Please help me with this accounting question. I know its long but even partial answers would me extremely appreciated.

Problem 9-24 Critiquing a Report; Preparing a Performance Budget [L09-1, L09-2, L09-3, LOB-4, Log-6] Exchange Corp. is a company that acts as a facilitator in taxfavored real estate swaps. Such swaps, know as 1031 exchanges, permit participants to avoid some or all of the capital gains taxes that would othenNise be due. The bookkeeper for the company has been asked to prepare a report for the company to help its owner/manager analyze performance. The first such report appears below: Exchange Corp. Analysis of Revenues and Costs For the Month Ended May 31 Planning Actual Budget Unit Unit Revenues Revenues and and Costs Costs Variances Exchanges completed 25 20 Revenue $ 610 $ 650 $40 U Expenses: Legal and search fees 221 205 16 U Office expenses 196 239 43 F Equipment depreciation 24 30 6 F Rent 60 75 15 F Insurance 12 15 3 F Total expense 513 564 51 F Net operating income $ 97 $ 86 $11 F [ Note that the revenues and costs in the above report are unit revenues and costs. For example, the average ofce expense is $239 per exchange completed on the planning budget; whereas, the average actual office expense is $196 per exchange completed. Legal and search fees is a variable cost; ofce expenses is a mixed cost; and equipment depreciation, rent, and insurance are fixed costs. In the planning budget, the fixed component of ofce expenses was $4,600. All of the company's revenues come from fees collected when an exchange is completed. Required: 1. Is the report prepared by the bookkeeper useful as a performance report? 2. Complete the performance report that would help the owner/manager assess the performance of the company in May. Is the report prepared by the bookkeeper useful as a performance report? OYes ONO Complete the performance report that would help the owner/manager assess the performance of the company in May. (Indicate the effect of ea variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Exchanges completed Revenue Expenses: Legal and search fees Ofce expenses Equipment depreciation Insurance Total expense Net operating income