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Chapter 9: Applying Excel Data Revenue Cost of ingredients Wages and salaries Utilities Rent Miscellaneous Actual results: Revenue Cost of ingredients Wages and salaries Utilities Rent Miscellaneous Planning budget activity Actual activity Meals served Revenue Expenses: Cost of ingredients Wages and salaries Utilities Rent $10,400 $800 $2,200 $600 Miscellaneous Total expenses Net operating income $27,920 $11,110 $10,130 $1,080 $2,200 $2,240 Enter a formula into each of the cells marked with a ? below Review Problem: Variance Analysis Using a Flexible Budget Construct a flexible budget performance report 1,800 meals served 1,700 meals served + ? + Revenue and Actual Spending Results Variances ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? $16.50 q $6.25 q $0.20 q $0.80 q Flexible Budget ? ? ? UNNN... ? ? ? ? ? ? Activity Variances ? ? ? ? ? ? ? ? Planning Budget ? ? ? ? ? ? ? ? ?

Chapter 9: Applying Excel Data Revenue Cost of ingredients Wages and salaries Utilities Rent Miscellaneous Actual results: Revenue Cost of ingredients Wages and salaries Utilities Rent Miscellaneous Planning budget activity Actual activity Meals served Revenue Expenses: Cost of ingredients Wages and salaries Utilities Rent $10,400 $800 $2,200 $600 Miscellaneous Total expenses Net operating income $27,920 $11,110 $10,130 $1,080 $2,200 $2,240 Enter a formula into each of the cells marked with a ? below Review Problem: Variance Analysis Using a Flexible Budget Construct a flexible budget performance report 1,800 meals served 1,700 meals served + ? + Revenue and Actual Spending Results Variances ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? $16.50 q $6.25 q $0.20 q $0.80 q Flexible Budget ? ? ? UNNN... ? ? ? ? ? ? Activity Variances ? ? ? ? ? ? ? ? Planning Budget ? ? ? ? ? ? ? ? ?

FINANCIAL ACCOUNTING
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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Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B30 enter the formula "= B20". Notes: In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel. For example, the formula in cell C31 would be "=ABS(E31-B31)". Cells D31 through D39 and G31 through G39 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cells-if you do, you will overwrite these formulas. After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text. Required: 1. Check your worksheet by changing the revenue in cell D4 to $16.00; the cost of ingredients in cell D5 to $6.50; and the wages and salaries in cell B6 to $10,000. The activity variance for net operating income should now be $850 U and the spending variance for total expenses should be $410 U. If you do not get these answers, find the errors in your worksheet and correct them. Save your completed Applying Excel form to your computer and then upload it here by clicking “Browse.” Next, click “Save." You will use this worksheet to answer the questions in Part 2.
Transcribed Image Text:Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B30 enter the formula "= B20". Notes: In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel. For example, the formula in cell C31 would be "=ABS(E31-B31)". Cells D31 through D39 and G31 through G39 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cells-if you do, you will overwrite these formulas. After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text. Required: 1. Check your worksheet by changing the revenue in cell D4 to $16.00; the cost of ingredients in cell D5 to $6.50; and the wages and salaries in cell B6 to $10,000. The activity variance for net operating income should now be $850 U and the spending variance for total expenses should be $410 U. If you do not get these answers, find the errors in your worksheet and correct them. Save your completed Applying Excel form to your computer and then upload it here by clicking “Browse.” Next, click “Save." You will use this worksheet to answer the questions in Part 2.
A 1 Chapter 9: Applying Excel 2 3 Data 4 Revenue 5 Cost of ingredients 6 Wages and salaries 7 Utilities 8 Rent 9 Miscellaneous 10 11 Actual results: 12 Revenue 13 Cost of ingredients 27 28 29 30 Meals served 31 Revenue 32 Expenses: 33 34 35 36 37 Miscellaneous 38 Total expenses 39 Net operating income 40 B Cost of ingredients $10,400 $800 $2,200 $600 Wages and salaries Utilities Rent $27,920 $11,110 $10,130 $1,080 $2,200 $2,240 14 Wages and salaries 15 Utilities 16 Rent 17 Miscellaneous 18 19 Planning budget activity 20 Actual activity 21 22 Enter a formula into each of the cells marked with a ? below 23 Review Problem: Variance Analysis Using a Flexible Budget 24 25 Construct a flexible budget performance report 26 1,800 meals served 1,700 meals served Actual Results ? ? ~.~.~.~.·.~.~. ? ? ? ? ? + ? + ? Revenue and Spending Variances ? ~.~.~.c. ? ? ? ? ? ? ? D $16.50 q $6.25 q $0.20 q $0.80 q E Flexible Activity Budget Variances ? ? F ? ? ? ? ? ? ? ? ~.~.~.C.C.S ? ? ? ? ? ? ? H Planning Budget ? ? ? ? ? ? ? ? ?
Transcribed Image Text:A 1 Chapter 9: Applying Excel 2 3 Data 4 Revenue 5 Cost of ingredients 6 Wages and salaries 7 Utilities 8 Rent 9 Miscellaneous 10 11 Actual results: 12 Revenue 13 Cost of ingredients 27 28 29 30 Meals served 31 Revenue 32 Expenses: 33 34 35 36 37 Miscellaneous 38 Total expenses 39 Net operating income 40 B Cost of ingredients $10,400 $800 $2,200 $600 Wages and salaries Utilities Rent $27,920 $11,110 $10,130 $1,080 $2,200 $2,240 14 Wages and salaries 15 Utilities 16 Rent 17 Miscellaneous 18 19 Planning budget activity 20 Actual activity 21 22 Enter a formula into each of the cells marked with a ? below 23 Review Problem: Variance Analysis Using a Flexible Budget 24 25 Construct a flexible budget performance report 26 1,800 meals served 1,700 meals served Actual Results ? ? ~.~.~.~.·.~.~. ? ? ? ? ? + ? + ? Revenue and Spending Variances ? ~.~.~.c. ? ? ? ? ? ? ? D $16.50 q $6.25 q $0.20 q $0.80 q E Flexible Activity Budget Variances ? ? F ? ? ? ? ? ? ? ? ~.~.~.C.C.S ? ? ? ? ? ? ? H Planning Budget ? ? ? ? ? ? ? ? ?
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c. What is the spending variance for wages and salaries? **Note:** Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). [Text box] The amount of the spending variance for wages and salaries [Dropdown box] d. What is the spending variance for total expenses? **Note:** Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). [Text box] The amount of the spending variance for total expenses [Dropdown box]
Transcribed Image Text:c. What is the spending variance for wages and salaries? **Note:** Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). [Text box] The amount of the spending variance for wages and salaries [Dropdown box] d. What is the spending variance for total expenses? **Note:** Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). [Text box] The amount of the spending variance for total expenses [Dropdown box]
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### Chapter 9: Applying Excel #### Data - **Revenue**: $16.50 * q (quantity) - **Cost of ingredients**: $6.25 * q (quantity) - **Wages and salaries**: $10,400 - **Utilities**: $800 + $0.20 * q (quantity) - **Rent**: $2,200 - **Miscellaneous**: $600 + $0.80 * q (quantity) #### Actual Results: - **Revenue**: $30,295 - **Cost of ingredients**: $11,110 - **Wages and salaries**: $10,310 - **Utilities**: $1,210 - **Rent**: $2,200 - **Miscellaneous**: $2,060 #### Activity Levels: - **Planning budget activity**: 1,700 meals served - **Actual activity**: 1,800 meals served This table provides a comparison between the projected costs and revenues versus the actual results, as well as the planned versus actual activity levels in terms of meals served.
Transcribed Image Text:### Chapter 9: Applying Excel #### Data - **Revenue**: $16.50 * q (quantity) - **Cost of ingredients**: $6.25 * q (quantity) - **Wages and salaries**: $10,400 - **Utilities**: $800 + $0.20 * q (quantity) - **Rent**: $2,200 - **Miscellaneous**: $600 + $0.80 * q (quantity) #### Actual Results: - **Revenue**: $30,295 - **Cost of ingredients**: $11,110 - **Wages and salaries**: $10,310 - **Utilities**: $1,210 - **Rent**: $2,200 - **Miscellaneous**: $2,060 #### Activity Levels: - **Planning budget activity**: 1,700 meals served - **Actual activity**: 1,800 meals served This table provides a comparison between the projected costs and revenues versus the actual results, as well as the planned versus actual activity levels in terms of meals served.
### Understanding Variances in Financial Analysis #### a. Activity Variance for Revenue **Question:** What is the activity variance for revenue? **Instructions:** Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). - **Input Box:** Enter the amount of the activity variance for revenue. - **Selection Box:** Choose the type of effect ("F", "U", or "None"). #### b. Spending Variance for the Cost of Ingredients **Question:** What is the spending variance for the cost of ingredients? **Instructions:** Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). - **Input Box:** Enter the amount of the spending variance for the cost of ingredients. - **Selection Box:** Choose the type of effect ("F", "U", or "None"). These prompts are designed to help analyze and categorize variances, which are crucial in financial assessments for understanding cost management and revenue optimization.
Transcribed Image Text:### Understanding Variances in Financial Analysis #### a. Activity Variance for Revenue **Question:** What is the activity variance for revenue? **Instructions:** Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). - **Input Box:** Enter the amount of the activity variance for revenue. - **Selection Box:** Choose the type of effect ("F", "U", or "None"). #### b. Spending Variance for the Cost of Ingredients **Question:** What is the spending variance for the cost of ingredients? **Instructions:** Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). - **Input Box:** Enter the amount of the spending variance for the cost of ingredients. - **Selection Box:** Choose the type of effect ("F", "U", or "None"). These prompts are designed to help analyze and categorize variances, which are crucial in financial assessments for understanding cost management and revenue optimization.
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