Fran Powers created the following budget and reported the actual spending listed. Calculate the variance for each of these categories, and indicate whether it was a deficit or a surplus. Note: Input all amounts as positive values. Item Budgeted Actual Variance Deficit or Surplus Food $ 365 $ 301 Transportation $ 322 $ 339 Housing $ 1,855 $ 1,906 Clothing $ 112 $ 138 Personal $ 280 $ 233
Fran Powers created the following budget and reported the actual spending listed. Calculate the variance for each of these categories, and indicate whether it was a deficit or a surplus. Note: Input all amounts as positive values. Item Budgeted Actual Variance Deficit or Surplus Food $ 365 $ 301 Transportation $ 322 $ 339 Housing $ 1,855 $ 1,906 Clothing $ 112 $ 138 Personal $ 280 $ 233
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Don't use ai to answer I will report your answer Solve it Asap with explanation and calculation .
![Fran Powers created the following budget and reported the actual spending listed. Calculate
the variance for each of these categories, and indicate whether it was a deficit or a surplus.
Note: Input all amounts as positive values.
Item
Budgeted
Actual
Variance
Deficit or Surplus
Food
$
365 $
301
Transportation
$
322 $
339
Housing
$
1,855 $
1,906
Clothing
$
112
$
138
Personal
$
280
$
233](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff5057ed1-7e48-4574-99cd-78d85d5e8dda%2F900b6c8d-bea6-4d94-8bd2-7b28371d8cd8%2F97wsrih_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Fran Powers created the following budget and reported the actual spending listed. Calculate
the variance for each of these categories, and indicate whether it was a deficit or a surplus.
Note: Input all amounts as positive values.
Item
Budgeted
Actual
Variance
Deficit or Surplus
Food
$
365 $
301
Transportation
$
322 $
339
Housing
$
1,855 $
1,906
Clothing
$
112
$
138
Personal
$
280
$
233
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