Malander 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 November, the kennel budgeted for 3,400 tenant-days, but its actual level of activity was 3,390 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for November:Data used in budgeting: Fixed element per monthVariable element per tenant-dayRevenue - $28.00 Wages and salaries$2,700 $5.40Food and supplies 500 10.20Facility expenses 9,600 3.30Administrative expenses 6,600 0.20Total expenses$19,400 $19.10?Actual results for November: Revenue$90,470Wages and salaries$20,606Food and supplies$35,838Facility expenses$20,857Administrative
expenses$7,518?The spending variance for food and supplies in November would be closest to:
A. $658 U
B. $760 F
C. $658 F
D. $760 U
Answer: D
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In January, Cigaro Corp agrees to a contract to sell 14,000 sports caps for $140,000 to Dilly, Inc In March, after 5,000 caps have been delivered, Cigaro and Dilly modify the agreement to sell an additional 6,000 caps for $33,000 which is significantly lower than Cigaro's stand-alone selling price at that time. During April, Cigaro delivers 2,000 caps. How much revenue will Cigaro recognize for
the month of April? A) $17,300 B) $16,400 C) $15,500 D) $11,000
David, an employee of Lima Corporation, is a U.S. citizen and the regional sales manager for South America. His office is in Miami, and he spends nine months each year for business in South America. Which of the following statements about the treatment of his income from Lima Corporation is correct?
A. He must include his income from Lima Corporation in his gross income and is not allowed a tax credit for any South American taxes paid. B. He has the option of either to exclude $105,900 of his income from Lima Corporation or take a tax credit for taxes paid in South America. C. Because he is in South America only for nine months in the year, he is only allowed to exclude $79,425 of his income from Lima Corporation. D. Because he is in South America only for nine months in the year, he is not allowed to exclude any of his income from Lima Corporation, but he can take a tax credit for any taxes paid in South America.
Ona is a professional musician. She prepared her music teacher's tax return in exchange for music lessons. Since she is a cash basis taxpayer, she cannot take a deduction for the music lessons.
Answer the following statement true (T) or false (F)
The systems development life cycle (SDLC) is also known as the _____
A) ad hoc cycle B) self-sourcing model C) agile cycle D) waterfall model