Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 pounds of oysters in August. The company's flexible budget for August appears below: For Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.70q) Utilities ($1,260) Other ($440+ $0.019) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 7,800 $ 31,980 2,730 3,100 5,230 5,460 1,260 518 18, 298 $ 13,682 7,800 $ 27,200 2,900 2,960 5,640 5,190 1,070 1,138 18,898 $ 8,302 Required: Calculate the company's revenue and spending 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.)

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 pounds of oysters in August. The company's flexible budget for August appears below: For Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.70q) Utilities ($1,260) Other ($440+ $0.019) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 7,800 $ 31,980 2,730 3,100 5,230 5,460 1,260 518 18, 298 $ 13,682 7,800 $ 27,200 2,900 2,960 5,640 5,190 1,070 1,138 18,898 $ 8,302 Required: Calculate the company's revenue and spending 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.)

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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3. You are to open the books of F Polk, a trader, via the journal to record the assets and liabilities, and are then to record the daily transactions for the month of May. May 2009 1 Assets: Premises £34,000; Van £5,125; Fixtures £810; Stock £6,390. Debtors: P Mullen £140; F Lane £310. Cash at bank £6,240; Cash in hand £560. Liabilities: Creditors: S Hood £215; J Brown £460. 1 Paid storage costs by cheque £40. 2 Goods bought on credit from: S Hood £145; D Main £206; W Tone £96; R Foot £61. 3 Goods sold on credit to: J Wilson £112; T Cole £164; F Syme £208; J Allen £91; P White £242; F Lane £77. 4 Paid for motor expenses in cash £47. 7 Cash drawings by proprietor £150. 9 Goods sold on credit to:T Cole £68; J Fox £131. 11 Goods returned to Polk by: J Wilson £27; F Syme £41. 14 Bought another van on credit from Abel Motors Ltd £4,850. 16 The following paid Polk their accounts by cheque less 5 per cent cash discount: P Mullen; F Lane; J Wilson; F Syme. 19 Goods returned by Polk to R Foot…