concerning the company's operations in July appear below.Vulcan FlyoversOperating DataFor the Month Ended July 31Actual Plexible PlanningBudget58Budget56ResultsFlights (9)58Revenue ($345.00g)$16,100 $ 20,010 5 19,320Expenses:Wages and salaries ($3,700 + $88.00g)Fuel ($34.00g)Airport fees ($880 + $34.00g)Aircraft depreciation ($9. 00g)ottice expenses ($220 + $1.00g)Total expense8,7682,1342,7075228,8041,9722,8525222788,6281,9042,78450444627614,428$ 1,523 $ 5,582 $ 5,22414,57714,096Net operating inconeThe company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for anoverflight at a discount.Required:1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicatethe effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Inputall amounts as positive values.)Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31FlexibleBudgetPlanningBudgetActual ResultsFlights585856Revenue2$16,10020,010%2419,320Expenses:Winnon and ealaine0 769< Prev15 of 15Next HeSavednabled: Chapter 9 Quiz2,1342,7075221,9722,8525221,9042,784504Fuel ($34.00g)Airport fees ($880 + $34.00g)Aircraft depreciation ($9.00g)Office expenses ($220 + $1.00g)Total expense44627827614,09614,577$1,523 $ 5,582 $ 5,22414,428Net operating incomeThe company measures its activity in terms of fights. Customers can buy Individual tickets for overflights or hire an entire plane for anoverflight at a discount.Required:1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicatethe effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Inputall amounts as positive values.)Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31PlanningBudget56FlexibleActual ResultsBudgetFlights5858Revenue%2420,010%2419,32016,100Expenses:Wages and salaries8,7688,8048,628Fuel2,1341,9721,904Airport fees2,7072,8522,784Aircraft depreciation522522504Office expenses446278276Total expense14,57714,42814,096Net operating income1,523%245,582%245,224

A flexible budget also called a variable budget is a budget that adjusts to the activity or volume…

concerning the company's operations in July appear below. Vulcan Flyovere Operating Data For the Month Ended July 31 Actual Plexible Planning Budget 58 Budget 56 Results Flights (9) 58 $16,100 $ 20,010 5 19,320 Revenue ($345.00g) Expenses Wages and salaries ($3,700 + $88.00g) Fuel ($34.00g) Airport fees ($880 + $34.00g) Aireraft depreciation ($9.00g) orrice expenes ($220 + $1.00g) Total expense 8,768 2,134 2,707 522 446 14,577 8,004 1,972 2,852 522 278 14,428 $ 1,523 $ 5,582 $ 5,224 0,620 1,904 2,784 504 276 14,096 Net operating income 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. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Roport For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights 58 58 56 Revenue %24 16,100 2$ 20,010 %24 19,320 Expenses: Mnnan nnd enladne

concerning the company's operations in July appear below. Vulcan Flyovere Operating Data For the Month Ended July 31 Actual Plexible Planning Budget 58 Budget 56 Results Flights (9) 58 $16,100 $ 20,010 5 19,320 Revenue ($345.00g) Expenses Wages and salaries ($3,700 + $88.00g) Fuel ($34.00g) Airport fees ($880 + $34.00g) Aireraft depreciation ($9.00g) orrice expenes ($220 + $1.00g) Total expense 8,768 2,134 2,707 522 446 14,577 8,004 1,972 2,852 522 278 14,428 $ 1,523 $ 5,582 $ 5,224 0,620 1,904 2,784 504 276 14,096 Net operating income 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. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Roport For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights 58 58 56 Revenue %24 16,100 2$ 20,010 %24 19,320 Expenses: Mnnan nnd enladne

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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Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow: Delmar Company Budget Performance Report-Vice President, Production For the Month Ended June 30 Plant Actual Budget Over Budget (Under) Budget Eastern Region $527,800 $527,800 $0 Central Region 376,200 380,000 (3,800) Western Region (g) (h) (i) $(j) $(k) $(1) $(3,800) Delmar Company Budget Performance Report-Manager, Western Region Plant For the Month Ended June 30 Department Actual Budget Over Budget (Under) Budget Chip Fabrication $(a) $(b) $(c) Electronic Assembly 65,620 64,780 840 Final Assembly 103,470 104,300 $(830) $(d) $(e) $(f) $(830) Delmar Company Budget Performance Report-Supervisor, Chip Fabrication For the Month Ended June 30 Cost Actual Budget Over Budget (Under) Budget Factory wages $34,330 $32,080 $2,250 Materials 71,070 71,570 $(500) Power and light 4,720 3,970 750 Maintenance 7,980 7,290 690 $118,100 $114,910 $3,690 $(500) a. Complete the budget performance…
Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland COMPANY Budget Performance Report—Vice President, Production For the Month Ended November 30 Plant Actual Budget Over Budget Under Budget Eastern Region $926,750 $929,000 $(2,250) Central Region 664,400 668,000 (3,600) Western Region (G) (H) $(I) $(J) $(K) $(L) $(5,850) Garland COMPANY Budget Performance Report—Manager, Western Region Plant For the Month Ended November 30 Department Actual Budget Over Budget Under Budget Chip Fabrication (A) (B) (C) Electronic Assembly $193,190 $190,500 $2,690 Final Assembly 306,250 307,000 $(750) $(D) $(E) $(F) $(750) Garland COMPANY Budget Performance Report—Supervisor, Chip Fabrication For the Month Ended November 30 Cost Actual Budget Over Budget Under Budget Factory wages $60,220 $58,720 $1,500 Materials 156,940 158,000 $(1,060) Power and light…
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 (q) Revenue ($4.40q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,100 + $0.20q) Utilities ($2,000 + $0.05q) Facility rent ($3,000) Insurance ($2,300) Miscellaneous ($600 + $0.10q) Total expenses Net operating income Budgeted meals (q) Revenue ($4.40q) 27,000 $ 118,800 Expenses: Raw materials ($2.10q) Wages and salaries ($6,100+ $0.209) Utilities ($2,000+ $0.05q) Facility rent ($3,000) Insurance ($2,300) Miscellaneous ($600 + $0.10q) Total expenses Net operating income 56,700 11,500 In July, 28,000 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 3,350 3,000 2,300 3,300 80,150 $ 38,650 28,000 $ 123,200 58,800 11,700 3,400 3,000 2,300 3,400 82,600 $ 40,600
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Vulcan Flyovers Operating Data For the Month Ended July 31 Planning Budget Actual Flexible Results Budget Flights (q) Revenue ($345.00q) 54 54 52 $ 16,100 $ 18,630 $ 17,940 Expenses: Wages and salaries ($3,100 + $91.00q) Fuel ($30.00q Airport fees ($830 + $33.00q) Aircraft depreciation ($10.0eq) Office expenses ($240 + $1.00q) Total expense 7,972 1,790 2,492 8,014 1,620 2,612 7,832 1,560 2,546 540 540 520 462 294 292 13,256 13,080 12,750 Net operating income $ 2,844 $ 5,550 $ 5,190 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. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
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 (9) Revenue ($4.28q) Expenses: Raw materials ($2.309) Wages and salaries ($6,200 $0.289) Utilities ($2,100 + $0.05q) Facility rent ($3,300) Insurance ($2,200) Miscellaneous ($400 + $0.10) Total expenses Net operating income 23,000 $ 96,600 52,900 10,800 3,250 3,300 2,200 2,700 75,158 $ 21,450 In July, 24,000 meals were actually served. The company's flexible budget for this level of activity appears below. Budgeted meals (q) Revenue ($4.28q) Expenses: Flight Café Flexible Budget For the Month Ended July 31 Raw materials ($2.389) Wages and salaries ($6,200+ $0.209) Utilities ($2,100 + $0.059) Facility rent ($3,300) Insurance ($2,200) Miscellaneous ($400 +$0.18q) Total expenses Net operating income Required: 1. Calculate the company's activity variances for July. 24,000 $ 100,800 55,200 11,000 3,300 3,300 2,200 2,800…
Munoz Air is a large airline company that pays a customer relations representative $15,975 per month. The representative, who processed 1,120 customer complaints in January and 1,460 complaints in February, is expected to process 21,300 customer complaints during the year. Required a. Determine the total cost of processing customer complaints in January and in February. Month Allocated Cost January February
August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,300 Revenue ($4.259) $ 31,025 Expenses: Packing supplies ($0.409) 2,920 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,400 + $0.459) 5,685 Shipping ($0.709) 5,110 Utilities ($1,290) 1,290 other ($450 + $0.019) 523 Total expense 18,628 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 $ 12,397 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities other Total expense Net operating income Required: 7,300 $ 26,900 3,090 2,960 6,095 4,840 1,100 1,143 19,228 $ 7,672 Calculate the company's revenue and spending variances for August. (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…
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