Please give solution briefly 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 thatexplosively erupted in 1982. Data concerning the company's operations in July appear below:Flights (g)Revenue ($340.00g)Vulcan FlyoversOperating DataFor the Month Ended July 31Expenses:Wages and salaries ($3,300+ $90.00g)Fuel ($33.00g)Airport fees ($810 + $33.00g)Aircraft depreciation ($9.00g)Office expenses ($220 + $1.00g)Total expenseNet operating incomeActualResults59$ 16,400$8,5702,1112,63253144714,2912,109FlexibleBudget59$ 20,0608,6101,9472,75753127914,124$ 5,936PlanningBudget57$ 19,3808,4301,8812,69151327713,792$5,588The company measures its activity in terms of flights. Customers can buy individual tickets for overflights orhire 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 andactivity variances.Note: 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.

The revenue and spending variance is the difference between the actual results and flexible budget…

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 (g) Revenue ($340.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,300+ $90.00g) Fuel ($33.00g) Airport fees ($810 + $33.00g) Aircraft depreciation ($9.00g) Office expenses ($220+ $1.00g) Total expense Actual Results 59 $ 16,400 8,570 2,111 2,632 531 447 14291 Flexible Budget 59 $ 20,060 8,610 1,947 2,757 531 279 14 124 Planning Budget 57 $ 19,380 8,430 1,881 2,691 513 277 13792

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 (g) Revenue ($340.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,300+ $90.00g) Fuel ($33.00g) Airport fees ($810 + $33.00g) Aircraft depreciation ($9.00g) Office expenses ($220+ $1.00g) Total expense Actual Results 59 $ 16,400 8,570 2,111 2,632 531 447 14291 Flexible Budget 59 $ 20,060 8,610 1,947 2,757 531 279 14 124 Planning Budget 57 $ 19,380 8,430 1,881 2,691 513 277 13792

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 7E: Professional foes earned budget for a service company LundquistFret well. CPAs, offer three types of...

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Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (q) 58 $ Revenue ($350.009) 16,300 58 $ 20,300 56 $ 19,600 Expenses: Wages and salaries ($3,200 + $88.00q) 8,268 8,304 8,128 Fuel ($34.00q) 2,134 1,972 1,904 2,533 2,678 2,616 522 522 504 446 278 276 13,903 13,754 13,428 Airport fees ($880 + $31.009) Aircraft depreciation ($9.009) Office expenses ($220 +$1.009). Total expenses Net operating income $ 2,397 $ 6,546 $ 6,172 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. Note: 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…
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) Revenue ($320.00q) Expenses: Wages and salaries ($4,000+ $82.009) Fuel ($23.00q) Airport fees ($650 + $38.009) Aircraft depreciation ($7.009) Office expenses ($190 + $2.00q) Total expense Net operating income 48 48 50 $ 13,650 $ 15,360 $ 16,000 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 336 350 460 286 290 12,836 12,136 12,440 $ 814 $ 3,224 $ 3,560 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. Note: Indicate the…
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 Planning Budget Actual Flexible Results Budget 48 48 50 Flights (q) Revenue ($320.00g) Expenses: Wages and salaries ($4,000 + $82.00q) Fuel ($23.00q) Airport fees ($650 + $38.00q) Aircraft depreciation ($7.00q) Office expenses ($190 + $2.00q) Total expense $ 13,650 $ 15,360 $ 16,000 k 8,430 1,260 2,350 7,936 1,104 2,474 8,100 1,150 2,550 nt 336 336 350 ences 460 286 290 12,836 $ 814 12,136 12,440 Net operating income $ 3,224 $ 3,560 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:
Vulcan Flyovers offers scenic overflights of Mount St. 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 ActualResults FlexibleBudget PlanningBudget Flights (q) 60 60 58 Revenue ($345.00q) $ 16,500 $ 20,700 $ 20,010 Expenses: Wages and salaries ($3,300 + $88.00q) 8,544 8,580 8,404 Fuel ($33.00q) 2,144 1,980 1,914 Airport fees ($820 + $32.00q) 2,590 2,740 2,676 Aircraft depreciation ($9.00q) 540 540 522 Office expenses ($240 + $1.00q) 468 300 298 Total expense 14,286 14,140 13,814 Net operating income $ 2,214 $ 6,560 $ 6,196 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…
Vulcan Flyovers offers scenic overflights of Mount St. 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 ActualResults FlexibleBudget PlanningBudget Flights (q) 56 56 54 Revenue ($355.00q) $ 16,400 $ 19,880 $ 19,170 Expenses: Wages and salaries ($3,700 + $85.00q) 8,430 8,460 8,290 Fuel ($32.00q) 1,958 1,792 1,728 Airport fees ($820 + $31.00q) 2,416 2,556 2,494 Aircraft depreciation ($8.00q) 448 448 432 Office expenses ($240 + $1.00q) 464 296 294 Total expense 13,716 13,552 13,238 Net operating income $ 2,684 $ 6,328 $ 5,932 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…
Vulcan Flyovers offers scenic overflights of Mount St. 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 ActualResults FlexibleBudget PlanningBudget Flights (q) 52 52 50 Revenue ($355.00q) $ 16,300 $ 18,460 $ 17,750 Expenses: Wages and salaries ($3,700 + $90.00q) 8,340 8,380 8,200 Fuel ($32.00q) 1,830 1,664 1,600 Airport fees ($810 + $30.00q) 2,250 2,370 2,310 Aircraft depreciation ($8.00q) 416 416 400 Office expenses ($230 + $1.00q) 450 282 280 Total expense 13,286 13,112 12,790 Net operating income $ 3,014 $ 5,348 $ 4,960 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…
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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 Hay 31 Budgeted diving-hours (e) 300 Revenue ($380.eag) Expenses: Nages and salaries ($11,7ee + $122.eeg) Supplies ($5.0ea) Equipment rental ($2,400 + $22.009) Insurance ($4,100) Miscellaneous (S53e $1.seg) Total expense $114, e00 48, 300 1,5ee 9,000 4,100 980 63, 880 $ 50,120 Net operating incone During May, the company's actual activity was 290 diving-hours
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