Old Rosebud is a Kentucky horse farm that specializes in boarding thoroughbred breeding mares and their foals. Customers bring their breeding mares to Old Rosebud for delivery of their foals and after-birth care of the mare and foal. Recent changes in the tax laws brought about a substantial
decline in thoroughbred breeding. As a result, profits declined in the thoroughbred boarding industry.
Old Rosebud prepared a master budget for the current year by splitting costs into variable costs and fixed costs. The budget was prepared before the extent of the downturn was fully recognized. Table 1 above compares actual with budget for the current year.
Required:
Prepare an analysis of the operating performance of Old Rosebud Farms. Supporting tables or calculations should be clearly labeled.
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