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Budgeting

Scenario:
Dancin’ Donuts, established in January 2019, is a thriving new business specializing in low-carb donuts. The 2019 keto diet fad led to increased sales, and the chief financial officer (CFO) prepared a robust budget for 2020. In early March 2020, the small business had record-breaking sales but abruptly needed to shut its doors because of the global pandemic. The CFO conducted the following analysis for the month of March:

Dancin’ Donuts March 2020
Budget Actuals $ Var %
Total Revenue 200,000 196,947 -3,053 -2%
Total Cost of Goods Sold 100,000 98,000 -2,000 -2%
GROSS PROFIT 100,000 98,947 -1,053 -1%

 Total Expense   75,000  72,000  -3,000  -4%

     Total Interest Income   200 100 -100    -50%
     Total Other Expense 1,000   1,000   0   0%
                 -800    -900    -100    13%

Earnings Before Interest, Taxes, Depreciation, & Amortization (EBITDA) 24,200 26,047 1,847 8%
Total Interest Expense 6,400 6,385 -15 0%
Total Depreciation & Amortization 10,000 10,000 0 0%
Earnings Before Taxes (EBT) 7,800 9,662 1,862 24%

     Total Income Taxes (30%)    2,340   2,899   559 24%

Net Income 5,460 6,764 1,304 24%
Please answer the following questions:

What does AVB stand for?
What is the total revenue for March 2020 when compared to the budget?
What is the variance from the budget in the net income for the month?
What is the income tax percentage for the month?

Sample Solution

oreign Policy and Diplomatic decisions. (Smith, Hadfield and Dunne 2008) Conventional Pluralist perspectives see media as a “checking balance” to the desires and decisions of “the elites” and power holders in State Governments. It seems that the advent of New Social Media platforms has only served to strengthen the Pluralist perspective on Public Diplomacy. Since Social Media Platforms often operate on an aggregate individual basis, it is difficult for States and corporations to regulate and control. (Dale 2009) Furthermore, it was found that Social Media users are more likely to ignore information that was perceived as propaganda. (Dale 2009) This sensitivity to information that appears to be obtusely biased, combined with the grassroots and individualistic way in which New Social Media networks operate, makes it more difficult for State Governments to carry out Public Diplomacy. The Elitist perspective on media and Foreign Policy postulates that since media sources largely controlled by large corporations closely linked to the State, information and the way it is framed in the public eye are state-controlled. (Smith, Hadfield and Dunne 2008) In the age of New Media, the vast majority of Social Media outlets are controlled by US-based companies, but often these companies are reluctant to regulate or control content. This is not to say that the US Government doesn’t have access to information on companies such as Facebook. From January to June 2018 there were 42,466 instances of the US Government requesting various forms of data from Facebook. While the vast majority were labelled as “Legal Process”, approximately 3,000 of the requests were labelled “Emergency Requests”. (Facebook.com 2018) About half of the requested content was released under a non-disclosure agreement with the US Government blocking Facebook from notifying the users the data was taken from. (Russell 2018) If governments are able to control New Media sources in a similar way that traditional print and radio media was controlled in the past, it is likely that it will significantly aid State’s and enhance their ability to conduct Public diplomacy. Public Diplomacy, both domestic and foreign, has been greatly enhanced by the advent of New Media platforms such as Facebook, Twitter and Youtube. States can use these platforms to disseminate a myriad of audio-visual as well as textual information in large quantities and over very short spans of time. The speed aspect is especially important due to the raised expectations of the public for State governments and diplomats to provide information on political events. (Dale 2009) Alternatively, due to the large quantities of information provided, the importance of each piece of information may be diminished. The main appeal of social media lies mostly in its unregulated and individualised nature. (Dale 2009) Namely, New Media interactions are not just about disseminating formal information, rather it is about creating information relevant to the individual. (Dale 2009) Therefore, government bodies that publish critical information via New Media platforms must often carefully consider the quantity and quality of what they are posting. The untapped potential of New Media utilisation by governments was highlighted by a p>

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