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 ($4.50q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,200 + $0.20g) Utilities ($2,000+ $0.05q) 21,000 $ 94,500 Budgeted meals (q) Revenue ($4.50q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,200+ $0.20q) Utilities ($2,000+ $0.05q) Facility rent ($3,600) Insurance ($2,700) Miscellaneous ($700 + $0.10q) Total expenses Net operating income 44,100 10,400 3,050 3,600 2,700 2,800 66,650 $ 27,850 Facility rent ($3,600) Insurance ($2,700) Miscellaneous ($700 + $0.10q) Total expenses Net operating income. In July, 22,000 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 22,000 $ 99,000 46,200 10,600 3,100 3,600 2,700 2,900 69, 100 $ 29,900

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 ($4.50q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,200 + $0.20g) Utilities ($2,000+ $0.05q) 21,000 $ 94,500 Budgeted meals (q) Revenue ($4.50q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,200+ $0.20q) Utilities ($2,000+ $0.05q) Facility rent ($3,600) Insurance ($2,700) Miscellaneous ($700 + $0.10q) Total expenses Net operating income 44,100 10,400 3,050 3,600 2,700 2,800 66,650 $ 27,850 Facility rent ($3,600) Insurance ($2,700) Miscellaneous ($700 + $0.10q) Total expenses Net operating income. In July, 22,000 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 22,000 $ 99,000 46,200 10,600 3,100 3,600 2,700 2,900 69, 100 $ 29,900

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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Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company’s planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) 27,000 Revenue ($4.00q) $ 108,000 Expenses: Raw materials ($2.00q) 54,000 Wages and salaries ($6,200 + $0.20q) 11,600 Utilities ($2,100 + $0.05q) 3,450 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous ($700 + $0.10q) 3,400 Total expense 77,950 Net operating income $ 30,050 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 Budgeted meals (q) 28,000 Revenue ($4.00q) $ 112,000 Expenses: Raw materials ($2.00q) 56,000 Wages and salaries ($6,200+ $0.20q) 11,800 Utilities ($2,100 + $0.05q) 3,500 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous…
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am. 103.
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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…
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