Part C- Complete budget variance and prepare financial report It is now January 202X and second...
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Part C- Complete budget variance and prepare financial report It is now January 202X and second quarter of the financial year is over (October to December). The accountant prepared the following actual P&L for the months of November and December 201X. P&L Statement for November and December 201X Detalls November Revenue Food Sales Beverage Sales Function Sales Total Revenue Operating Expenses Food Cost Beverage Cost Marketing Rent Telephones Miscellaneous Utilities Wages-Base Salary Superannuation Total Operating Expenses Net Profit or Loss % of Budgeted Revenue 78,563 58,621 98,565 235,749 44,225 21,656 1,140 18,000 411 1,120 3,800 74,822 7,482 165,174 70,575 29.94% December 73,984 54,996 76,536 205,516 39,815 16,458 980 18,000 489 1,365 3,715 72,984 7,298 161,104 44,412 21.61% 1)Complete the following variance report for remaining two months Details Revenue Food Sales Beverage Sales Function Sales Total Revenue Operating Expenses Food Cost Beverage Cost Marketing Rent Telephones Miscellaneous Utilities Wages-Base Salary Superannuation Total Operating Expenses Net Profit or Loss % of Budgeted Revenue Budget Budget Variance Report November and December 202x Actual Variance $ Variance % Budget Actual Variance $ Variance% 1) Prepare a financial report to the owners to brief them about the performance of the budget, including: • Impacts from the changes made after the month of October • Explain the variations at the end of December Reasons for continued current budget variations Assess existing costs and resources and proactively identify areas for improvement Propose desired budget outcomes. Part C- Complete budget variance and prepare financial report It is now January 202X and second quarter of the financial year is over (October to December). The accountant prepared the following actual P&L for the months of November and December 201X. P&L Statement for November and December 201X Detalls November Revenue Food Sales Beverage Sales Function Sales Total Revenue Operating Expenses Food Cost Beverage Cost Marketing Rent Telephones Miscellaneous Utilities Wages-Base Salary Superannuation Total Operating Expenses Net Profit or Loss % of Budgeted Revenue 78,563 58,621 98,565 235,749 44,225 21,656 1,140 18,000 411 1,120 3,800 74,822 7,482 165,174 70,575 29.94% December 73,984 54,996 76,536 205,516 39,815 16,458 980 18,000 489 1,365 3,715 72,984 7,298 161,104 44,412 21.61% 1)Complete the following variance report for remaining two months Details Revenue Food Sales Beverage Sales Function Sales Total Revenue Operating Expenses Food Cost Beverage Cost Marketing Rent Telephones Miscellaneous Utilities Wages-Base Salary Superannuation Total Operating Expenses Net Profit or Loss % of Budgeted Revenue Budget Budget Variance Report November and December 202x Actual Variance $ Variance % Budget Actual Variance $ Variance% 1) Prepare a financial report to the owners to brief them about the performance of the budget, including: • Impacts from the changes made after the month of October • Explain the variations at the end of December Reasons for continued current budget variations Assess existing costs and resources and proactively identify areas for improvement Propose desired budget outcomes.
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Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date:
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