Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3, 100) Wages and salaries ($2,500 + $0.45q) Shipping ($0.75q) Utilities ($1,210) Other ($480 + $0.01g) Total expense 7,000 $ 28,700 2,450 3,100 5,650 5,250 1,210 550 18,210 $ 10,490 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,000 $ 27,400 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 2,620 2,960 6,060 4,980 1,020 1,170 18,810 $ 8,590 Other Total expense Net operating income

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3, 100) Wages and salaries ($2,500 + $0.45q) Shipping ($0.75q) Utilities ($1,210) Other ($480 + $0.01g) Total expense 7,000 $ 28,700 2,450 3,100 5,650 5,250 1,210 550 18,210 $ 10,490 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,000 $ 27,400 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 2,620 2,960 6,060 4,980 1,020 1,170 18,810 $ 8,590 Other 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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Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company’s planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) 27,000 Revenue ($4.00q) $ 108,000 Expenses: Raw materials ($2.00q) 54,000 Wages and salaries ($6,200 + $0.20q) 11,600 Utilities ($2,100 + $0.05q) 3,450 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous ($700 + $0.10q) 3,400 Total expense 77,950 Net operating income $ 30,050 In July, 28,000 meals were actually served. The company’s flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q) 28,000 Revenue ($4.00q) $ 112,000 Expenses: Raw materials ($2.00q) 56,000 Wages and salaries ($6,200+ $0.20q) 11,800 Utilities ($2,100 + $0.05q) 3,500 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous…
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Beauty Spa & Co. manufactures a specialised luxury spa that is supplied to five-star hotels around the country. The owner provides you with the following information to prepare its 1st quarter budget: July, August, and September. Budgeted sales are as follows: Month Sales ($) Units Sold May 25,000 250 June 28,000 280 July 30,000 300 August 40,000 400 September 35,000 350 October 37,000 370 Additional information: i) Purchases are budgeted at $5.00 per unit and are paid for in full in the month after purchase. ii) Closing inventory must equal 50% of the next month’s sales. iii) Sales (which are all on credit) are collected as follows: 60% in the month of sale; 30% in the month after the sale; 5% in the second month after the sale. iv) The balance in the bank account as of 30 June is $10,000. Required (show your workings for each question): Prepare the schedule of expected cash collections from…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,400) Wages and salaries ($2,400 + $0.40g) Shipping ($0.55q) Utilities ($1,240) Quilcene Oysteria Flexible Budget For the Month Ended August 31 Other ($470 + $0.01g) Total expenses Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income 7,300 $ 30,295 2,555 3,400 5,320 4,015 1,240 543 17,073 $ 13,222 7,300 $ 27,000 2,725 3,260 5,730 3,745 1,050 1,163 17,673 $ 9,327
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in Augus The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.55q) Utilities ($1,290) Other ($480 + $0.019) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 7,100 $ 29,465 2,485 3,100 4,985 3,905 1,290 551 16,316 $ 13,149 Actual pounds 7,100 Revenue $ 27,000 Expenses: Packing supplies 2,655 Oyster bed maintenance 2,960 Wages and salaries 5,395 3,635 1,100 1,171 16,916 Shipping Utilities Other Total expense Net operating income. Required: $ 10,084 Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,300 Revenue ($4.20q) $ 30, 660 Expenses: Packing supplies ($0.40q) 2,920 Oyster bed maintenance ($3,100) 3, 100 Wages and salaries ($2,600 + $0.30q) 4,790 Shipping ($0.65q) 4,745 Utilities ( $1,200) 1,200 Other ($420 + $0.01q) 493 Total expense 17,248 Net operating income $ 13,412 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,300 Revenue $ 27,400 Expenses: Packing supplies 3,090 Oyster bed maintenance 2,960 Wages and salaries 5,200 Shipping 4,475 Utilities 1,010 Other 1,113 Total expense 17,848 Net operating income $ 9,552 Required: Calculate the company' s revenue and spending variances for August. (Indicate the effect of each variance by…
Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company’s planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) 24,000 Revenue ($4.40q) $ 105,600 Expenses: Raw materials ($2.10q) 50,400 Wages and salaries ($6,300 + $0.20q) 11,100 Utilities ($2,100 + $0.05q) 3,300 Facility rent ($3,300) 3,300 Insurance ($2,800) 2,800 Miscellaneous ($600 + $0.10q) 3,000 Total expense 73,900 Net operating income $ 31,700 In July, 25,000 meals were actually served. The company’s flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q) 25,000 Revenue ($4.40q) $ 110,000 Expenses: Raw materials ($2.10q) 52,500 Wages and salaries ($6,300+ $0.20q) 11,300 Utilities ($2,100 + $0.05q) 3,350 Facility rent ($3,300)…
Lavado Rapido is a Mexican company that owns and operates a large automatic car wash facility near Mexico City. The following table provides data concerning the company’s costs: For example, electricity cost are $1,500 per month plus $0.20 per car washed. The company expects to collect an average of $5.50 per car washed . The company actually washed 9,500 cars in October. Required: Prepare the company’s flexible budget for October.
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