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.
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faed3de54-433a-4da2-b51c-03cbeee1d515%2F9af321fa-41cd-48e5-b3c2-997b7c6d1873%2F6nnvlej_processed.png&w=3840&q=75)
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