For the year ending December 31, 2022, Concord Company accumulates the following data for the Plastics Division, which it operatesas an investment center: contribution margin-$612,950 budget, $622,669 actual; controllable fixed costs-$302,000 budget,$305,500 actual. Average operating assets for the year were $2,073,000.Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2022.(Round ROI to 1 decimal place, e.g. 1.5%.)CONCORD COMPANYPlastics DivisionResponsibility ReportFor the Year Ended December 31, 2022BudgetActualContribution Margin$$eTextbook and Media%24%24%24%24%24>>> For the year ending December 31, 2022, Concord Company accumulates the following data for the Plastics Division, which it operatesas an investment center: contribution margin-$612,950 budget, $622,669 actual; controllable fixed costs-$302,000 budget,$305,500 actual. Average operating assets for the year were $2,073,000.Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2022.(Round ROI to 1 decimal place, e.g. 1.5%.)CONCORD COMPANYPlastics DivisionResponsibility ReportFor the Year Ended December 31, 2022DifferenceFavorableUnfavorableNeither FavorabletActualnor Unfavorable2$$$%%eTextbook and Media>>>%24

A budget is a forecast of revenue and expenses for a certain future period of time that is generally…

For the year ending December 31, 2022, Concord Company accumulates the following data for the Plastics Division, which it operates as an investment center: contribution margin-$612,950 budget, $622,669 actual; controllable fixed costs-$302,000 budget, $305,500 actual. Average operating assets for the year were $2,073,000. Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2022. (Round ROI to 1 decimal place, eg. 1.5%.) CONCORD COMPANY Plastics Division Responsibility Report For the Year Ended December 31, 2022

For the year ending December 31, 2022, Concord Company accumulates the following data for the Plastics Division, which it operates as an investment center: contribution margin-$612,950 budget, $622,669 actual; controllable fixed costs-$302,000 budget, $305,500 actual. Average operating assets for the year were $2,073,000. Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2022. (Round ROI to 1 decimal place, eg. 1.5%.) CONCORD COMPANY Plastics Division Responsibility Report For the Year Ended December 31, 2022

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.

Question

100%

For the year ending December 31, 2022, Concord Company accumulates the following data for the Plastics Division, which it operates
as an investment center: contribution margin-$612,950 budget, $622,669 actual; controllable fixed costs-$302,000 budget,
$305,500 actual. Average operating assets for the year were $2,073,000.
Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2022.
(Round ROI to 1 decimal place, e.g. 1.5%.)
CONCORD COMPANY
Plastics Division
Responsibility Report
For the Year Ended December 31, 2022
Budget
Actual
Contribution Margin
$
$
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