Q6) Review Singh Co. Income Statement to answer the following question:

True or False: Your departments total expenses for the quarter are 11% over budget.

Singh Co. Income Statement

Year-to-Date (YTD) January - March

		YTD Actual			Budget			Variance	Variance %
Revenues
Other Revenue	$	76,489	$		73,000	$		3,489	5%
(For providing customer site support)
Total Revenues									5%
	$	76,489		$	73,000		$	3,489
Department Overhead Expense
Labor	$	534,723	$		598,890	$		64,167	11%
Payroll Tax and Benefits	$	139,028	$		155,711	$		16,683	11%
Telephone	$	12,050	$		14,340	$		2,290	16%
Training	$	44,676	$		47,357	$		2,681	6%
Travel	$	111,468	$		95,468	$		(16,000)	-17%
Facilities Allocation	$	30,060	$		33,367	$		3,307	10%
Equipment	$	63,275	$		3,000	$		(60,275)	-2009%
Depreciation	$	199,820	$		209,702	$		9,882	5%
Total Expense									2%
	$	1,135,100		$	1,157,834		$	22,734
Operating Income									2%
	$	(1,058,611)		$	(1,084,834)		$	22,734