Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 6 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 15.00

Facilitator Corp

Facilitator Corp. is a company that acts as a facilitator in tax-favored real estate swaps. Such swaps, known as 1031 exchanges, permit participants to avoid some or all of the capital gains taxes that would otherwise be due. The bookkeeper for the company has been asked to prepare a report for the company to help its owner/manager analyze performance. The first such report appears below:


Facilitator Corp
Analysis of Revenues and Costs
For the Month Ended May 31
  Planning Budget Unit Revenues and Costs Actual Unit Revenues and Costs Variances
Exchanges completed   25     30        
Revenue $ 780   $ 730   $ 50 U
 
 
Expenses:                  
Legal and search fees   132     139     7 U
Office expenses   167     129     38 F
Equipment depreciation   15     12     3 F
Rent   52     37     15 F
Insurance   14     11     3 F
 
 
Total expense   380     328     52 F
 
 
Net operating income $ 400   $ 402   $ 2 F
 
 

Note that the revenues and costs in the above report are unit revenues and costs. For example, the average office expense is $167 per exchange completed on the planning budget; whereas, the average actual office expense is $129 per exchange completed.

Legal and search fees is a variable cost; office expenses is a mixed cost; and equipment depreciation, rent, and insurance are fixed costs. In the planning budget, the fixed component of office expenses was $4,100.

All of the company%u2019s revenues come from fees collected when an exchange is completed.

Required:
1. Whether report prepared by the bookkeeper is useful as a performance report?
   
 
  Yes
  No

2.

Complete a performance report that would help the owner/manager assess the performance of the company in May. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)

Facilitator Corp
Flexible Budget Performance Report
For the Month Ended May 31
  Planning Budget Activity Variances Flexible Budget Revenue and Spending Variances Actual Results
Exchanges completed              
Revenue $ $   $ $   $
 
 
 
Expenses:              
Legal and search fees              

Office expenses

              
Equipment depreciation              
Rent              
Insurance              
 
 
 
Total expense              
 
 
 
Net operating income $ $   $ $   $
 
 
 
 
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Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 03:08 PM My Price 15.00

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