I am having trouble with this chapter we moved on to the necktie chapter last week but I'm still having trouble with some of the problems this is one of them The managing director of the blood bank was very unhappy with this report, clalming that his costs were higher than expected due tothe emergency on the nelghboring Islands. He also polnted out that the additlonal costs had been fully covered by payments fromgrateful recipients on the other Islands. The government officlal who prepared the report countered that all of the figures had beensubmitted by the blood bank to the government; he was just pointing out that actual costs were a lot higher than promised In thebudget.The following cost formulas were used to construct the planning budgetCost Formulas$14.50q$11.00g$3,100$1,300$650Medical suppliesLab testsEquipment depreciationRentUtilitiesAdministration$10,300 + $2.50qRequlred:1.Complete the flexible budget performance report for September. (Indicate the effect of each varlance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as posltive values.)St.Lucia Blood BankFlexible Budget Performance ReportFor the Month Ended September 30ActualResultsFlexibleBudgetPlanningBudget440Liters of blood collected5606,380Medical supplies7,7884,840Lab tests5,0253,100Equipment depreciation3,4301,300Rent1,300650Utilities73211,400Administration11,92027,670Total expense30,195 The St Lucla Blood Bank, a prlvate charity partly supported by government grants, Is located on the Carlbbean Island of St. Lucia. Theblood bank has just finished Its operations for September, which was a very busy month due to a powerful hurricane that hitnelghbortng Islands causing many Injurles. The hurricane largely bypassed St. Lucla, but residents of St. Lucla willingly donated theirblood to help people on other Islands. As a consequence, the blood bank collected and processed over 20% more blood than hadbeen originally planned for the month.A report prepared by a government officlal comparing actual costs to budgeted costs for the blood bank appears below. Continuedsupport from the government depends on the blood bank's ablity to demonstrate control over Its costs.St. Lucia Blood BankCost Control ReportFor the Month Ended September 30PlanningBudgetActualResultsVariancesLiters of blood collected5604406,3804,8403,100$ 1,408 UMedical suppliesLab tests7,7885,0253,430185 UEquipment depreciation330 U1,300732Rent1,300UtilitiesAdministration65082 U11,92011,400520 UTotal expense$ 30,195$ 27,670$ 2,525 UThe managing director of the blood bank was very unhappy with this report, claiming that his costs were higher than expected due tothe emergency on the nelghboring Islands. He also polnted out that the additional costs had been fully covered by payments fromgrateful reclplents on the other Islands. The government official who prepared the report countered that all of the figures had beensubmitted by the blood bank to the government; he was Just polnting out that actual costs were a lot higher than promised In thebudget.The following cost formulas were used to construct the planning budgetMedical suppliesLab testsEquipment depreciationRentCost Formulas$14.50g$11.00g33,100$1,300$650UtilitiesAdministrationRequired:1.Complete the flexible budget performance report for September (Indicate the effect of each varlance by selecting "F" forfavoreble, "U" for unfavorable, and "None" for no effect (I.e.. zero varlance). Input all amounts as positlve values.)

Budgeting: It is a process of planning the work to be performed. Under this process a formal plan is…

The managing director of the blood bank was very unhappy with this report, clalming that his costs were higher than expected due to the emergency on the nelghboring Islands. He also pointed out that the additional costs had been fully covered by payments from grateful reciplents on the other Islands. The government official who prepared the report countered that all of the figures had been submitted by the blood bank to the government; he was just polnting out that actual costs were a lot higher than promlsed In the budget. The following cost formulas were used to construct the planning budget: Cost Formulas Medical supplies $14.50g Lab tests $11.00g $3,100 Equipment depreciation Rent $1, 300 Utilities $650 Administration $18, 300 + $2.50q Required: 1.Complete the flexible budget performance report for September. (Indlcate the effect of each verlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as positive values.)

The managing director of the blood bank was very unhappy with this report, clalming that his costs were higher than expected due to the emergency on the nelghboring Islands. He also pointed out that the additional costs had been fully covered by payments from grateful reciplents on the other Islands. The government official who prepared the report countered that all of the figures had been submitted by the blood bank to the government; he was just polnting out that actual costs were a lot higher than promlsed In the budget. The following cost formulas were used to construct the planning budget: Cost Formulas Medical supplies $14.50g Lab tests $11.00g $3,100 Equipment depreciation Rent $1, 300 Utilities $650 Administration $18, 300 + $2.50q Required: 1.Complete the flexible budget performance report for September. (Indlcate the effect of each verlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as positive values.)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 27P

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The following cost formulas were used to construct the planning budget: Medical supplies. Lab tests Equipment depreciation Rent Utilities Administration Cost Formulas Liters of blood collected Medical supplies Lab tests Equipment depreciation Required: 1.Complete the flexible budget performance report for September. Rent Utilities Administration Total expense $3,600 $1,550 $775 $10,550 + $3.009 Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. $17.00q $12.009 Actual Results $ Saint Lucia Blood Bank Flexible Budget Performance Report For the Month Ended September 30 Flexible Budget 620 $ 10,350 6,235 3,955 1,550 867 12,595 35,552 Planning Budget $ $ 500 8,500 6,000 3,600 1,550 775 12,050 32,475
The St. Lucia Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood bank has just finished its operations for September, which was a very busy month due to a powerful hurricane that hit neighboring islands causing many injuries. The hurricane largely bypassed St. Lucia, but residents of St. Lucia willingly donated their blood to help people on other islands. As a consequence, the blood bank collected and processed over 20% more blood than had been originally planned for the month. A report prepared by a government official comparing actual costs to budgeted costs for the blood bank appears below. Continued support from the government depends on the blood bank’s ability to demonstrate control over its costs. St. Lucia Blood BankCost Control ReportFor the Month Ended September 30 Actual Results Planning Budget Variances Liters of blood collected 600 480 Medical supplies $…
The St. Lucia Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood bank has just finished its operations for September, which was a very busy month due to a powerful hurricane that hit neighboring islands causing many injuries. The hurricane largely bypassed St. Lucia, but residents of St. Lucia willingly donated their blood to help people on other islands. As a consequence, the blood bank collected and processed over 20% more blood than had been originally planned for the month. A report prepared by a government official comparing actual costs to budgeted costs for the blood bank appears below. Continued support from the government depends on the blood bank’s ability to demonstrate control over its costs. St. Lucia Blood BankCost Control ReportFor the Month Ended September 30 Actual Results Planning Budget Variances Liters of blood collected 620 500 Medical supplies $…
Karen White helped organize a charity fund to help cover the medical expenses of a friend of hers who was seriously injured in a bicycle accident. The fund was named Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public as to the need for help. The campaign resulted in the collection of $20,000 cash. VHRF paid $12,000 to Mercy Hospital to cover Vicky's outstanding hospital cost. The remaining $8,000 was contributed to the National Cyclist Fund. Required Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify. Entities Mentioned Vicky Hill Recovery Fund Karen White WKUX Public Mercy Hospital National Cyclist Fund Increase Decrease Effect On Cash for cash contributions, $21,000 for payment of advertising, $1,000 ayment for hospital bills, $12,000 or…
Karen White helped organize a charity fund to help cover the medical expenses of a friend of hers who was seriously injured in a bicycle accident. The fund was named Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public as to the need for help. The campaign resulted in the collection of $20,000 cash. VHRF paid $12,000 to Mercy Hospital to cover Vicky's outstanding hospital cost. The remaining $8,000 was contributed to the National Cyclist Fund. Required Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify. Entities Mentioned Vicky Hill Recovery Fu Karen White Effect On Cash for cash contributions, $21,000 for payment of advertising, $1,000 payment for hospital bills, $12,000 for donation to National Cyclist Fund, $8,000 by contribution, $1,000
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The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization's only program. It is the policy of the kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The Kitchen had the following revenue and expense transactions during the 2023 fiscal year. 1. Cash donations without donor restrictions of $26,200 were received. A philanthropist also contributed $4,200, which was to be used for the purchase of Thanksgiving dinner foodstuffs. 2. A local grocery store provided fresh produce with a fair value of $1,300. The produce was immediately used. 3. Volunteers from the local university contributed 160 hours to preparation and serving of meals. The estimated fair value of their labor was $1,950. 4. The Kitchen received a $6,200 federal grant for the purchase of institutional kitchen appliances. 5. A local foundation gave the Kitchen $7,200 to support serving hot meals…
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