Phase 3 Group Project - Phase 3 Task 2 Group Project By:...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Phase 3 Task 2 Group Project By: Claudia Pelaez, Lorraine Ritch, Nakesha Simmons, & Alisha Williams Income Statement and Balance Sheet Analysis Revenue 2005 Budget 2005 Variance Over/under Budget Sales $5,050,000 $5,220,000 $170,000 Under Sales Discounts $50,000 $20,000 $30,000 Over Net Sales $5,000,000 $5,200,000 $200,000 Under Equity 2005 Budget 2005 Variance Over/under Budget Owner’s Equity $1,600,000 $1,600,000 none n/a Retained Earnings $73,000 $71,000 $2,000 Over Total Owner’s Equity $1,673,000 $1,671,000 $2,000 Over Cost of goods sold Cost of goods in 2005 = $3,255,700 Cost of goods in budgeted 2005 = $3,342,500 The variance is = $3,342,500- $3,255,700. Difference of $86,800 Gross margin Margin for 2005- $ 1,744,300 Budget for 2005- $1,857,500 Failed to meet budget by $113,200 Variance of 1,857,500-1,744,300 = $113,200 INCOME STATEMENT "EXPENSES" VARIANCE ANALYSIS . 2005 BUDGET 2005 OVER BUDGET UNDER BUDGET EXPENSES Depreciation $150,000 $150,000 $0 $0 Salaries $95,000 $85,000-$10,000 Office and Warehouse rent $50,000 $50,000 $0 $0 Bad debt expense $21,000 $20,000-$1,000 Supplies...
View Full Document

This note was uploaded on 10/29/2011 for the course ACCOUNTING ac201 taught by Professor Schmidt during the Spring '11 term at Colorado Technical University.

Page1 / 14

Phase 3 Group Project - Phase 3 Task 2 Group Project By:...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online