please please answer correctly with all working including explanation computation formulaand steps so that I can understand clearly thanks need correct answer million thanks please show all work Required:1. Prepare a flexible budget performance report for the year that shows both spending variances and activity variances. (Indicate theeffect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input allamounts as positive values.)Number of productionsNumber of performancesActors' and directors' wagesStagehands' wagesTicket booth personnel and ushers' wagesScenery, costumes, and propsTheatre hall rentPrinted programsPublicityAdministrative expensesTotalThe Little TheatreFlexible Budget Performance ReportFor the Year Ended December 31ActualResults7168$363,60062,90039,900131,00090,40050,70015,90059,500$ 813,900UFUUFFUUUFlexibleBudgetUUUUUUUUUPlanningBudget6108$ 224,64041,04024,840108,48062,64035,64012,48051,840561,600$ The Little Theatre is a nonprofit organization devoted to staging plays for children. The theater has a very small full-time professionaladministrative staff. Through a special arrangement with the actors' union, actors and directors rehearse without pay and are paid onlyfor actual performances.The Little Theatre had tentatively planned to put on six different productions with a total of 108 performances. For example, one of theproductions was Peter Rabbit, which had a six-week run with three performances on each weekend. The costs from the current year'splanning budget appear below.The Little TheatreCosts from the Planning BudgetFor the Year Ended December 31Budgeted number of productionsBudgeted number of performancesActors and directors wagesStagehands wagesTicket booth personnel and ushers wagesScenery, costumes, and propsTheater hall rentPrinted programsPublicityAdministrative expensesTotalSome of the costs vary with the number of productions, some with the number of performances, and some are fixed and depend onneither the number of productions nor the number of performances. The costs of scenery, costumes, props, and publicity vary with thenumber of productions. It doesn't make any difference how many times Peter Rabbit is performed, the cost of the scenery is the same.Likewise, the cost of publicizing a play with posters and radio commercials is the same whether there are 10, 20, or 30 performancesof the play. On the other hand, the wages of the actors, directors, stagehands, ticket booth personnel, and ushers vary with thenumber of performances. The greater the number of performances, the higher the wage costs will be. Similarly, the costs of renting thehall and printing the programs will vary with the number of performances. Administrative expenses are more difficult to analyze, butthe best estimate is that approximately 75% of the budgeted costs are fixed, 15% depend on the number of productions staged, andthe remaining 10% depend on the number of performances.The Little TheatreActual CostsTotalAfter the beginning of the year, the board of directors of the theater authorized expanding the theater's program to seven productionsand a total of 168 performances. Not surprisingly, actual costs were considerably higher than the costs from the planning budget.(Grants from donors and ticket sales were also correspondingly higher, but are not shown here.) Data concerning the actual costs wereas follows:For the Year Ended December 31Actual number of productionsActual number of performancesActors and directors wages6108Stagehands wagesTicket booth personnel and ushers wagesScenery, costumes, and propsTheater hall rentPrinted programsPublicityAdministrative expenses$ 224,64041,04024,840108,48062,64035,64012,48051,840$ 561,6007168$363,60062,98039,900131,00090,40050,70015,90059,500$ 813,900

Variance refers to the difference between the forecasted and actual performance and result of the…

Number of productions Number of performances Actors' and directors' wages Stagehands' wages Ticket booth personnel and ushers' wages Scenery, costumes, and props Theatre hall rent Printed programs Publicity Administrative expenses Total The Little Theatre Flexible Budget Performance Report For the Year Ended December 31 Actual Results 7 168 $ 363,600 62,900 39,900 131,000 90,400 50,700 15,900 59,500 $ 813,900 U F U U F F U U U Flexible Budget U U U U U U U U U Planning Budget 108 $ 224,640 41,040 24,840 108,480 62,640 35,640 12,480 51,840 $ 561,600

Number of productions Number of performances Actors' and directors' wages Stagehands' wages Ticket booth personnel and ushers' wages Scenery, costumes, and props Theatre hall rent Printed programs Publicity Administrative expenses Total The Little Theatre Flexible Budget Performance Report For the Year Ended December 31 Actual Results 7 168 $ 363,600 62,900 39,900 131,000 90,400 50,700 15,900 59,500 $ 813,900 U F U U F F U U U Flexible Budget U U U U U U U U U Planning Budget 108 $ 224,640 41,040 24,840 108,480 62,640 35,640 12,480 51,840 $ 561,600

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 71P

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