Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Fixed Cost Cost per Car per Month Hashed Cleaning supplies Electricity Maintenance Wages and salaries Depreciation $ 0.40 $ 0.10 $ 0.20 $ 0.30 $ 1,100 $ 4,400 $ 8,500 $ 2,200 $ 1,600 Rent Administrative expenses $ 0.03 For example, electricity costs should be $1,100 per month plus $0.10 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.70 per car washed. The company actually washed 8,400 cars in August. Required: Calculate the company's activity variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Lavage Rapide Activity Variances For the Month Ended August 31 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Fixed Cost Cost per Car per Month Hashed Cleaning supplies Electricity Maintenance Wages and salaries Depreciation $ 0.40 $ 0.10 $ 0.20 $ 0.30 $ 1,100 $ 4,400 $ 8,500 $ 2,200 $ 1,600 Rent Administrative expenses $ 0.03 For example, electricity costs should be $1,100 per month plus $0.10 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.70 per car washed. The company actually washed 8,400 cars in August. Required: Calculate the company's activity variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Lavage Rapide Activity Variances For the Month Ended August 31 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income

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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Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company’s costs: Fixed Costper Month Cost perCar Washed Cleaning supplies $ 0.80 Electricity $ 1,200 $ 0.15 Maintenance $ 0.20 Wages and salaries $ 5,000 $ 0.30 Depreciation $ 6,000 Rent $ 8,000 Administrative expenses $ 4,000 $ 0.10 For example, electricity costs should be $1,200 per month plus $0.15 per car washed. The company actually washed 8,800 cars in August and collected an average of $4.90 per car washed. Required: Prepare the company’s flexible budget for August.
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Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Fixed Cost per Month $ 1,300 $ 4,100 $ 8,400 $ 2,000 Administrative expenses $ 1,700 $ 0.05 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent For example, electricity costs are $1,300 per month plus $0.06 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.30 per car washed. Required: Prepare the company's planning budget for August. Lavage Rapide Planning Budget For the Month Ended August 31 Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Cost per Car Washed $0.60 $ 0.06 $ 0.15 $0.30 Administrative expenses Total expense Net operating income $ 0 0
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Cleaning supplies Electricity Maintenance Rent Wages and salaries. Depreciation Administrative expenses $ 0.03 For example, electricity costs are $1,300 per month plus $0.06 per car washed. The company actually washed 8,600 cars in August and collected an average of $6.10 per car washed. Actual cars washed Revenue Expenses: Required: Prepare the company's flexible budget for August. Cleaning supplies Electricity Maintenance Answer is complete but not entirely correct. Lavage Rapide Flexible Budget For the Month Ended August 31 Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income Fixed Cost Cost per Car per Month Washed $0.40 $ 0.06 $0.15 $0.30 ✓ $1,300 $ 4,500 $ 8,100 $ $ $ 2,000 $ 1,300 0x 0x 0x 0x 0x 0x 0x 0x 0x 0 0
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company’s costs: Fixed Costper Month Cost perCar Washed Cleaning supplies $ 0.80 Electricity $ 1,100 $ 0.05 Maintenance $ 0.30 Wages and salaries $ 4,800 $ 0.20 Depreciation $ 8,200 Rent $ 1,900 Administrative expenses $ 1,700 $ 0.03 For example, electricity costs are $1,100 per month plus $0.05 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $6.50 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed 8,500 Revenue $ 56,700 Expenses: Cleaning supplies 7,220 Electricity 1,490 Maintenance 2,760 Wages and salaries 6,840 Depreciation 8,200 Rent 2,100 Administrative…
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company’s costs: Fixed Cost per Month Cost per Car Washed Cleaning supplies $ 0.40 Electricity $ 1,200 $ 0.07 Maintenance $ 0.15 Wages and salaries $ 4,100 $ 0.20 Depreciation $ 8,300 Rent $ 1,900 Administrative expenses $ 1,500 $ 0.02 For example, electricity costs should be $1,200 per month plus $0.07 per car washed. The company actually washed 8,500 cars in August and collected an average of $6.90 per car washed. Required: Prepare the company’s flexible budget for August.
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Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company’s costs: Fixed Cost per Month Cost per Car Washed Cleaning supplies $ 0.50 Electricity $ 1,400 $ 0.06 Maintenance $ 0.30 Wages and salaries $ 4,300 $ 0.20 Depreciation $ 8,000 Rent $ 2,200 Administrative expenses $ 1,400 $ 0.02 For example, electricity costs should be $1,400 per month plus $0.06 per car washed. The company actually washed 8,300 cars in August and collected an average of $6.90 per car washed. Prepare the company’s flexible budget for August.
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Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost Cost per per Month Car Washed $ 0.50 $ 1,300 $ 0.07 $ 0.15 $ 4,500 $ 0.20 $ 8,200 $ 1,800 $ 1,500 $ 0.02 For example, electricity costs should be $1,300 per month plus $0.07 per car washed. The company expects to wash 8,500 cars in August and to collect an average of $6.50 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement For the Month Ended August 31 Actual cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income Required: 8,600 $ 57,350 4,750 1,865 1,515 6,560 8,200 2,000 1,570 26,460 $ 30,890 Prepare a flexible budget performance…