Burget Clinic uses client-visits as its measure of activity. During July, the clinic budgeted for 2,100 client-visits, but its actual level of activity was 2,110 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for July:

Data used in budgeting:

Fixed element per month Variable element per client-visit
Revenue - $47.10
Personnel expenses $22,700 $16.90
Medical supplies 1,600 6.50
Occupancy expenses 6,900 1.50
Administrative expenses 3,400 0.40
Total expenses $34,600 $25.30

Actual results for July:

Revenue $101,491
Personnel expenses 55,699
Medical supplies 15,895
Occupancy expenses 9,785
Administrative expenses 4,424

The revenue variance for July would be closest to: __________

a. $2,581 F
b. $2,110 U
c. $2,110 F
d. $2,581 U

Answer:

Burget Clinic

The revenue variance for July would be closest to: __________

a. $2,581 F

Explanation:

a) Data and Calculations:

Budgeted client-visits for July = 2,100

Actual client-visits for July = 2,110

                                Fixed element      Variable element

                                   per month            per client-visit

Revenue                               -                         $47.10

Personnel expenses    $22,700                    $16.90

Medical supplies               1,600                        6.50

Occupancy expenses      6,900                         1.50

Administrative expenses 3,400                       0.40

Total expenses            $34,600                   $25.30

Actual results for July:

Revenue                          $101,491

Personnel expenses        55,699

Medical supplies               15,895

Occupancy expenses        9,785

Administrative expenses   4,424

Budgeted Revenue = $98,910 ($47.10 * 2,100)

Steps in the Accounting Cycle Listed below, out of order, are the steps in an accounting cycle.
1. Prepare the unadjusted trial balance.
2. Post journal entries to general ledger accounts.
3. Analyze transactions from source documents.
4. Journalize and post adjusting entries.
5. Prepare the financial statements.
6. Record transactions in a journal.
7. Prepare the post-closing trial balance.
8. Prepare the adjusted trial balance.
9. Journalize and post closing entries.
(a) Place the numbers from the above list in the order in which the steps in the accounting cycle are performed.
3, 6, 2, 1, 4, 8, 5, 9, 7
2, 3, 6, 1, 4, 8, 5, 9, & 7
3, 6, 2, 1,4,8,5,7, & 9
6, 3, 2, 1, 4, 8, 5, 9, & 7
(b) identify the steps in the accounting cycle that occur daily.
1, 2, 3, & 6
2, 3, & 4
1, 2, 3, 4,&6
2, 3, & 6

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Cost of goods sold 150,000
Depreciation expense 30,000
Other expenses 20,000

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Hudson Corporation is considering three options for managing its data warehouse: continuing with its own staff, hiring an outside vendor to do the managing (referred to as outsourcing), or using a combination of its own staff and an outside vendor. The cost of the operation depends on future demand. The annual cost of each option (in thousands of dollars) depends on demand as follows:

Demand
  
Staffing Options High Medium Low
Own staff 650 650 600
Outside vendor 900 600 300
Combination 800 650 500
        
Required:
a. If the demand probabilities are 0.2, 0.5, and 0.3, which decision alternative will minimize the expected cost of the data processing operation?
b. Construct a risk profile for the optimal decision in part (a).

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