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 concerning the company's operations in July appear below Flights (g) Revenue (1360.000) Vulcan Flyovers Operating Data For the Month Ended July 31 Expensest Mages and salaries (53,600 156.00g) Fuel ($31.00g) Airport fees (5840 $31.00g) Aircraft depreciation ($9.000) office expenses ($230+ $1.00g) Total expense Net operating income Actual Results 57 $ 16,000 8,470 1,935 2,492 513 455 13,865 $2,135 Flexible Budget 57 $20,520 8,582 1,767 2,607 513 287 13,676 $6,844 Planning Budget 55 $ 19,000 8,330 1,705 2,545 495 205 13,360 $ 6,440 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for a overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances (Indica the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (e rere varians) Ingut all amounts

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Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.