4. NOVO NO P1-14 Analyze transactions and compute net income On April 1, Julie Spengel established Spengel's Travel Agency. The following transactions were completed during the month. Invested $15,000 cash to start the agency. Paid $600 cash for April office rent. Purchased equipment for $3,000 cash. Incurred $700 of advertising costs in the Chicago Tribune, on account. Paid $900 cash for office supplies. Performed services worth $10,000: $3,000 cash is received from customers, and the balance of $7,000 is billed to customers on account. Withdrew $600 cash for personal use. Paid Chicago Tribune $500 of the amount due in transaction (4). Paid employees' salaries $2,500. 10. Received $4,000 in cash from customers who have previously been billed in transaction (6). ou olio - Instructions B (a) Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Owner's Capital, Owner's Drawings, Revenues, and Expenses. 1 (b) From an analysis of the owner's equity columns, compute the net income or net loss for April. 2 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". Flexible budgets and variances (5 marks - CLO) The actual information pertains to the month of April. As part of the budgeting process, Alloway's Fencing Company developed the following static budget for April. Alloway is in the process of preparing the flexible budget and understanding the results. Prepare flexible budget and explain why managers are interested in its preparation?.Calculate variances. of L1 and L2 level. Explain what controlling tools managers may use to control sales and costs? (Write answers into the Excel sheet) Exercise for the exam.xls Drop files here or choose files