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1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity varlances. (In the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). I all amounts as positive values.) Flights Revenue Expenses: Actual Results S 48 13.650 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget S 48 15,360 Planning Budget S 50 16.000

1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity varlances. (In the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). I all amounts as positive values.) Flights Revenue Expenses: Actual Results S 48 13.650 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget S 48 15,360 Planning Budget S 50 16.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 48 13.650 8.430 1,260 2.350 336 460 12,836 814 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget $ $ 48 15,360 7,936 1,104 2,474 336 286 12,136 3,224 Planning Budget S S 50 16,000 8,100 1,150 2,550 350 290 12,440 3,560
Transcribed Image Text:Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 48 13.650 8.430 1,260 2.350 336 460 12,836 814 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget $ $ 48 15,360 7,936 1,104 2,474 336 286 12,136 3,224 Planning Budget S S 50 16,000 8,100 1,150 2,550 350 290 12,440 3,560
Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Flights (q) Revenue ($320.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($4,000 + $82.00g) Fuel ($23.00q) Airport fees ($650 + $38.00q) Aircraft depreciation ($7.00q) Office expenses ($190 + $2.00q) Total expense Net operating income Actual Results 48 $ 13,650 8,430 1,260 2,350 336 460 12,836 $ 814 Flexible Budget 48 $ 15,360 7,936 1,104 2,474 336 286 12,136 $ 3,224 Planning Budget 50 $ 16,000 8,100 1,150 2,550 350 290 12,440 $ 3,560 The company measures its activity in terms of flights. Customers can buy Individual tickets for overflights or hire an entire plane for an overflight at a discount.
Transcribed Image Text:Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Flights (q) Revenue ($320.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($4,000 + $82.00g) Fuel ($23.00q) Airport fees ($650 + $38.00q) Aircraft depreciation ($7.00q) Office expenses ($190 + $2.00q) Total expense Net operating income Actual Results 48 $ 13,650 8,430 1,260 2,350 336 460 12,836 $ 814 Flexible Budget 48 $ 15,360 7,936 1,104 2,474 336 286 12,136 $ 3,224 Planning Budget 50 $ 16,000 8,100 1,150 2,550 350 290 12,440 $ 3,560 The company measures its activity in terms of flights. Customers can buy Individual tickets for overflights or hire an entire plane for an overflight at a discount.
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