concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($355.00g) Expenses: wages and salaries ($3,600 + $86.009) Fuel ($31.000) Airport fees ($860 + $30.009) Aircraft depreciation ($8.00q) office expenses ($240 + $1.009) Total expense Net operating income Actual Results 56 $ 16, 200 Flexible Budget 56 $ 19,880 8,384 1,904 2,430 448 464 13,630 13,436 $ 2,570 $ 6,444 8,416 1,736 2,540 448 296 Planning Budget 54 $ 19,170 8,244 1,674 2,480 432 294 13,124 $ 6,046 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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concerning the company's operations in July appear below:
Vulcan Flyovers
Operating Data
For the Month Ended July 31
Flights (9)
Revenue ($355.00q)
Expenses:
Wages and salaries ($3,600 + $86.009)
Fuel ($31.00g)
Airport fees ($860 + $30.00g)
Aircraft depreciation ($8.00q)
office expenses ($240 + $1.0eeq)
Total expense
Net operating income
Flights
Revenue
Expenses:
Wages and salaries
Fuel
Airport fees
Aircraft depreciation
Office expenses
Total expense
Net operating income
S
S
Actual
Results
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.
56
16,200
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 variance). Input
all amounts as positive values.)
8,384
1,904
2,430
448
464
13,630
2,570
U
F
Actual
Results
U
56
$ 16,200
F
Lappl
8,384
1,904
2,430
448
464
13,630
$ 2,570
168✔ U
Vulcan Flyovers
Flexible Budget Performance Report
For the Month Ended July 31
Flexible
Budget
168 X U
Flexible
Budget
U
56
$ 19,880
✔S
0 None ✔
8,416
1,736
2,540
448
296
*******
13,436
$ 6,444
Answer is not complete.
Planning
Budget
56
19,880
54
$ 19,170
8,416
1,736
2,540
448
296
13,436
✔S 6,444
8,244
1,674
2,480
432
294
13,124
$ 6,046
F ✔S $
U
U
U
U
U
U
F
******0
Planning
Budget
54
19,170
8,244
1,674
2,480
432
294
13,124
$ 6,046
Transcribed Image Text:concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($355.00q) Expenses: Wages and salaries ($3,600 + $86.009) Fuel ($31.00g) Airport fees ($860 + $30.00g) Aircraft depreciation ($8.00q) office expenses ($240 + $1.0eeq) Total expense Net operating income Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income S S Actual Results 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. 56 16,200 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 variance). Input all amounts as positive values.) 8,384 1,904 2,430 448 464 13,630 2,570 U F Actual Results U 56 $ 16,200 F Lappl 8,384 1,904 2,430 448 464 13,630 $ 2,570 168✔ U Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 168 X U Flexible Budget U 56 $ 19,880 ✔S 0 None ✔ 8,416 1,736 2,540 448 296 ******* 13,436 $ 6,444 Answer is not complete. Planning Budget 56 19,880 54 $ 19,170 8,416 1,736 2,540 448 296 13,436 ✔S 6,444 8,244 1,674 2,480 432 294 13,124 $ 6,046 F ✔S $ U U U U U U F ******0 Planning Budget 54 19,170 8,244 1,674 2,480 432 294 13,124 $ 6,046
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