1 Perfect Parties, Inc. has several divisions. One division provides birthday parties at their facility. 2...

 
 

Transcribed Image Text:

1 Perfect Parties, Inc. has several divisions. One division provides birthday parties at their facility. 2 Each party sold provides entertainment, decorations, food, and party favors for 10 children. 3 The bookkeeper has prepared a report comparing actual results for the month of June to budgeted results. Perfect Parties Birthday Party Division Analysis of Revenues and Costs For the Month Ended June 30 Planning Budget Actual Results Variances 10 11 Number of parties 12 13 Revenue 14 Expenses: 15 Food costs 16 Party supplies 17 Party worker wages 80 92 2$ 36,000 $ 39,560 3,560 F 7,200 8,648 1,448 U 3,200 3,404 204 U 6,400 7,728 1,328 U 18 Administrative salaries 3,700 3,500 200 F 9 Equipment depreciation 20 Rent e1 Total expense 1,200 1,200 None 1. 5,000 5,000 None 26,700 29,480 2,780 U O 200 10 080 780 F 1,200 1,200 None 19 Equipment depreciation 20 Rent 21 Total expense 22 Net operating income 23 Food costs, party supplies and party worker wages are variable costs. 24 Administrative salaries, equipment depreciation and rent are fixed costs. 5,000 5,000 None 26,700 2,780 U 29,480 10,080 $4 9,300 $ 780 F 25 26 Prepare a new report for June using the flexible budget approach. Enter all variances as positive amounts. If there is a variance, write an IF statements to indicate if it is For U (using capital 27 letters). 28 If there is no variance, enter the word None. 29 Perfect Parties Birthday Party Division Flexible Budget Performance Report For the Month Ended June 30 30 31 32 Actual Results Flexible Planning Budget Revenue and 33 Activity Variances Budget Spending Variances 34 Number of parties 35 36 Revenues 37 Expenses: 38 Food costs 39 Dartu.cunolioe Sheet 1 ... 1 Perfect Parties, Inc. has several divisions. One division provides birthday parties at their facility. 2 Each party sold provides entertainment, decorations, food, and party favors for 10 children. 3 The bookkeeper has prepared a report comparing actual results for the month of June to budgeted results. Perfect Parties Birthday Party Division Analysis of Revenues and Costs For the Month Ended June 30 Planning Budget Actual Results Variances 10 11 Number of parties 12 13 Revenue 14 Expenses: 15 Food costs 16 Party supplies 17 Party worker wages 80 92 2$ 36,000 $ 39,560 3,560 F 7,200 8,648 1,448 U 3,200 3,404 204 U 6,400 7,728 1,328 U 18 Administrative salaries 3,700 3,500 200 F 9 Equipment depreciation 20 Rent e1 Total expense 1,200 1,200 None 1. 5,000 5,000 None 26,700 29,480 2,780 U O 200 10 080 780 F 1,200 1,200 None 19 Equipment depreciation 20 Rent 21 Total expense 22 Net operating income 23 Food costs, party supplies and party worker wages are variable costs. 24 Administrative salaries, equipment depreciation and rent are fixed costs. 5,000 5,000 None 26,700 2,780 U 29,480 10,080 $4 9,300 $ 780 F 25 26 Prepare a new report for June using the flexible budget approach. Enter all variances as positive amounts. If there is a variance, write an IF statements to indicate if it is For U (using capital 27 letters). 28 If there is no variance, enter the word None. 29 Perfect Parties Birthday Party Division Flexible Budget Performance Report For the Month Ended June 30 30 31 32 Actual Results Flexible Planning Budget Revenue and 33 Activity Variances Budget Spending Variances 34 Number of parties 35 36 Revenues 37 Expenses: 38 Food costs 39 Dartu.cunolioe Sheet 1 ...