Question
Imagine that your business has already opened. Use the updated scenario information to analyze your companys performance. Post-opening Scenario: Your angel investors are silent in
Imagine that your business has already opened. Use the updated scenario information to analyze your companys performance.
Post-opening Scenario: Your angel investors are silent in relation to the business; however, they require board meetings for status updates on the companys financial health. Therefore, you need to analyze your companys performance over the last month using the data provided below.
For your variance analysis, use the following financial data:
Grooming Labor
Standard Hours - $150
Standard Rate - $12
Actual Hours -$180
Actual Rate - $11.50
Grooming Materials
Standard Quantity - 1000
Standard Price - $2
Actual Quantity -$1200
Actual Price - $3
Prompt: Complete your work by assessing your companys financial performance, specifically addressing the following critical elements:
Financial Statements
Create a statement of cost of services in the COS Schedule tab.
Create an income statement in the Income Statement tab.
Variance Analysis
Identify all variances for the direct labor time and the materials price in the Variances tab.
Evaluate the significance of the variances in the Variances tab.
XYZ Corporation MILESTONE 3 - Income Statement INSTRUCTIONS: Complete the Statement in proper form Revenue will be provided in an Announcement at the end of Module 4 (based on actual number of services for your pricing levels) Additional Information necessary to complete the Income Statement: General & Administrative Salaries paid = $1,200 Advertising = $100 Cleaning Products = $120 Depreciation = $83 Rent = $650 Loan = S420 Utilities & Insurance = $600 XYZ Corporation Income Statement For the Month Ended January 31, XXXX 0 Revenue: Grooming Day Care Boarding 0 0 Tota Revenue Cost of Services * Gross Profit 0 0 0 Expenses: G&A Salaries Advertising Cleaning Products Depreciation Rent Loan Utilities and Insurance 0 0 0 0 0 0 Total Expenses Net Income / Loss * Cost of Goods Sold-Cost of Services There is no finished goods inventory to maintainStep by Step Solution
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