H Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following tableprovides estimates concerning the company's costs:Cleaning suppliesElectricityMaintenanceWages and salariesDepreciationRentAdministrative expensesLavage RapideIncome Statement$ 0.04For example, electricity costs should be $1,500 per month plus $0.09 per car washed. The company expects to wash 8,300 cars inAugust and to collect an average of $6.80 per car washed.The actual operating results for August are as follows:Actual cars washedRevenueExpenses:Cleaning suppliesElectricityMaintenanceRentFor the Month Ended August 31Wages and salariesDepreciationFixed Cost Cost perper Month Car Washed$ 0.70$ 1,500$ 4,100$ 8,400$ 2,200$ 1,700Administrative expensesTotal expenseNet operating income8,400$ 58,5406,3102,2172,730$ 0.09$ 0.30$ 0.306,9508,4002,4001,93230,939$ 27,601 Required:Calculate the company's revenue and spending varlances for August.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance). Input all amounts as positive values.RevenueExpenses:Lavage RapideRevenue and Spending VariancesFor the Month Ended August 31Cleaning suppliesElectricityMaintenanceWages and salariesDepreciationRentAdministrative expensesTotal expenseNet operating income

Revenue and spending variance :— It is the difference between actual results and flexible budget.…

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 For Actual cars washed Revenue Wages and salaries Depreciation Rent Administrative expenses $ 0.01 For example, electricity costs should be $1,500 per month plus $0.09 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.80 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement Expenses: the Month Ended August 31 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Fixed Cost Cost per per Month Car Washed $ 0.70 $ 1,500 $ 0.09 $ 4,100 $ 8,400 $ 2,200 $1,700 Administrative expenses Total expense Net operating income 8,400 $ 58,540 6,310 2,217 2,730 $ 0.30 $ 0.30 6,950 8,400 2,400 1,932 30,939 $ 27,601

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 For Actual cars washed Revenue Wages and salaries Depreciation Rent Administrative expenses $ 0.01 For example, electricity costs should be $1,500 per month plus $0.09 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.80 per car washed. The actual operating results for August are as follows: Lavage Rapide Income Statement Expenses: the Month Ended August 31 Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Fixed Cost Cost per per Month Car Washed $ 0.70 $ 1,500 $ 0.09 $ 4,100 $ 8,400 $ 2,200 $1,700 Administrative expenses Total expense Net operating income 8,400 $ 58,540 6,310 2,217 2,730 $ 0.30 $ 0.30 6,950 8,400 2,400 1,932 30,939 $ 27,601

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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A s s u m e y o u ' r e J u n i o r i n c o l l a g e. G i v e t h r e e f i n a n c i a l g o a l s a n d r e l a t e d a c t i v i t i e s y o u c a n r e c o m m e n d .
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1 . A n g e l i n e M a e d e l a C r u z h a s j u s t g r a d u a t e d f r o m c o l l e g e a n d n e e d s t o b u y a c a r t o c o m m u t e t o w o r k . S h e e s t im a t e s t h a t s h e ca n a f fo r d t o p a y a b o u t P 1 4 , 5 0 0 . 0 0 p e r m o n t h f o r a l oa n o r l e a s e a n d h a s a b o u t P 2 0 0 , 0 0 0. 0 0 i n s a v i n g s t o u s e f o r a d o w n p a y m e n t . • D e v e l o p a p l a n t o g u i d e h e r t h r o u g h h e r f i r s t c a r - b u y i n g e x p e r i e n c e , i n c l u d i n g r e s e a r c h i n g c a r t y p e , d e c i d i n g w he t h e r t o b u y a n e w o r u s e d c a r , n e g o t i a t i n g t h e p r i c e a n d t e r m s , a n d f i n a n c in g t h e t r a n s a c t i o n 2 . F i n d t h e m o n t h l y m o r t g a g e p a y m e n t s o n t h e…
1 . W h a t a r e t h e r o l e s o f m a n a g e m e n t a n d t h e a u d i t o r i n t h e p r e p a r a t i o n a n d i n t e g r i t y o f t h e f i n a n c i a l s t a t e m e n t s ? 2 . W h y d o s o m e u n q u a l i f i e d o p i n i o n s h a v e e x p l a n a t o r y p a r a g r a p h s ? 3 . W i l l t h e a c c o u n t a n t e x p r e s s a n o p i n i o n o n r e v i e w e d f i n a n c i a l s t a t e m e n t s ? D e s c r i b e t h e a c c o u n t a n t ’ s r e p o r t f o r r e v i e w e d f i n a n c i a l s t a t e m e n t s . 4 . W h y a r e n o t e s t o s t a t e m e n t s n e c e s s a r y ? 5 . W h a t i s t h e r e l a t i o n s h i p b e t w e e n t h e a c c o u n t i n g e q u a t i o n a n d t h e d o u b l e - e n t r y s y s t e m o f r e c o r d i n g t r a n s a c t i o n s ?
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