User Account

All Pages

What is the total operating income variance for august

Assignment Help Financial Accounting
Reference no: EM132824610

Question - Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2019, Phoenix expects to find renters for 100 apartments with an average first month's rent of $700. Budgeted cost data per tenant application for 2019 follow:

-Professional labor: 1.5 hours at $18.00 per hour

-Credit checks: $52.00Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,300 per month. On average, Phoenix is successful in placing one tenant for every three applicants.

Actual rental applications in August 2019 were 240. Phoenix paid $6,900 for 350 hours of professional labor. Credit checks went up to $57 per application. Other costs in August 2019 (lease, secretarial help, and utilities) were $3,800. The average first monthly rentals for August 2019 were $840 per apartment unit for 80 units.

Required -

1. (a) What is the total operating income variance for August 2019? (b) What is the total flexible-budget variance for the month? (c) What is the sales volume variance for the month?

2. Determine the professional labor rate and labor efficiency variances for August 2019.

Reference no: EM132824610

Questions Cloud

Fall short in achieving goals : Can you please help me with this - include at least two peer-reviewed sources, such as journal articles I am copying my draft below
What is tom realized gain : Tom received $30,000 in cash and was relieved of the existing liability on the old building of $50,000. What is Tom's realized gain?
Highly dynamic nature of the business : Given the highly dynamic nature of the business, what method would you recommend to forecast HR supply and demand? Provide a rationale for your selection
Labor relations law : Identify a Law related to Labor Relations. Provide some background and reasoning why this area of law interests you.
What is the total operating income variance for august : (a) What is the total operating income variance for August 2019? (b) What is the total flexible-budget variance for the month
What is not an example of a bid rigging method : What is not an example of a bid rigging method. In schemes to pay bribes in exchange for contract awards, corrupt influence usually appears
Use of practice-based selection approach-empirical-based : What are some of the differences between the use of practice-based selection approach and an empirical-based process?
Leadership strategies of organization managers : The CEO of a large chain of retail stores has hired you to critique the leadership strategies of her organization's managers because of a recent increase
How is rule implemented for interim financial statement : Inventories are generally reported at the lower of cost or market. How is this rule implemented for interim financial statements?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the bookkeeping

How does this bookkeeping give you an advantage? How could this help you navigate through life? What are issues you can run into

  Describes the proper way to revise a useful life estimate

On January 1, 2019, Jack decides that the business will use the equipment for a total of 5 years. What is the revised depreciation expense for 2019?

  What is the times interest earned for this company

Sawaya Company had depreciation and amortization expenses of $522,311, interest expenses of $114,077, and an EBITDA of $1,521,087 for the year ended June 30, 2010. What is the Times Interest Earned for this company?

  Prepare statement of comprehensive income

The accumulated other comprehensive income related to unrealized holding gains on available-for-sale securities. The fair value of Acker Inc.’s available-for-sale securities at December 31, 2014, was $190,000; its cost was $140,000. Prepare the journ..

  What is total stockholders equity as of December

A company reported total stockholders' equity of $170,000 on its balance sheet dated December 31, 2018. What is total stockholders equity as of December

  Discuss items in calculating the cost of the special order

Discuss the relevance of each of the Equipment to be used in producing the order has a carrying amount items in calculating the cost of the special order

  How much overhead was allocated to job cost sheets

What is the predetermined manufacturing overhead rate based on the driver Berrien chooses to use. Carry the rate to four decimal places. How much overhead was allocated to job cost sheets in 2017?.

  Do statement of cash flows for the year ending December

A patent was purchased from a competitor for $12,000. Do statement of cash flows for the year ending December 31, 2019

  Prepare a record the issuance of the bonds by limbaugh

Prepare the journal entries on August 1, 2021, to record (a) the issuance of the bonds by Limbaugh and (b) the investment by Interstate.

  How many units of x and y must be produced

If the contribution margin is Php5.00 per unit of x and Php10,000 per unit of y, how many units of x and y must be produced to maximize profit?

  Find out the cost recovery recapture and the cost recovery

If Congress reenacts additional first-year depreciation for 2011, Nora elects not to take additional first-year depreciation. Find out the cost recovery recapture and the cost recovery deduction for 2012.

  Prepare journal entries required related to swap agreement

Prepare the journal entries required related to the swap agreement and the interest payment on the bond. December 31, 2020 - interest payment on the bond

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd