Assessment task 2.pptx - Assessme nt task 2 H O U Z I T P T Y LT D Houzit Pty Ltd Variance to Budget – First Quarter ended 30 September 2011 Variance

Assessment task 2.pptx - Assessme nt task 2 H O U Z I T P T...

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Assessme nt task 2 HOUZIT PTY LTD
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Variance to Budget – First Quarter ended 30 September 2011 Houzit Pty Ltd Variance to Budget First Quarter ended 30 September 2011 Actual Results Budget-Q1 Actual Q1 $ Variance % Variance F or U Sales 3,394,247 3,371,200 23,047 -1% U - Cost of Goods Sold 1,934,721 1,955,296 20,575 1% U Gross Profit 1,459,526 1,415,904 44,622 -3% U Gross Profit % 43% 42% -1% -2% U Expenses - Accounting Fees 2,500 2,500 0 0% F - Interest Expense 21,127 28,150 7,023 33% U - Bank Charges 400 380 20 -5% F - Depreciation 42,500 42,500 0 0% F - Insurance 3,348 3,348 0 0% F - Store Supplies 750 790 40 5% U - Advertising 200,000 150,000 50,000 -25% F - Cleaning 3,256 3,325 69 -2% U - Repairs & Maintenance 16,068 16,150 82 1% U - Rent 660,127 660,127 0 0% F - Telephone 2,997 3,100 103 3% U - Electricity Expense 5,356 5,245 111 -2% F - Luxury Car Tax 3000 12,000 9,000 300% U - Fringe Benefits Tax 7,000 7,000 0 0% F - Superannuation 37,404 37,404 0 0% F - Wages & Salaries 415,600 410,500 5,100 -1% F - Payroll Tax 19,741 19,741 0 0% F - Workers Compensation 8,312 8,312 0 0% F Total Expenses 1,449,486 1,410,572 38,914 -3% F Net Profit (Before Tax) 10,040 5,333 4,707 -47% U Income Tax 3,012 1,600 1,412 -47% F Net Profit 7,028 3,733 3,295 -47% U
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Variance reasons I. Economy still in recession – retail sector impacted II. Banks raising interest in line with increased upward international pressure.
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