Paye Clinic uses patient-visits as its measure of activity. The following report compares the planning budget to the actual operating results for the month of January: 
Required:
Prepare a report showing the clinic's revenue and spending variances for January. Label each variance as favorable (F) or unfavorable (U).
Definitions:
Leverage
The use of debt to increase the return on an investment.
Accounts Receivable Turnover
A financial ratio that measures how efficiently a company uses its assets by calculating the number of times average accounts receivable are collected during a specific period.
Acceleration
The rate at which the velocity of an object changes over time, including increases and decreases in speed or changes in direction.
Preceding Year
The year that immediately comes before the current year in a chronological sequence.
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