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Midwest Veterinary Clinic & Hotel The static budget was based on the following. Static Total number of boarding days Average animal fee/day Annual unit sales Actual Budget 365 365 27.5 33 3200 4000 Variable cost per animal per day Feed Veterinary Fees Labor Supplies 5.25 4.25 3.50 0.85 3.00 4.00 2.00 1.00 Fixed Costs - See Static Budget Tab Flexible Budget Tab requirements 1. Prepare a flexible budet and variance analysis based on the data provided. If applicable, list assumptions via row 38. Questions Tab requirements 1. Answer the questions incorporated therein. Evaluate a static budget and prep Resources: Excel File. Tutorial he Instructions: 1. Review the static budget. 2. Prepare a flexible budget. 3. Complete the questions tab via e a static budget and prepare and evaluate a flexible budget. You are required to calculate and analyze variances and es: Excel File. Tutorial help on Excel can be found on the Microsoft Office website. There are also additional tutor w the static budget. re a flexible budget. lete the questions tab via answering the questions incorporated therein. nd analyze variances and discuss how variances are critical to managerial decision making. e are also additional tutorials via the internet. Midwest Veterinary Clinic & Hotel Static Budget Actual Static Budget Variance Sales 88,000 132,000 (44,000) Less: Variable Expenses Feed Veterinary Fees Labor Supplies 16,800 13,600 11,200 2,720 12,000 16,000 8,000 4,000 4,800 (2,400) 3,200 (1,280) Total Variable Expenses 44,320 40,000 4,320 Contribution Margin 43,680 92,000 (48,320) 500 300 7,500 8,500 7,500 4,625 3,500 1,750 3,760 10,500 ### ### ### ### 4,200 2,750 3,650 1,500 4,200 7,800 3,300 1,875 (150) 250 (440) 2,700 Total Fixed Expense 48,435 40,900 7,535 Net Income (Loss) (4,755) 51,100 (55,855) Less: Fixed Expense Depreciation Interest & Penalties Insurance Rent Advertisement Repairs & Maintenance Entertainment SG&A Utilities Taxes Favorable/ (Unfavorable) Unfavorable Unfavorable Favorable Unfavorable Favorable Unfavorable Unfavorable Favorable Favorable Favorable Favorable Unfavorable Unfavorable Favorable Unfavorable Favorable Unfavorable Unfavorable Unfavorable Midwest Veterinary Clinic & Hotel Flexible Budget Actual Sales Less: Variable Expenses Feed Veterinary Fees Labor Supplies Total Variable Expenses Contribution Margin Less: Fixed Expense Depreciation Interest & Penalties Insurance Rent Advertisement Repairs & Maintenance Entertainment SG&A Utilities Taxes Total Fixed Expense Net Income (Loss) Assumptions: Flexible Budget Variance Favorable/ (Unfavorable) Question 1 Discuss why the static budget was or was not a useful tool for management decision making purposes. State examples to s response in row 4. Answer to question 1: Question 2 Discuss how the company could use your flexible budget to improve the performance of the business. Write your response Answer to question 2: Question 3 Provide management with at least two accounting recommendations. State how the business owner could use your recom and run the business. Write your response in row 16. Answer to question 3: oses. State examples to support your answer. Write your ness. Write your response in row 10. wner could use your recommendations to help him/her operate Midwest Veterinary Clinic & Hotel The static budget was based on the following. Static Total number of boarding days Average animal fee/day Annual unit sales Actual Budget 365 365 27.5 33 3200 4000 Variable cost per animal per day Feed Veterinary Fees Labor Supplies 5.25 4.25 3.50 0.85 3.00 4.00 2.00 1.00 Fixed Costs - See Static Budget Tab Flexible Budget Tab requirements 1. Prepare a flexible budet and variance analysis based on the data provided. If applicable, list assumptions via row 38. Questions Tab requirements 1. Answer the questions incorporated therein. Evaluate a static budget and prep Resources: Excel File. Tutorial he Instructions: 1. Review the static budget. 2. Prepare a flexible budget. 3. Complete the questions tab via e a static budget and prepare and evaluate a flexible budget. You are required to calculate and analyze variances and es: Excel File. Tutorial help on Excel can be found on the Microsoft Office website. There are also additional tutor w the static budget. re a flexible budget. lete the questions tab via answering the questions incorporated therein. nd analyze variances and discuss how variances are critical to managerial decision making. e are also additional tutorials via the internet. Midwest Veterinary Clinic & Hotel Static Budget Actual Static Budget Variance Sales 88,000 132,000 (44,000) Less: Variable Expenses Feed Veterinary Fees Labor Supplies 16,800 13,600 11,200 2,720 12,000 16,000 8,000 4,000 4,800 (2,400) 3,200 (1,280) Total Variable Expenses 44,320 40,000 4,320 Contribution Margin 43,680 92,000 (48,320) 500 300 7,500 8,500 7,500 4,625 3,500 1,750 3,760 10,500 ### ### ### ### 4,200 2,750 3,650 1,500 4,200 7,800 3,300 1,875 (150) 250 (440) 2,700 Total Fixed Expense 48,435 40,900 7,535 Net Income (Loss) (4,755) 51,100 (55,855) Less: Fixed Expense Depreciation Interest & Penalties Insurance Rent Advertisement Repairs & Maintenance Entertainment SG&A Utilities Taxes Favorable/ (Unfavorable) Unfavorable Unfavorable Favorable Unfavorable Favorable Unfavorable Unfavorable Favorable Favorable Favorable Favorable Unfavorable Unfavorable Favorable Unfavorable Favorable Unfavorable Unfavorable Unfavorable Midwest Veterinary Clinic & Hotel Flexible Budget Actual Flexible Budget Variance Sales 88,000 88,000 Less: Variable Expenses Feed Veterinary Fees Labor Supplies 16,800 13,600 11,200 2,720 8,000 10,666 5,333 2,666 8,800 2,934 5,867 24 Total Variable Expenses 44,320 26,666 17,654 Contribution Margin 43,680 61,333 500 300 7,500 8,500 7,500 4,625 3,500 1,750 3,760 10,500 333 200 5,000 5,666 2,800 1,833 2,433 1,000 2,800 5,200 167 100 2,500 2,834 4,700 2,792 1,067 750 960 5,300 Total Fixed Expense 48,435 27,265 21,170 Net Income (Loss) (4,755) 23,000 (-17653) Less: Fixed Expense Depreciation Interest & Penalties Insurance Rent Advertisement Repairs & Maintenance Entertainment SG&A Utilities Taxes Assumptions: - The budget is considered to be favorable if the flexes exceed the actual numbers for the expenses and vice versa. In a flexible budget, changes are made by the management when they come along unlike static budget w Favorable/ (Unfavorable) Favorable Unfavorabble Favorable Unfavorable Unfavorable Favorable Favorable Favorable Unfavorable Unfavorable Favorable Favorable Favorable Unfavorable Unfavorable - numbers for the come along unlike static budget which does not allow the changes to take place. The figures are adjusted Question 1 Discuss why the static budget was or was not a useful tool for management decision making purposes. State examples to s response in row 4. flexibility. This type budget can result in losses in case the cost of production increases in the current year. This would happ assumed that the cost of production would be low or constant throughout the year. Question 2 Discuss how the company could use your flexible budget to improve the performance of the business. Write your response number of units expected to be produced next month. Thus, an increase in levels and cost of production will also lead to an that next month. Question 3 Provide management with at least two accounting recommendations. State how the business owner could use your recom and run the business. Write your response in row 16. making process to make changes accordingly which work in the best interest of their businesses leading to increased profit References Kaplan, R. S., & Atkinson, A. A. (2015). Advanced management accounting. PHI Learning. Hill, S. A., Ming, Y., Held, I. M., & Zhao, M. (2017). A moist static energy budget-based analysis of the Sahel rainfall response Wing, A., Camargo, S., Sobel, A., Kim, D., Murakami, H., Reed, K., ... & Zhao, M. (2017, April). Comparison of tropical cycloge Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2015). Financial & Managerial Accounting. John Wiley & Sons. oses. State examples to support your answer. Write your ent year. This would happen in case where the static budget had ness. Write your response in row 10. duction will also lead to an automatic increase in the budget for wner could use your recommendations to help him/her operate eading to increased profits. he Sahel rainfall response to uniform oceanic warming. Journal of Climate, (2017). parison of tropical cyclogenesis processes in climate model and cloud-resolving model y & Sons