15 Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (g) Revenue ($4.00g) Expenses: Raw materials ($2.10g). Wages and salaries ($6,300 + $0.20g) Utilities ($2,000+ $0.05g) Facility rent ($3,900) Insurance ($2,500) Miscellaneous ($600+ $0.10g) Total expenses Net operating income. Budgeted meals (g) Revenue ($4.00g) 25,000 $ 100,000 Expenses: Raw materials ($2.10g) Wages and salaries ($6,300+ $0.20g) Utilities ($2,000+ $0.05g) Facility rent ($3,900) Insurance ($2,500) Miscellaneous ($600+ $0.10g) Total expenses Net operating income 52,500 11,300 In July, 26,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 3,250 3,900 2,500 3,100 76,550 $ 23,450 26,000 $ 104,000 54,600 11,500 3,300 3,900 2,500 3,200 79,000 $ 25,000

15 Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (g) Revenue ($4.00g) Expenses: Raw materials ($2.10g). Wages and salaries ($6,300 + $0.20g) Utilities ($2,000+ $0.05g) Facility rent ($3,900) Insurance ($2,500) Miscellaneous ($600+ $0.10g) Total expenses Net operating income. Budgeted meals (g) Revenue ($4.00g) 25,000 $ 100,000 Expenses: Raw materials ($2.10g) Wages and salaries ($6,300+ $0.20g) Utilities ($2,000+ $0.05g) Facility rent ($3,900) Insurance ($2,500) Miscellaneous ($600+ $0.10g) Total expenses Net operating income 52,500 11,300 In July, 26,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 3,250 3,900 2,500 3,100 76,550 $ 23,450 26,000 $ 104,000 54,600 11,500 3,300 3,900 2,500 3,200 79,000 $ 25,000

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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