Willow Clinic bases its budgets on patient-visits. During October, the clinic plans for a level of activity of 2,250 patient-visits. The clinic has provided the following data concerning the formulas it uses in its budgeting: Fixed element per month Variable element per patient-visit Revenue - $ 68.00 Personnel expenses $ 24,700 $ 26.00 Medical supplies $ 850 $ 7.40 Occupancy expenses $ 5,550 $ 3.20 Administrative expenses $ 4,250 $ 14.20 Required: Prepare the clinic's planning budget for October

Willow Clinic bases its budgets on patient-visits. During October, the clinic plans for a level of activity of 2,250 patient-visits. The clinic has provided the following data concerning the formulas it uses in its budgeting: Fixed element per month Variable element per patient-visit Revenue - $ 68.00 Personnel expenses $ 24,700 $ 26.00 Medical supplies $ 850 $ 7.40 Occupancy expenses $ 5,550 $ 3.20 Administrative expenses $ 4,250 $ 14.20 Required: Prepare the clinic's planning budget for October

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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Arrasmith Corporation uses customers served as its measure of activity. During February, the company budgeted for 36.100 customers, but actually served 27.900 customers. The company uses the following revenue and cost formules in its budgeting, where is the number of customers served: Revenue: $4.60q Wages and salaries: $34,300+ $1.43q Supplies: $0.83q Insurance: $11,500 Miscellaneous expenses: $7,500 + $0.41q The company reported the following actual results for February: $ 141,800 $ 69,100 $ 15,500 $ 11,500 $ 23,200 Revenue Wages and salaries Supplies Insurance Miscellaneous expense Required: Prepare the company's flexible budget performance report for February. Label each variance as favorable (F) or unfavorable (U). Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values. Customers served Revenue Expenses: Wages and salaries Supplies Insurance Miscellaneous…
Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement 600 $ 2,020 $ 1,670 $ 55 $ 107,000 $ 18,000
Mayo Clinic uses patient-visits as its measure of activity. During September, the clinic budgeted for 3,000 patient-visits, but its actual level of activity was 2,900 patient-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for September: Data used in budgeting: Revenue Personnel expenses Medical supplies. Occupancy expenses. Administrative expenses.. Actual results for September: Revenue Personnel expenses. Medical supplies. Occupancy expenses. Administrative expenses..... Fixed element per month $27,600 $1,500 $6,200 $3,600 $105,010 $61,020 $22,120 $10,930 $4,570 Variable element per patient-visit $37.20 $11.30 $6.80 $1.70 $0.30 Compute the total Revenue variance (due to a difference in the actual amount collected per customer from expected). State answer as a positive.
Bustillo Incorporated is working on its cash budget for March. The budgeted beginning cash balance is $36,000. Budgeted cash receipts total $117,000 and budgeted cash disbursements total $111,000. The desired ending cash balance is $53,500. To attain its desired ending cash balance for March, the company needs to borrow: Multiple Choice $95,500 $11,500 $0 $53,500
Bartosiewicz Clinic uses client-visits as its measure of activity. During January, the clinic budgeted for 4,000 client-visits, but its actual level of activity was 3,980 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January: Data used in budgeting: Fixed element per month Variable element per client-visit Revenue - $ 36.00 Personnel expenses $ 28,000 $ 12.00 Medical supplies 2,000 6.00 Occupancy expenses 11,000 1.00 Administrative expenses 7,000 0.10 Total expenses $ 48,000 $ 19.10 Actual results for January: Revenue $ 124,750 Personnel expenses $ 70,500 Medical supplies $ 21,050 Occupancy expenses $ 14,000 Administrative expenses $ 7,850 The overall revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget performance…
XYZ Company is preparing its budgeted balance sheet. The budgeted selling price per unit is $45. Budgeted unit sales for July. August, September, October and November are 1,400 units, 2.100 units, 3,400 un 2.700 units and 4,200 units, respectively. All sales are on credit. Regarding credit sales, 30% are collected in the month of the sale, 50% in the month following sales, and the remaining 20% in the second month following sale. The budgeted accounts receivable balance at the end of September is closest to: Select one: O a. $96,750 O b. None of the given answers O c $154,000 O d. $140,000 O e. $126.000
Bartosiewicz Clinic uses client-visits as its measure of activity. During January, the clinic budgeted for 4,600 client-visits, but its actual level of activity was 4,580 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January: Data used in budgeting: Revenue Personnel expenses Medical supplies Occupancy expenses Administrative expenses Total expenses Actual results for January: Revenue Personnel expenses Medical supplies Occupancy expenses Administrative expenses Fixed element Variable element per month $0 $ 28,600 1,500 10,500 7,600 $ 48,200 $ 130,000 $ 70,020 $ 21,012 $ 13,190 $ 7,440 per client-visit $36.60 $ 12.60 6.60 1.00 0.20 $ 20.40 The overall revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget performance report) for January would be closest to:
Refer to the picture for the problem and template. 1 picture has the info and prompt. The other picture has the template.
Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement 580 $ 2,010 $ 1,470 $45 $ 200,000 $ 17,000
Annie’s Homemade Ice Cream is preparing a planning budget for August. Its budgeted revenue per serving is $5.00. It has identified two cost drivers—number of servings and number of labor-hours. The company expects to sell 10,800 servings and to staff 700 employee labor-hours in August. Data concerning the company’s cost formulas are shown below: Fixed Cost Per MonthCost per ServingCost per Labor-HourIngredients expense $ 1.25 Salaries and wages expense$ 7,000 $ 8.00Franchise fee $ 0.25 Credit card processing fees $ 0.09 Utilities expense$ 300$ 0.02 Rent expense$ 3,000 Equipment depreciation expense$ 1,750 Other expenses$ 4,200 In August, the company actually sold 11,200 servings of ice cream and staffed 780 employee labor-hours. It’s budgeted

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bartleby, a Learneo, Inc. business

	Fixed element per month	Variable element per patient-visit
Revenue		-	$	68.00
Personnel expenses	$	24,700	$	26.00
Medical supplies	$	850	$	7.40
Occupancy expenses	$	5,550	$	3.20
Administrative expenses	$	4,250	$	14.20