Homework Help is Here – Start Your Trial Now!
Business
Accounting
Lessons Revenue Expenses: Instructor vages TipTop Flight School Variance Report For the Month Ended July 31 Planning Budget 140 Actual Results 145 Variances $ 36,030 $ 35,000 $1,030 P 7,835 7,700 135 U 5,365 5,180 1850 3,430 2,800 6300 3,135 3,000 135 0 2,145 2,220 75 F 3,625 3,720 25,535 24,620 95 915 U P $ 10,495 $ 10,380 $115 F Fuel Aircraft depreciation Maintenance Administration Total expense Ground facility expenses Net operating incone After several months of using these reports, the owner has become frustrated. For example, she is quite confident that instru wages were very tightly controlled in July, but the report shows an unfavorable variance. The planning budget was developed using the following formulas, where q is the number of lessons sold: Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Required: Cost Formulas $250g $55g $379 $20g $620 +$17q $1,800+ $3g $3,440 +$2q 2.Complete the flexible budget performance report for the school for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i. variance). Input all amounts as positive values. TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Lessons Revenue Actual Revenue and Spending Results Variances 145 $ 36,030 Flexible Activity Variances Budget Planning Budget 140 $ 35,000 Expenses: Instructor wages 7,835 7,700 Aircraft depreciation 5,365 5,180 Fuel 3,430 2,800 Maintenance 3,135 3,000 Ground facility expenses 2,145 2,220 Administration Total expense 3,625 25,535 3,720 24,620 Net operating income $ 10,495 $ 10,380

Lessons Revenue Expenses: Instructor vages TipTop Flight School Variance Report For the Month Ended July 31 Planning Budget 140 Actual Results 145 Variances $ 36,030 $ 35,000 $1,030 P 7,835 7,700 135 U 5,365 5,180 1850 3,430 2,800 6300 3,135 3,000 135 0 2,145 2,220 75 F 3,625 3,720 25,535 24,620 95 915 U P $ 10,495 $ 10,380 $115 F Fuel Aircraft depreciation Maintenance Administration Total expense Ground facility expenses Net operating incone After several months of using these reports, the owner has become frustrated. For example, she is quite confident that instru wages were very tightly controlled in July, but the report shows an unfavorable variance. The planning budget was developed using the following formulas, where q is the number of lessons sold: Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Required: Cost Formulas $250g $55g $379 $20g $620 +$17q $1,800+ $3g $3,440 +$2q 2.Complete the flexible budget performance report for the school for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i. variance). Input all amounts as positive values. TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Lessons Revenue Actual Revenue and Spending Results Variances 145 $ 36,030 Flexible Activity Variances Budget Planning Budget 140 $ 35,000 Expenses: Instructor wages 7,835 7,700 Aircraft depreciation 5,365 5,180 Fuel 3,430 2,800 Maintenance 3,135 3,000 Ground facility expenses 2,145 2,220 Administration Total expense 3,625 25,535 3,720 24,620 Net operating income $ 10,495 $ 10,380

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

fill in detail

Lessons Revenue Expenses: Instructor vages TipTop Flight School Variance Report For the Month Ended July 31 Planning Budget 140 Actual Results 145 Variances $ 36,030 $ 35,000 $1,030 P 7,835 7,700 135 U 5,365 5,180 1850 3,430 2,800 6300 3,135 3,000 135 0 2,145 2,220 75 F 3,625 3,720 25,535 24,620 95 915 U P $ 10,495 $ 10,380 $115 F Fuel Aircraft depreciation Maintenance Administration Total expense Ground facility expenses Net operating incone After several months of using these reports, the owner has become frustrated. For example, she is quite confident that instru wages were very tightly controlled in July, but the report shows an unfavorable variance. The planning budget was developed using the following formulas, where q is the number of lessons sold: Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Required: Cost Formulas $250g $55g $379 $20g $620 +$17q $1,800+ $3g $3,440 +$2q 2.Complete the flexible budget performance report for the school for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i. variance). Input all amounts as positive values. TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Lessons Revenue Actual Revenue and Spending Results Variances 145 $ 36,030 Flexible Activity Variances Budget Planning Budget 140 $ 35,000 Expenses: Instructor wages 7,835 7,700 Aircraft depreciation 5,365 5,180 Fuel 3,430 2,800 Maintenance 3,135 3,000 Ground facility expenses 2,145 2,220 Administration Total expense 3,625 25,535 3,720 24,620 Net operating income $ 10,495 $ 10,380
Transcribed Image Text:Lessons Revenue Expenses: Instructor vages TipTop Flight School Variance Report For the Month Ended July 31 Planning Budget 140 Actual Results 145 Variances $ 36,030 $ 35,000 $1,030 P 7,835 7,700 135 U 5,365 5,180 1850 3,430 2,800 6300 3,135 3,000 135 0 2,145 2,220 75 F 3,625 3,720 25,535 24,620 95 915 U P $ 10,495 $ 10,380 $115 F Fuel Aircraft depreciation Maintenance Administration Total expense Ground facility expenses Net operating incone After several months of using these reports, the owner has become frustrated. For example, she is quite confident that instru wages were very tightly controlled in July, but the report shows an unfavorable variance. The planning budget was developed using the following formulas, where q is the number of lessons sold: Revenue Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration Required: Cost Formulas $250g $55g $379 $20g $620 +$17q $1,800+ $3g $3,440 +$2q 2.Complete the flexible budget performance report for the school for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i. variance). Input all amounts as positive values. TipTop Flight School Flexible Budget Performance Report For the Month Ended July 31 Lessons Revenue Actual Revenue and Spending Results Variances 145 $ 36,030 Flexible Activity Variances Budget Planning Budget 140 $ 35,000 Expenses: Instructor wages 7,835 7,700 Aircraft depreciation 5,365 5,180 Fuel 3,430 2,800 Maintenance 3,135 3,000 Ground facility expenses 2,145 2,220 Administration Total expense 3,625 25,535 3,720 24,620 Net operating income $ 10,495 $ 10,380
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS