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T&P Fashion Shops

T&P Fashion Shops is a new chain that operates 10 stores inmajor malls throughout the United States. Each store manager isresponsible for preparing a flexible budget for the store. T&Pheadquarters accumulates and analyzes the information for eachstore and in the aggregate.

Below follows some cost estimates for the Houston store.

Additional information

The sales forecast for the year is $1,400,000.

Variable expenses are based on revenues. Do note that percentageclause for rent only kicks in above $500,000 in sales.

Other expenses are all specific to this store. Headquarters payfor marketing and corporate overhead expenses.

T&P wants to see a flexible budget based on the salesforecast, including estimates for sales being 10% below budget and10% above budget.

Actual results

Required:

Computations (use Excel)

Prepare a flexible budget in good format.

Compute the flexible variances and indicate whether favorable orunfavorable.

Headquarters are contemplating charging each store a 5%marketing expense based on sales. How will that affect theoperating profit of the store and the money available formanagerial bonuses based on actual results for the past year?Summarize the information in the table.

I am reposting this question becuase the aid that I receivedbefore has left me a but confused as to how the person whomprovided an anwer, actually obtained the answer.

If I cannot understand how the answer was obtained then theanswer alone does not help me. If someone would not mindprovideding the answer and assistance as to how they met theirresults it would be greatlly appreciated.

Problem 16-3 House Closing: You have entered into a contract to purchase new house, and the closing is scheduled for next week. It's typical for some last-minute bargaining to occur at the closing table, where sellers often try to tack on extra fees. You have three options for closing: (1) attend yourself, (2) send an attorney authorized to close only pe the previously negotiated terms, or (3) pre-sign all the closing documents per the current terms and not attend the closing. Which of these would be the most advantageous from a bargaining postioin?

What’s the total paying at closing?

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