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Indicators that the local currency is also the functional currency include all of the following except the parent typically provides the financing or provides a guarantee.
A functional currency is one that is utilized in the main economic setting in which a company conducts business. This is the setting in which an entity generates and spends money most frequently. When defining the functional currency of an entity, the following key considerations should be taken into account:
The principal currency influencing retail prices (usually the currency in which prices are denominated and settled).
The money of the nation whose laws and competition have the biggest impact on retail pricing.
The principal currency affecting labor expenses and other costs of goods sold (usually the currency in which prices are denominated and settled).
The currency in which an entity keeps its operating receipts and the currency in which debt and equity instruments are issued are less important deciding factors.
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0.07x+0.06 (4000-x)=264
Solve for x
X=2400 invested at 7%
The variance for net operating income in the revenue and spending variance column on the flexible budget performance report) for September would be closest to $910.
Explanation:
Following are the cost which are listed as follows,
- Variable element per month client-visit Revenue = $44.50
- Personnel expenses= $26,100 $12.60
- Medical supplies= 6007.20
- Occupancy expenses= 6,500
- Administrative expenses= 3,100
- Total expenses= $36,300 $22.30
- Actual results achieved in the month of September is as under:
- Revenue= $93,240
- Personnel expenses= $50,754
- Medical supplies= $15,328
- Occupancy expenses =$11,646
- Administrative expenses= $3,394
- The formula for net operating income is calculated by subtracting the operating expenses from the total revenues.
- A flexible budget variance is known as the difference between the results incurred by a flexible budget model and the actual results.
- For the month of September, the cost would be closest to $910.
