Fixed Component Variable Component Actual Total per Month per Job for February
Revenue $277 $33,260
Technician wages $8,400 $8,250
Mobile lab operating
expenses $4,700 $32 $8,700
Office expenses $2,400 $2 $2,510
Advertising expenses $1,580 $1,650
Insurance $2,890 $2,890
Miscellaneous expenses $920 $1 $355
The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $32 per job, and the actual mobile lab operating expenses for February were $9,220. The company expected to work 140 jobs in February, but actually worked 148 jobs.
Required:
Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February.
AirQual Test Corporation
Flexible Budget Performance Report
For the Month Ended February 28
Actual Revenue and Flexible Activity Planning
Results Spending Budget Variances Budget
Variances
Jobs 148 148 140
Revenue $36,310
Expenses:
Technician wages 8,050
Mobile lab operating
expenses 9,220
Office expenses 2,770
Advertising expenses 1,630
Insurance 2,890
Miscellaneous
expenses 515
Total expense 25,075
Net operating income11,235

Prepare journal entries for each transaction and identify the financial statement impact of each entry. the financial statements are automatically generated based on the journal entries recorded. apr. 1 tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock.apr. 2 the company prepaid $9,000 cash for 12 months' rent for office space. the company's policy is record prepaid expenses in balance sheet accounts.apr. 3 the company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. payment is due within 10 days.apr. 6 the company completed services for a client and immediately received $4,000 cash.apr. 9 the company completed a $6,000 project for a client, who must pay within 30 days.apr. 13 the company paid $11,600 cash to settle the account payable created on april 3.apr. 19 the company paid $2,400 cash for the premium on a 12-month insurance policy. the company's policy is record prepaid expenses in balance sheet accounts.apr. 22 the company received $4,400 cash as partial payment for the work completed on april 9.apr. 25 the company completed work for another client for $2,890 on credit.apr. 28 the company paid $5,500 cash in dividends.apr. 29 the company purchased $600 of additional office supplies on credit.apr. 30 the company paid $435 cash for this month's utility bill.

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