Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 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 ($345.00q) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,500 + $90.00g) Fuel ($33.00g) Airport fees ($830 + $30.00q) Aircraft depreciation ($8.00q) Office expenses ($240 + $1.00q) Total expense Net operating income Actual Results 57 $ 16,100 8,590 2,045 2,395 456 465 13,951 $ 2,149 Flexible Budget 57 $ 19,665 8,630 1,881 2,540 456 297 13,804 $ 5,861 Planning Budget 55 $ 18,975 8,450 1,815 2,480 440 295 13,480 $ 5,495 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.)

Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 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 ($345.00q) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,500 + $90.00g) Fuel ($33.00g) Airport fees ($830 + $30.00q) Aircraft depreciation ($8.00q) Office expenses ($240 + $1.00q) Total expense Net operating income Actual Results 57 $ 16,100 8,590 2,045 2,395 456 465 13,951 $ 2,149 Flexible Budget 57 $ 19,665 8,630 1,881 2,540 456 297 13,804 $ 5,861 Planning Budget 55 $ 18,975 8,450 1,815 2,480 440 295 13,480 $ 5,495 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.)

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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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: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 53 53 51 Revenue ($355.00q) $ 16,300 $ 18,815 $ 18,105 Expenses: Wages and salaries ($3,600 + $92.00q) 8,432 8,476 8,292 Fuel ($31.00q) 1,811 1,643 1,581 Airport fees ($880 + $34.00q) 2,572 2,682 2,614 Aircraft depreciation ($11.00q) 583 583 561 Office expenses ($200 + $1.00q) 421 253 251 Total expense 13,819 13,637 13,299 Net operating income $ 2,481 $ 5,178 $ 4,806 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. 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and…
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Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1] Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 400 $ 176,000 Budgeted diving-hours (q) Revenue ($440.004) Expenses: Wages and salaries ($11,600+ $120.00q) Supplies ($4.000) Equipment rental ($2,300 + $25.009) Insurance ($4,000) Miscellaneous ($540 + $1.42q) Total expense Net operating income 59,600 1,600 12,300 4,000 1,108 78,608 $ 97,392 During May, the company's actual activity was 390 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income
TB MC Qu. 9-346 (Static) Standahl Air uses two measures ... Standahl Air uses two measures of activity, flights and passengers, in the cost formulas in its budgets and performance reports. The cost formula for plane operating costs is $39,590 per month plus $2,649 per flight plus $4 per passenger. The company expected its activity in August to be 82 flights and 294 passengers, but the actual activity was 85 flights and 297 passengers. The actual cost for plane operating costs in August was $255,690. The spending variance for plane operating costs in August would be closest to: Multiple Choice $2,294 U О $10,253 U
TB MC Qu. 9-346 (Static) Standahl Air uses two measures ... Standahl Air uses two measures of activity, flights and passengers, in the cost formulas in its budgets and performance reports. The cost formula for plane operating costs is $39,590 per month plus $2,649 per flight plus $4 per passenger. The company expected its activity in August to be 82 flights and 294 passengers, but the actual activity was 85 flights and 297 passengers. The actual cost for plane operating costs in August was $255,690. The spending variance for plane operating costs in August would be closest to: Multiple Choice $2,294 U О $10,253 U
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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.)
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