Schriever corporation is an oil well service company that measures its output by the number of wells serviced. the company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. fixed element per month variable element per well serviced revenue $ 4,500 employee salaries and wages $ 57,200 $ 1,100 servicing materials $ 600 other expenses $ 31,000 the planning budget for may was based on 36 wells serviced, but a total of 31 wells were actually serviced in may. the activity variance for total expenses for may would have been closest to: multiple choice $10,500 f $8,500 f $10,500 u $8,500 u

Areview of the ledger of sheridan company at december 31, 2017, produces these data pertaining to the preparation of annual adjusting entries. 1. prepaid insurance $19,661. the company has separate insurance policies on its buildings and its motor vehicles. policy b4564 on the building was purchased on july 1, 2016, for $13,290. the policy has a term of 3 years. policy a2958 on the vehicles was purchased on january 1, 2017, for $8,586. this policy has a term of 18 months. 2. unearned rent revenue $468,720. the company began subleasing office space in its new building on november 1. at december 31, the company had the following rental contracts that are paid in full for the entire term of the lease. term (in months) number of leases date monthly rent nov. 1 8 $5,450 6 dec. 1 6 $8,630 4 3. notes payable $43,200. this balance consists of a note for 6 months at an annual interest rate of 7%, dated october 1. 4. salaries and wages payable $0. there are 9 salaried employees. salaries are paid every friday for the current week. 6 employees receive a salary of $620 each per week, and 3 employees earn $755 each per week. assume december 31 is a wednesday. employees do not work weekends. all employees worked the last 3 days of december. prepare the adjusting entries at december 31,2017.