Item REVENUES Ticket sales Concessions Tuition fees Donations Corporate underwriters Gala ticket, silent auction revenue Interest Participation fees TOTAL REVENUES EXPENDITURES Artistic Director Rent Utilities Advertising Facilities/maintenance Supplies Royalty fees Production expenses Box Office Concessions Fundraising Capital purchases Bank/charge expenses Class instruction payment to Artistic Director Class expenses Reduce debt TOTAL EXPENDITURES Budgeted 2001 $36,000 $8,500 $6,750 $22,000 $12,000 $6,000 $50 $1,700 $93,000 $26,000 $14,000 $6,500 $3,000 $1,200 $1,200 $10,200 $12,000 $850 $4,000 $3,000 $4,000 $300 $5,500 $1,250 $0 $93,000 Actual 2001 $32,400 $6,480 $0 $29,000 $6,000 $2,900 $20 $1,500 $78,300 $26,000 $14,000 $7,400 $3,800 $3,500 $1,400 $8,600 $7,000 $300 $3,500 $2,000 $1,600 $100 $0 $0 $0 $79,200 Proposed 2002 $33,100 $7,000 $0 $30,500 $8,000 $3,000 $0 $1,500 $83,100 $26,000 $14,000 $8,000 $4,000 $4,000 $1,600 $9,000 $8,000 $300 $3,500 $2,100 $0 $100 $0 $0 $2,500 $83,100

Item REVENUES Ticket sales Concessions Tuition fees Donations Corporate underwriters Gala ticket, silent auction revenue Interest Participation fees TOTAL REVENUES EXPENDITURES Artistic Director Rent Utilities Advertising Facilities/maintenance Supplies Royalty fees Production expenses Box Office Concessions Fundraising Capital purchases Bank/charge expenses Class instruction payment to Artistic Director Class expenses Reduce debt TOTAL EXPENDITURES Budgeted 2001 $36,000 $8,500 $6,750 $22,000 $12,000 $6,000 $50 $1,700 $93,000 $26,000 $14,000 $6,500 $3,000 $1,200 $1,200 $10,200 $12,000 $850 $4,000 $3,000 $4,000 $300 $5,500 $1,250 $0 $93,000 Actual 2001 $32,400 $6,480 $0 $29,000 $6,000 $2,900 $20 $1,500 $78,300 $26,000 $14,000 $7,400 $3,800 $3,500 $1,400 $8,600 $7,000 $300 $3,500 $2,000 $1,600 $100 $0 $0 $0 $79,200 Proposed 2002 $33,100 $7,000 $0 $30,500 $8,000 $3,000 $0 $1,500 $83,100 $26,000 $14,000 $8,000 $4,000 $4,000 $1,600 $9,000 $8,000 $300 $3,500 $2,100 $0 $100 $0 $0 $2,500 $83,100

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

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.

Question

The template spreadsheet includes the Theater’s proposed budget (formatted as it appears in the case). Revise this document in two ways. 1. Revise so the budget is professionally formatted. 2. Include new columns that help communicate the changes in the proposed budget.

REVENUES
Ticket sales
Concessions
Item
Tuition fees
Donations
Corporate underwriters
Gala ticket, silent auction revenue
Interest
Participation fees
TOTAL REVENUES
EXPENDITURES
Artistic Director
Rent
Utilities
Advertising
Facilities/maintenance
Supplies
Royalty fees
Production expenses
Box Office
Concessions
Fundraising
Capital purchases
Bank/charge expenses
Class instruction payment to Artistic Director
Class expenses
Reduce debt
TOTAL EXPENDITURES
Budgeted 2001
$36,000
$8,500
$6,750
$22,000
$12,000
$6,000
$50
$1,700
$93,000
$26,000
$14,000
$6,500
$3,000
$1,200
$1,200
$10,200
$12,000
$850
$4,000
$3,000
$4,000
$300
$5,500
$1,250
$0
$93,000
Actual 2001
$32,400
$6,480
$0
$29,000
$6,000
$2,900
$20
$1,500
$78,300
$26,000
$14,000
$7,400
$3,800
$3,500
$1,400
$8,600
$7,000
$300
$3,500
$2,000
$1,600
$100
$0
$0
$0
$79,200
Proposed 2002
$33,100
$7,000
$0
$30,500
$8,000
$3,000
$0
$1,500
$83,100
$26,000
$14,000
$8,000
$4,000
$4,000
$1,600
$9,000
$8,000
$300
$3,500
$2,100
$0
$100
$0
$0
$2,500
$83,100

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