 (h) $(k) Budget $(b) 85,600 136,960 $(e) i. $ (1) $(1) 9. $ h. $ Over Budget s(c) 1,110 Delmar Company Budget Performance Report-Supervisor, Chip Fabrication For the Month Ended June 30 Over Budget Budget $24,000 $1,680 73,910 3,750 7,350 j. s k. $ 1. S $(f) (Under) Budget $0 (2,900) 710 700 $111,580 $109,010 $3,090 $(520) a. Complete the budget performance…
Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (9) Revenue ($4.28q) Expenses: Raw materials ($2.309) Wages and salaries ($6,200 $0.289) Utilities ($2,100 + $0.05q) Facility rent ($3,300) Insurance ($2,200) Miscellaneous ($400 + $0.10) Total expenses Net operating income 23,000 $ 96,600 52,900 10,800 3,250 3,300 2,200 2,700 75,158 $ 21,450 In July, 24,000 meals were actually served. The company's flexible budget for this level of activity appears below. Budgeted meals (q) Revenue ($4.28q) Expenses: Flight Café Flexible Budget For the Month Ended July 31 Raw materials ($2.389) Wages and salaries ($6,200+ $0.209) Utilities ($2,100 + $0.059) Facility rent ($3,300) Insurance ($2,200) Miscellaneous ($400 +$0.18q) Total expenses Net operating income Required: 1. Calculate the company's activity variances for July. 24,000 $ 100,800 55,200 11,000 3,300 3,300 2,200 2,800…
August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,300 Revenue ($4.259) $ 31,025 Expenses: Packing supplies ($0.409) 2,920 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,400 + $0.459) 5,685 Shipping ($0.709) 5,110 Utilities ($1,290) 1,290 other ($450 + $0.019) 523 Total expense 18,628 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 $ 12,397 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities other Total expense Net operating income Required: 7,300 $ 26,900 3,090 2,960 6,095 4,840 1,100 1,143 19,228 $ 7,672 Calculate the company's revenue and spending variances for August. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive…