- Students are to replicate table 12-5 in our textbook and show their formulas in Excel sheet (press the Ctrl button simultenuously grave accent which is usually the key right below the Esc key and the same as the ~ key)
- Students are to write 3-4 sentences synthesizing what the results indicate including a sentence that provides a recommendation for Donna's Gift shop.
TABLE 12-5 Donna's Gift Shop, Fiscal 2016 Budgeted versus Actual Profit-and-Loss Statement (in dollars and percent) Budgeted Actual Variance Dollars Percent Dollars Percent Dollars Percent $300,000 $165,000 $135,000 100.00 55.00 45.00 $330,000 $180,000 $150,000 100.00 54.55 +$30,000 -$15,000 +$ 15,000 +0.45 +0.45 45.45 $ 75,000 5,250 - +$ 300 +$ 150 - $ 150 +2.27 +0.25 +0.10 Net sales Cost of goods sold Gross profit Operating expenses: Salaries Advertising Supplies Shipping Insurance Maintenance Other Total Other costs Total costs Net profit before taxes Taxes Net profit after taxes 1,800 1,350 4,500 +0.14 25.00 1.75 0.60 0.45 1.50 1.70 1.00 32.00 6.00 38.00 7.00 5,100 22.73 1.50 0.50 0.45 1.36 1.55 0.77 28.86 6.06 34.92 +0.15 $ 75,000 4,950 1,650 1,500 4,500 5,100 2,550 $ 95,250 $ 20,000 $115,250 $ 34,750 $ 15,500 $ 19,250 3,000 $ 96,000 $ 18,000 $114,000 $ 21,000 $ 9,000 $ 12,000 +$ 450 +$ 750 -$ 2,000 -$ 1,250 +$13,750 -$ 6,500 +$ 7,250 +0.23 +3.14 -0.06 +3.08 10.53 3.00 4.70 +3.53 -1.70 +1.83 4.00 5.83 There are small rounding errors. *Variance in dollars is a positive number if actual sales or profits are higher than expected or actual expenses are lower than expected; variance is a negative number if actual sales or profits are lower than expected or actual expenses are higher than expected. Variance in percent depends upon the deviation of the actual percent of each budgeted item from the budgeted percent of each item. TABLE 12-5 Donna's Gift Shop, Fiscal 2016 Budgeted versus Actual Profit-and-Loss Statement (in dollars and percent) Budgeted Actual Variance Dollars Percent Dollars Percent Dollars Percent $300,000 $165,000 $135,000 100.00 55.00 45.00 $330,000 $180,000 $150,000 100.00 54.55 +$30,000 -$15,000 +$ 15,000 +0.45 +0.45 45.45 $ 75,000 5,250 - +$ 300 +$ 150 - $ 150 +2.27 +0.25 +0.10 Net sales Cost of goods sold Gross profit Operating expenses: Salaries Advertising Supplies Shipping Insurance Maintenance Other Total Other costs Total costs Net profit before taxes Taxes Net profit after taxes 1,800 1,350 4,500 +0.14 25.00 1.75 0.60 0.45 1.50 1.70 1.00 32.00 6.00 38.00 7.00 5,100 22.73 1.50 0.50 0.45 1.36 1.55 0.77 28.86 6.06 34.92 +0.15 $ 75,000 4,950 1,650 1,500 4,500 5,100 2,550 $ 95,250 $ 20,000 $115,250 $ 34,750 $ 15,500 $ 19,250 3,000 $ 96,000 $ 18,000 $114,000 $ 21,000 $ 9,000 $ 12,000 +$ 450 +$ 750 -$ 2,000 -$ 1,250 +$13,750 -$ 6,500 +$ 7,250 +0.23 +3.14 -0.06 +3.08 10.53 3.00 4.70 +3.53 -1.70 +1.83 4.00 5.83 There are small rounding errors. *Variance in dollars is a positive number if actual sales or profits are higher than expected or actual expenses are lower than expected; variance is a negative number if actual sales or profits are lower than expected or actual expenses are higher than expected. Variance in percent depends upon the deviation of the actual percent of each budgeted item from the budgeted percent of each item
