Overview: In the third milestone, you will jump forward in time: Imagine that your business has already opened. Use the updated scenario information to analyze your company's performance. Post-opening Scenario: Your angel investors are silent in relation to the business; however, they require board meetings for status updates on the company's financial health. Therefore, you need to analyze your company's performance over the last month using the data provided below. For your variance analysis, use the following financial data: Grooming Labor Standard Hours Standard Rate Actual Hours Actual Rate 150 $12 180 $11.50 Grooming Materials Standard Quantity Standard Price Actual Quantity Actual Price 1000 $2 1200 Prompt: Complete your work by assessing your company's financial performance, specifically addressing the following critical elements: Financial Statements o Create a statement of cost of services in the "COS Schedule" tab. o Create an income statement in the "Income Statement" tab. Variance Analysis o identify all variances for the direct labor time and the materials price in the "Variances" tab. O Evaluate the significance of the variances in the "Variances" tab. Incorporate all feedback from previous milestones to finalize your workbook 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 = $420 Utilities & Insurance = $600 B F G H LNoP a R Revenue: Grooming Day Care Boarding Tota Revenue Cost of Services Gross Profit 3,8/5 7.750 9,300 Check your formulas on these ... remember, not all services are offered every day Grooming works 5 days a week, or 20 days a month Day care is open 6 days a week, or 24 days a month Boarding is offered 30 days a month 20,925 3,870 17,055 Not sure where you got this number from. It should be your Cost of Services from the COS Schedule S 1,200 100 Expenses: G&A Salaries Advertising Cleaning Products Depreciation Rent Loan Utilities and Insurance Total Expenses 3,173 Net Income / Loss 13,882 * Cost of Goods Sold = Cost of Services There is no finished goods inventory to maintain. T etiana Miloctano CS Schadulo Inamo Statamant Luan Dudding OPERATIONAL & COST INFORMATION: For simplicity, base all calculations using 30 days in each month OPERATIONAL DATA Grooming The Groomer can groom 5 dogs a day, 5 days a week Each grooming takes 1.5 labor hours Day Care: The Day Care can house 10 large dogs and 12 small dogs daily. Day Care is offered 6 days a week Boarding: There are 12 kennels (single dog only). Boarding (kennel services) is offered every day Facilities: The Grooming facility is 200 square feet The Boarding facility is 2,500 square feet The Day Care facility is 1,500 square feet General: Loan for start-up costs - monthly payment of $420; in effect immediately, limited cash and loan funding - used angel investors Modest monthly draw of $600 a month for first year; should be divided evenly amoung the services (grooming, day care, boarding) SALARY & HIRING DATA O P F G H I J K L M N The Day Care facility is 1,500 square feet General: Loan for start-up costs - monthly payment of $420; in effect immediately; limited cash and loan funding - used angel investors Modest monthly draw of $600 a month for first year; should be divided evenly amoung the services (grooming, day care, boarding) SALARY & HIRING DATA Groomer (Allison) - $12.00 an hour, 40 hours a week Day Care Attendant (Beverly) - $9.00 per hour, based on need Receptionist (Cathie) - $8.50 per hour, 30 hours a week Kennel Attendant (Ben) - $11.50 per hour, based on need OTHER COST DATA Grooming: Dog Grooming Arm - $300 Grooming Table - $900 Grooming Tub -$2,800 Clippers - $136.99, can be used for 100 grooms Shampoo - $103.96 per 5-gallon pail; can be used for 100 grooms Salon Tuff Capri Mobile Carry Cart - $90 Scissors (7 inch straight) - $194.99, used for 200 grooms Scissors (ear and nose)- 57.49; used for 200 grooms Day Care: Fencing for Day Care area - $1,249 Fencing Installation - $1,000 Toys - $3.29 per 6 pack; one toy will last for two dogs in day care per day Rubberized Flooring for Day Care - $3,800 Boarding : Instructions Instructions - Milestone 1 Company Profile Cost Classification Variable Fixed Instructions Milestone on . Fencing for Day Care area - $1,249 Fencing Installation - $1,000 Toys - $3.29 per 6 pack; one toy will last for two dogs in day care per day Rubberized Flooring for Day Care - $3,800 Boarding: 12 Kennels; Depreciation is $80 per month General: Food & Water bowls - $3.59 per unit Day Care - two bowls last for every 75 dogs that attend daycare Boarding - two bowls last for every 100 dogs boarded; two bowls per kennel Grooming - each bowl lasts for 20 grooms and you need 4 bowls at all times Towels - $34.99 per 12 pack Day Care - 12 towels for every 25 dogs Boarding - 12 towels for every 40 dogs Grooming - 2 towels for every groom per day Heating System - $10,000; Depreciation is $83 per month; Allocate based on square footage Rent - $650 per month; Allocate based on square footage Utilities / Insurance - $600 per month; Allocate based on square footage Cage Bank - $2,200 per set of 5 Dryer - $1,250 Cleaning Products Odoban - $14.55 per gallon; Each area wil dilute 1 oz to 1 gallon of water, Allocate based on square footage Simple Green - $15.66 per gallon; Each area will dilute 1 oz to 1 gallon of water; Allocate based on square footage Overview: In the third milestone, you will jump forward in time: Imagine that your business has already opened. Use the updated scenario information to analyze your company's performance. Post-opening Scenario: Your angel investors are silent in relation to the business; however, they require board meetings for status updates on the company's financial health. Therefore, you need to analyze your company's performance over the last month using the data provided below. For your variance analysis, use the following financial data: Grooming Labor Standard Hours Standard Rate Actual Hours Actual Rate 150 $12 180 $11.50 Grooming Materials Standard Quantity Standard Price Actual Quantity Actual Price 1000 $2 1200 Prompt: Complete your work by assessing your company's financial performance, specifically addressing the following critical elements: Financial Statements o Create a statement of cost of services in the "COS Schedule" tab. o Create an income statement in the "Income Statement" tab. Variance Analysis o identify all variances for the direct labor time and the materials price in the "Variances" tab. O Evaluate the significance of the variances in the "Variances" tab. Incorporate all feedback from previous milestones to finalize your workbook 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 = $420 Utilities & Insurance = $600 B F G H LNoP a R Revenue: Grooming Day Care Boarding Tota Revenue Cost of Services Gross Profit 3,8/5 7.750 9,300 Check your formulas on these ... remember, not all services are offered every day Grooming works 5 days a week, or 20 days a month Day care is open 6 days a week, or 24 days a month Boarding is offered 30 days a month 20,925 3,870 17,055 Not sure where you got this number from. It should be your Cost of Services from the COS Schedule S 1,200 100 Expenses: G&A Salaries Advertising Cleaning Products Depreciation Rent Loan Utilities and Insurance Total Expenses 3,173 Net Income / Loss 13,882 * Cost of Goods Sold = Cost of Services There is no finished goods inventory to maintain. T etiana Miloctano CS Schadulo Inamo Statamant Luan Dudding OPERATIONAL & COST INFORMATION: For simplicity, base all calculations using 30 days in each month OPERATIONAL DATA Grooming The Groomer can groom 5 dogs a day, 5 days a week Each grooming takes 1.5 labor hours Day Care: The Day Care can house 10 large dogs and 12 small dogs daily. Day Care is offered 6 days a week Boarding: There are 12 kennels (single dog only). Boarding (kennel services) is offered every day Facilities: The Grooming facility is 200 square feet The Boarding facility is 2,500 square feet The Day Care facility is 1,500 square feet General: Loan for start-up costs - monthly payment of $420; in effect immediately, limited cash and loan funding - used angel investors Modest monthly draw of $600 a month for first year; should be divided evenly amoung the services (grooming, day care, boarding) SALARY & HIRING DATA O P F G H I J K L M N The Day Care facility is 1,500 square feet General: Loan for start-up costs - monthly payment of $420; in effect immediately; limited cash and loan funding - used angel investors Modest monthly draw of $600 a month for first year; should be divided evenly amoung the services (grooming, day care, boarding) SALARY & HIRING DATA Groomer (Allison) - $12.00 an hour, 40 hours a week Day Care Attendant (Beverly) - $9.00 per hour, based on need Receptionist (Cathie) - $8.50 per hour, 30 hours a week Kennel Attendant (Ben) - $11.50 per hour, based on need OTHER COST DATA Grooming: Dog Grooming Arm - $300 Grooming Table - $900 Grooming Tub -$2,800 Clippers - $136.99, can be used for 100 grooms Shampoo - $103.96 per 5-gallon pail; can be used for 100 grooms Salon Tuff Capri Mobile Carry Cart - $90 Scissors (7 inch straight) - $194.99, used for 200 grooms Scissors (ear and nose)- 57.49; used for 200 grooms Day Care: Fencing for Day Care area - $1,249 Fencing Installation - $1,000 Toys - $3.29 per 6 pack; one toy will last for two dogs in day care per day Rubberized Flooring for Day Care - $3,800 Boarding : Instructions Instructions - Milestone 1 Company Profile Cost Classification Variable Fixed Instructions Milestone on . Fencing for Day Care area - $1,249 Fencing Installation - $1,000 Toys - $3.29 per 6 pack; one toy will last for two dogs in day care per day Rubberized Flooring for Day Care - $3,800 Boarding: 12 Kennels; Depreciation is $80 per month General: Food & Water bowls - $3.59 per unit Day Care - two bowls last for every 75 dogs that attend daycare Boarding - two bowls last for every 100 dogs boarded; two bowls per kennel Grooming - each bowl lasts for 20 grooms and you need 4 bowls at all times Towels - $34.99 per 12 pack Day Care - 12 towels for every 25 dogs Boarding - 12 towels for every 40 dogs Grooming - 2 towels for every groom per day Heating System - $10,000; Depreciation is $83 per month; Allocate based on square footage Rent - $650 per month; Allocate based on square footage Utilities / Insurance - $600 per month; Allocate based on square footage Cage Bank - $2,200 per set of 5 Dryer - $1,250 Cleaning Products Odoban - $14.55 per gallon; Each area wil dilute 1 oz to 1 gallon of water, Allocate based on square footage Simple Green - $15.66 per gallon; Each area will dilute 1 oz to 1 gallon of water; Allocate based on square footage