Static Budget: Static budget is an outcome of fixed budgeting process. It includes the fixed estimates for a period when changes are not allowed during the period. Static budget is used to find the variance in actual and estimated values. Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets. To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

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Answer 1

Question

Chapter 24, Problem 24.1BYP

(a)

To determine

Static Budget: Static budget is an outcome of fixed budgeting process. It includes the fixed estimates for a period when changes are not allowed during the period. Static budget is used to find the variance in actual and estimated values.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

(b)

To determine

To prepare: A flexible budget report for the year.

(c)

To determine

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

(d)

To determine

To explain: The course of actions for management of G pastures.

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Som Resources, Inc. sold one of its drilling platforms that was purchased on January 1, 2010, for $120,000 and was depreciated on a straight-line basis over a 13-year life. There was no salvage value associated with the drilling platform. If the drilling platform was held for 11 years and sold for $65,000, what was the amount of gain or loss recorded at the time of the sale?

Answer 2

Question

Chapter 24, Problem 24.1BYP

(a)

To determine

Static Budget: Static budget is an outcome of fixed budgeting process. It includes the fixed estimates for a period when changes are not allowed during the period. Static budget is used to find the variance in actual and estimated values.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

(b)

To determine

To prepare: A flexible budget report for the year.

(c)

To determine

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

(d)

To determine

To explain: The course of actions for management of G pastures.

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Answer 3

Question

Chapter 24, Problem 24.1BYP

(a)

To determine

Static Budget: Static budget is an outcome of fixed budgeting process. It includes the fixed estimates for a period when changes are not allowed during the period. Static budget is used to find the variance in actual and estimated values.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

(b)

To determine

To prepare: A flexible budget report for the year.

(c)

To determine

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

(d)

To determine

To explain: The course of actions for management of G pastures.

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Answer 4

Question

Chapter 24, Problem 24.1BYP

(a)

To determine

Static Budget: Static budget is an outcome of fixed budgeting process. It includes the fixed estimates for a period when changes are not allowed during the period. Static budget is used to find the variance in actual and estimated values.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

(b)

To determine

To prepare: A flexible budget report for the year.

(c)

To determine

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

(d)

To determine

To explain: The course of actions for management of G pastures.

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Answer 5

Chapter 24, Problem 24.1BYP

(a)

To determine

Static Budget: Static budget is an outcome of fixed budgeting process. It includes the fixed estimates for a period when changes are not allowed during the period. Static budget is used to find the variance in actual and estimated values.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

(b)

To determine

To prepare: A flexible budget report for the year.

(c)

To determine

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

(d)

To determine

To explain: The course of actions for management of G pastures.

Answer 6

Chapter 24, Problem 24.1BYP

(a)

To determine

Static Budget: Static budget is an outcome of fixed budgeting process. It includes the fixed estimates for a period when changes are not allowed during the period. Static budget is used to find the variance in actual and estimated values.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

Answer 7

Chapter 24, Problem 24.1BYP

(a)

To determine

Static Budget: Static budget is an outcome of fixed budgeting process. It includes the fixed estimates for a period when changes are not allowed during the period. Static budget is used to find the variance in actual and estimated values.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

Answer 8

(b)

To determine

To prepare: A flexible budget report for the year.

Answer 9

(b)

To determine

To prepare: A flexible budget report for the year.

Answer 10

(c)

To determine

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

Answer 11

(c)

To determine

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

Answer 12

(d)

To determine

To explain: The course of actions for management of G pastures.

Answer 13

(d)

To determine

To explain: The course of actions for management of G pastures.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 24 - Prob. 1Q Ch. 24 - Prob. 2Q Ch. 24 - Prob. 3Q Ch. 24 - 4. Ken Bay questions the usefulness of a master...Ch. 24 - Prob. 5Q Ch. 24 - Prob. 6Q Ch. 24 - Prob. 7Q Ch. 24 - Prob. 8Q Ch. 24 - Prob. 9Q Ch. 24 - Prob. 10Q

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To prepare: A flexible budget report for the year.

To explain: (1) The primary causes of net loss in the company (2) The performance of management (3) The soundness of managements’ decision.

To explain: The course of actions for management of G pastures.

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