Tessmer Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During January, the kennel budgeted for 3,100 tenant-days, but its actual level of activity was 3,090 tenant-days. The kennel 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 monthVariable element per tenant-dayRevenue - $33.60 Wages and salaries$3,500 $7.40Food and supplies 500 10.50Facility expenses 9,500 4.70Administrative expenses 6,600 0.30Total expenses$ 20,100 $ 22.90Actual results for January: Revenue$105,934Wages and salaries$27,186Food and supplies$32,485Facility expenses$24,873Administrative expenses$7,557The
net operating income in the flexible budget for January would be closest to: (Round your intermediate calculations to 2 decimal places.)
A. $13,788
B. $12,963
C. $13,878
D. $13,070
Answer: B
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Termeer Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.InputsStandard Quantity or Hours per Unit of OutputStandard Price or RateVariable manufacturing overhead0.30 hours$2.30 per hourThe company has reported the following actual results for the product for August: Actual output 8,000unitsActual direct labor-hours 2,380hoursActual variable overhead rate$2.10per hourActual variable overhead cost$4,998 The variable overhead rate variance for the month is closest to:
A. $480 U B. $476 F C. $476 U D. $480 F
Which of the following best describes the common attitude that those from the U.S, Canada, and northern Europe have about the concept of time?
a. Time is money. b. The early bird gets the worm. c. Time is like air. d. Important things take more time than unimportant things.
[The following information applies to the questions displayed below.]Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.)1) Acquired $950 cash from the issue of common stock. 2) Borrowed $420 from a bank. 3) Earned $650 of revenues. 4) Paid expenses of $250. 5) Paid a $50 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)1) Issued an additional $325 of common stock. 2) Repaid $220 of its debt to the bank. 3) Earned revenues of $750. 4) Incurred expenses of $360. 5) Paid dividends of $100. What is Packard Company's net cash flow from financing activities for Year 2?
A. $220 outflow B. $5 inflow C. $320 outflow D. $225 inflow
Benefits are extra compensation—items that are not paid directly to an employee
Indicate whether the statement is true or false