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kap26 [50]
3 years ago
10

Cicchetti Corporation uses customers served as its measure of activity. The following report compares the planning budget to the

actual operating results for the month of December:
Cicchetti Corporation
Comparison of Actual Results to Planning Budget
For the Month Ended December 31
Actual Results Planning Budget Variances
Customers served 22,000 21,000
Revenue (3.40q) $75,200 $71,400 $3,800 F
Expenses:
Wages and salaries
($22,100 + $1.11q) 46,520 45,410 1,110 U
Supplies ($0.51q) 9,710 10,710 1,000 F
Insurance ($4,000) 4,000 4,000
Miscellaneous expense
($3,000 + $0.31q) 8,510 9,510 1,000 F
Total expense 68,740 69,630 890 F
Net operating
income $6,460 $1,770 $4,690 F
Required:
Prepare a report showing the company's revenue and spending variances for December. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)
Cicchetti Corporation
Revenue and Spending Variances
For the Month Ended December 31

Business
1 answer:
Marina86 [1]3 years ago
8 0

Answer and Explanation:

The Preparation of the company's revenue and spending variances for December is prepared below:-

The report with respect to the company revenue and spending variance is presented in the attachment below

The revenue refers to the sales of the company

And, the spending variance refers to the difference between the actual amount of expenses incurred and the budgeted amount of expenses incurred. The same is shown in the below attachment.

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Requirements
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Journal entries:

Nov. 1, common stocks issued

Dr Cash 41,000

    Cr Common stock 41,000

Nov. 4, office supplies and furniture purchased

Dr Office supplies 1,200

Dr Furniture 2,300

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Nov. 6, service revenue

Dr Cash 2,100

    Cr Service revenue 2,100

Nov. 7, land purchased

Dr Land 27,000

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Nov. 10, service revenue

Dr Accounts receivable 800

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Nov. 14, payment of furniture

Dr Accounts payable 2,300

    Cr Cash 2,300

Nov. 15, wages expense

Dr Wages expense 1,470

    Cr Cash 1,470

Nov. 17, collection of accounts receivable

Dr Cash 500

    Cr Accounts receivable 500

Nov. 20, service revenue

Dr Accounts receivable 680

    Cr Service revenue 680

Nov. 25, received cash in advance

Dr Cash 1,900

    Cr Unearned revenue 1,900

Nov. 28, service revenue

Dr Cash 3,100

    Cr Service revenue 3,100

Nov. 29, purchase prepaid insurance

Dr Prepaid insurance 840

    Cr Cash 840

Nov. 30, wages expense

Dr Wages expense 1,470

    Cr Cash 1,470

Nov. 30, rent expense

Dr Rent expense 650

    Cr Cash 650

Nov. 30, utilities expense

Dr Utilities expense 650

    Cr Accounts payable 650

Nov. 30, dividends distributed

Dr Retained earnings 2,800

    Cr Dividends payable 2,800

Dr Dividends payable 2,800

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Since there is not enough space here, I prepared an excel spreadsheet with the T-accounts.

In order to prepare a trial balance sheet, I must first prepare an Income Statement:

Service revenue              $6,680

Wages expense             ($2,940)

Rent expense                   ($650)

<u>Utilities expense              ($650)</u>

Net income:                    $2,440

Retained earnings = $2,440 (net income) - $2,800 (dividends) = ($360)

        STEWART CO.

     BALANCE SHEET

       NOV. 30, 2018

Assets:

Cash $12,070

Accounts receivable $980

Prepaid insurance $840

Office supplies $1,200

Furniture $2,300

Land $27,000

Total assets: $44,390

Liabilities and stockholders' Equity:

Accounts payable $1,850

Unearned revenue $1,900

Common stock $41,000

Retained earnings ($360)

Total liabilities and stockholders' equity: $44,390

Download pdf
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Answer:

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