Student Finance (StuFi) is a start-up that aims to use the power of social communities to transform the student loan market. It connects participants through a dedicated lending pool, enabling current students to borrow from a school's alumni community. StuFi's rev- enue model is to take an upfront fee of 40 basis points (0.40%) eachfrom the alumni investor and the student borrower for every loan originated on its platform. StuFi hopes to go public in the near future and is keen to ensure that its financial results are in line with that ambition. StuFii's budgeted and actual results for the third quarter of 2017 are presented below. Home Insert Page Layout Formulas Data View Review в Static Budget Actual Results 1. New loans originated Average amount of loan Variable costs per loan: 8,200 10,250 2. $145,000 $162,000 4 $475 (9.5 hrs at $50 per hour) $360 (8 hrs at $45 per hour) Professional labor Credit verification $100 $100 6. Federal documentation fees $120 $125 Courier services Administrative costs (fixed) 10 Technology costs (fixed) $50 $800,000 $54 $945,000 9. $1,300,000 $1,415,000

Student Finance (StuFi) is a start-up that aims to use the power of social communities to transform the student loan market. It connects participants through a dedicated lending pool, enabling current students to borrow from a school's alumni community. StuFi's rev- enue model is to take an upfront fee of 40 basis points (0.40%) eachfrom the alumni investor and the student borrower for every loan originated on its platform. StuFi hopes to go public in the near future and is keen to ensure that its financial results are in line with that ambition. StuFii's budgeted and actual results for the third quarter of 2017 are presented below. Home Insert Page Layout Formulas Data View Review в Static Budget Actual Results 1. New loans originated Average amount of loan Variable costs per loan: 8,200 10,250 2. $145,000 $162,000 4 $475 (9.5 hrs at $50 per hour) $360 (8 hrs at $45 per hour) Professional labor Credit verification $100 $100 6. Federal documentation fees $120 $125 Courier services Administrative costs (fixed) 10 Technology costs (fixed) $50 $800,000 $54 $945,000 9. $1,300,000 $1,415,000

Name: QPrepare an analysis of variances for the third quarter of 2017 along
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: QPrepare an analysis of variances for the third quarter of 2017 along the lines of Exhibit 7-2; identify the sales volume and flexible budget variances for operating income. Student Finance (StuFi) is a start-up that aims to usethe power of social co

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Blue Industries has a Flexible Budget Variance of $474, favorable and a Sales Activity Variance of $274, unfavorable. What is the Master Budget Variance for Blue Industries? Master budget variance tA
Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $80 per unit and variable costs of $35 per unit. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. For Month Ended June 30 Sales Variable costs Contribution margin Fixed costs Income Flexible Budget Performance Report Flexible Budget Actual Results (11,300 units) (11,300 units) 508,500 275,000 356,000 290,000 Variances Favorable or Unfavorable 31,000 Favorable $
A 100-room hotel budgeted an occupancy of 75% and an average room rate of $100 per room for year 2020. Actual occupancy was 50% and average room rate was $90. Assume 365 days in a year. Find the variance in total room revenue, variance in rooms sold and variance in average room rate, and then use the variance analysis matrix to find the constituents in total rooms revenue variance by breaking it up into price variance and quantity variance.
Please do not give solution in image format thanku
The financial director of SolarTech Ltd meets with the research director quarterly to compare actual and budgeted costs and follow up on any unexpected variances?
Correct answer please Do not give solution in image format
please answer complete and correct and correct with full working please please answer in text respected expert provide fully explained , computed and formulated answer or skip thanks . Attempt if you can answer correctly without copy paste from other answer otherwise skip but please please do not waste my question or time by giving incomplete or incorrect answer thanks
Please do not give solution in image format thanku
AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Variable Fixed Component per Month Component per Job $ 277 Actual Total for February $ 27,720 $ 8,350 $ 8,370 Revenue Technician wages $ 8,500 Mobile lab operating expenses $ 4,900 $ 33 Office expenses $ 2,400 $2 $ 2,470 Advertising expenses $ 1,600 $ 1,670 Insurance $ 2,850 $ 2,850 Miscellaneous expenses $ 960 $ 1 $ 375 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $33 per job, and the actual mobile lab operating expenses for February were $8,370. The company expected to work 110 jobs in February, but actually worked 120 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting "F"…
! Required information [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales (18,300 units) Costs Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Phoenix Company reports the following actual results. Actual sales were 18,300 units. Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment $ 3,060,000 979,200 229,500 76,500 300,000 200,000 229,500 250,000 450, 300 192,000 $ 153,000 $ 3,705,750 $ 1,185,840 281,820 82,350 300,000 214,000 266, 265 267,000 458,300…
Please do not give solution in image format thanku
Please do not give solution in image format thanku and please give all answers