Solitaire Company's fixed budget performance report for June follows. The $307,500 budgeted expenses include $246,000 variable expenses and $61,500 fixed expenses. Actual expenses include $69,400 fixed expenses. Sales (in units) Sales (in dollars) Total expenses Income from operations Fixed Budget 8,200 $410,000 307,500 $102,500 Actual Results 10,600 $530,000 371,000 $159,000 Variances $120,000 F 63,500 U $ 56,500 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately.
Solitaire Company's fixed budget performance report for June follows. The $307,500 budgeted expenses include $246,000 variable expenses and $61,500 fixed expenses. Actual expenses include $69,400 fixed expenses. Sales (in units) Sales (in dollars) Total expenses Income from operations Fixed Budget 8,200 $410,000 307,500 $102,500 Actual Results 10,600 $530,000 371,000 $159,000 Variances $120,000 F 63,500 U $ 56,500 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:Solitaire Company's fixed budget performance report for June follows. The $307,500 budgeted expenses include $246,000 variable
expenses and $61,500 fixed expenses. Actual expenses include $69,400 fixed expenses.
Sales (in units)
Sales (in dollars)
Total expenses
Income from operations
Sales
Variable expenses
Contribution margin
Fixed Budget
8,200
$410,000
307,500
$102,500
Fixed expenses
Income from operations
Actual
Results
10,600
$530,000
371,000
$159,000
Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable
expenses separately.
SOLITAIRE COMPANY
Flexible Budget Performance Report
For Month Ended June 30
Variances
$120,000 F
63,500 U
$ 56,500 F
102,500 $ 159,000 $
Flexible Budget Actual Results Variances
530,000 $ 530,000 $
246,000
$
Fav./Unf.
0 No variance
Favorable
Favorable
Unfavorable
56,500 Favorable
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