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) Revenue ($4.50q) Expenses: Raw materials ($2.109) Wages and salaries ($6,200 + $0.209) Utilities ($2,000 + $0.059) Facility rent ($3,300) Insurance ($2,400) Miscellaneous ($800 + $0.109) Total expense Net operating income Budgeted meals (q) Revenue ($4.50q) In July, 27,000 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 Expenses: Raw materials ($2.109) Wages and salaries ($6,200+ $0.209) Utilities ($2,000 + $0.059) Facility rent ($3,300) Insurance ($2,400) 26,000 $ 117,000 Miscellaneous ($800 + $0.109) Total expense Net operating income 54,600 11,400 3,300 3,300 2,400 3,400 78,400 $ 38,600 27,000 $ 121,500 56,700 11,600 3,350 3,300 2,400 3,500 80,850 $ 40,650

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) Revenue ($4.50q) Expenses: Raw materials ($2.109) Wages and salaries ($6,200 + $0.209) Utilities ($2,000 + $0.059) Facility rent ($3,300) Insurance ($2,400) Miscellaneous ($800 + $0.109) Total expense Net operating income Budgeted meals (q) Revenue ($4.50q) In July, 27,000 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 Expenses: Raw materials ($2.109) Wages and salaries ($6,200+ $0.209) Utilities ($2,000 + $0.059) Facility rent ($3,300) Insurance ($2,400) 26,000 $ 117,000 Miscellaneous ($800 + $0.109) Total expense Net operating income 54,600 11,400 3,300 3,300 2,400 3,400 78,400 $ 38,600 27,000 $ 121,500 56,700 11,600 3,350 3,300 2,400 3,500 80,850 $ 40,650

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sagar
Dhapa
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…
Help please
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,400) Wages and salaries ($2,400 + $0.40g) Shipping ($0.55q) Utilities ($1,240) Quilcene Oysteria Flexible Budget For the Month Ended August 31 Other ($470 + $0.01g) Total expenses Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income 7,300 $ 30,295 2,555 3,400 5,320 4,015 1,240 543 17,073 $ 13,222 7,300 $ 27,000 2,725 3,260 5,730 3,745 1,050 1,163 17,673 $ 9,327
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in Augus The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.55q) Utilities ($1,290) Other ($480 + $0.019) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 7,100 $ 29,465 2,485 3,100 4,985 3,905 1,290 551 16,316 $ 13,149 Actual pounds 7,100 Revenue $ 27,000 Expenses: Packing supplies 2,655 Oyster bed maintenance 2,960 Wages and salaries 5,395 3,635 1,100 1,171 16,916 Shipping Utilities Other Total expense Net operating income. Required: $ 10,084 Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 pounds of oysters in 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 ($4.20q) $ 30, 660 Expenses: Packing supplies ($0.40q) 2,920 Oyster bed maintenance ($3,100) 3, 100 Wages and salaries ($2,600 + $0.30q) 4,790 Shipping ($0.65q) 4,745 Utilities ( $1,200) 1,200 Other ($420 + $0.01q) 493 Total expense 17,248 Net operating income $ 13,412 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,300 Revenue $ 27,400 Expenses: Packing supplies 3,090 Oyster bed maintenance 2,960 Wages and salaries 5,200 Shipping 4,475 Utilities 1,010 Other 1,113 Total expense 17,848 Net operating income $ 9,552 Required: Calculate the company' s revenue and spending variances for August. (Indicate the effect of each variance by…
The budget director of Royal Furniture Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for February is summarized as follows: a. Estimated sales of King and Prince chairs for February by sales territory: Northern Domestic: King 610 units at $780 per unit Prince 750 units at $550 per unit Southern Domestic: King 340 units at $780 per unit Prince 440 units at $550 per unit International: King 360 units at $850 per unit Prince 290 units at $600 per unit b. Estimated inventories at February 1: Direct materials: Fabric 420 sq. yds. Wood 580 linear ft. Filler 250 cu. ft. Springs 660 units Finished products: King 90 units Prince 25 units c. Desired inventories at February 28: Direct materials: Fabric 390 sq. yds. Wood 650 linear ft. Filler 300 cu. ft.…
Prepare a budget performance report for the manager of the Eastern District of Adelson for the month of December. Enter all amounts as positive numbers. If an amount box does not require an entry, leave it blank, or enter zero "0". Adelson Inc. Budget Performance Report-Manager, Eastern District For the Month Ended December 31