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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 Administrative expenses Rent $ 0.05 For example, electricity costs should be $1,400 per month plus $0.07 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $5.90 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement Actual cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance. For the Month Ended August 31 Wages and salaries Depreciation Rent Fixed Cost Cost per per Month Car Washed $ 0.60 $ 1,400 $ 0.07 $ 0.30 $ 0.30 $4,600 $ 8,100 $ 1,800 $1,500 Administrative expenses Total expense 8,500 $ 51,660 5,540 1,958 2,760 7,480 8,100 2,000 1,820 29,658

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 Administrative expenses Rent $ 0.05 For example, electricity costs should be $1,400 per month plus $0.07 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $5.90 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement Actual cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance. For the Month Ended August 31 Wages and salaries Depreciation Rent Fixed Cost Cost per per Month Car Washed $ 0.60 $ 1,400 $ 0.07 $ 0.30 $ 0.30 $4,600 $ 8,100 $ 1,800 $1,500 Administrative expenses Total expense 8,500 $ 51,660 5,540 1,958 2,760 7,480 8,100 2,000 1,820 29,658

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 $0.es For example, electricity costs should be $1,400 per month plus $0.07 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $5.90 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement Actual cars washed Revenue Expenses: Rent Cleaning supplies Electricity Maintenance. Wages and salaries Depreciation Fixed Cost Cost per per Month Car Washed $ 0.60 $ 1,400 $ 0.07 $ 0.30 $ 0.30 For the Month Ended August 31 $4,600 $ 8,100 $ 1,800 $ 1,500 Administrative expenses Total expense 8,500 $ 51,660 5,540 1,958 2,760 7,480 8,100 2,000 1,820 29,658
Transcribed Image Text: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 $0.es For example, electricity costs should be $1,400 per month plus $0.07 per car washed. The company expects to wash 8,400 cars in August and to collect an average of $5.90 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement Actual cars washed Revenue Expenses: Rent Cleaning supplies Electricity Maintenance. Wages and salaries Depreciation Fixed Cost Cost per per Month Car Washed $ 0.60 $ 1,400 $ 0.07 $ 0.30 $ 0.30 For the Month Ended August 31 $4,600 $ 8,100 $ 1,800 $ 1,500 Administrative expenses Total expense 8,500 $ 51,660 5,540 1,958 2,760 7,480 8,100 2,000 1,820 29,658
Required: Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for August. Note: 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. Cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results 8,500 $ 51.660 5,540 1,958 2,760 7,480 8,100 2,000 1,820 29,658 22,002 Flexible Budget Planning Budget
Transcribed Image Text:Required: Prepare a flexible budget performance report that shows the company's revenue and spending variances and activity variances for August. Note: 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. Cars washed Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income Lavage Rapide Flexible Budget Performance Report For the Month Ended August 31 Actual Results 8,500 $ 51.660 5,540 1,958 2,760 7,480 8,100 2,000 1,820 29,658 22,002 Flexible Budget Planning Budget
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