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Phase 3 Group Project - Analysis By...

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Phase 3 Task 2 Group Project By: Claudia Pelaez, Lorraine Ritch, Nakesha Simmons, & Alisha Williams Income Statement and Balance Sheet  Analysis
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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
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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
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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
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  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
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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 $6,000 $5,000 -$1,000 Miscellaneus $3,000 $3,000 $0 $0 TOTAL EXPENSES $325,000 $313,000 -$12,000 SUNSHINEGROVE INCOMESTATEMENT "EXPENSES" VARIANCEANALYSIS
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