Preparing a Performance Report Perfect Parties, Inc. has several divisions, one of which provides birthday parties at their facility, and has provided the actual and planning budget results for the month of June. The Controller has asked you prepare the Birthday Party Division Budget Performance Report. Here are some tips for using Excet: - Cell Reference: Allows you to refer to data from another cell in the worksheet. If you entered "=85" into a blank cell, the formula would output the value from cell B5. - Basic Math Functions: Allow you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), "(asterisk sign to multiply), and/ (forward slash to divide). For example, if you entered =8A+B5 in a blank cell, the formula would add the values from those cells and output the result. - SUM Function; Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges. If you entered "=SUM(C4,C5,C6)" into a blank cell, the formula would output the result of adding those three separate cells. Similarly, if you entered "=SUM(C4:C6)", the formula would output the same result of adding those cells. 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. Excel McGraw Hill Excel Question - Saved File Home Insert Draw Formulas Data Review View Help [D copy Format Painter Copbond A1 fx Accessibility tab summary: Birthday Party Division Analysis of Revenues and Costs is presented in cells A6 to E20, A s 3 Each party sold provides entertainment, decorations, food, and party favors for 10 children. 4 The bookkeeper has prepared a report comparing actual results for the month of June to budgeted results. 5 6 Perfect Parties 7 Birthday Party Division Analysis of Revenues and Costs 8 For the Month Ended June 30 \begin{tabular}{|c|l|r|r|r|} \hline 9 & & PlanningBudget & ActualResults & Variances \\ \hline 10 & Number of parties & 80 & 92 & \\ \hline 11 & Revenue & $36,000 & $39,560 & $3,560F \\ \hline 12 & Expenses: & & & \\ \hline 13 & Food costs & 7,200 & 8,648 & 1,448U \\ \hline 14 & Party supplies & 3,200 & 3,404 & 204U \\ \hline 15 & Party worker wages & 6,400 & 7,728 & 1,328U \\ \hline 16 & Administrative salaries & 3,700 & 3,500 & 200F \\ \hline 17 & Equipment depreciation & 1,200 & 1,200 & 0 None \\ \hline 18 & Rent & 5,000 & 5,000 & 0 None \\ \hline 19 & Total expense & 26,700 & 29,480 & 2,780U \\ \hline 20 & Net operating income & $9,300 & $10,080 & $780F \\ \hline & Food costs, & & & \\ \hline \end{tabular} 21 Food costs, party supplies, and party worker wages are variable costs. 22 Administrative salaries, equipment depreciation, and rent are fixed costs. 23 24 Required: 25 Prepare a new report for June using the flexible budget approach. 26 27 Enter all variances as positive amounts. Leave no cells blank. 28 (Use cells A10 to E20 from the given information, as well as A34 to H44 to complete this question.) Food costs, party supplies, and party worker wages are variable costs. Administrative salaries, equipment depreciation, and rent are fixed costs. Required: Prepare a new report for June using the flexible budget approach. Enter all variances as positive amounts. Leave no cells blank. (Use cells A10 to E20 from the given information, as well as A34 to H44 to complete this question.) Perfect Partles Birthday Party Division Flexible Budget Performance Report For the Month Ended June 30 Expenses: Food costs Party supplies Party worker wages Administrative salaries Equipment depreciation Rent Total expense Net operating income 45 46
