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Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (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.) Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft preciation Office expenses Total expense Net operating income Actual Results $ $ 60 16,400 8,686 2,086 2,810 540 478 14,600 1,800 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ $ Flexible Budget 60 21,000 8,720 1,920 2,920 540 310 14,410 6,590 $ $ Planning Budget 58 20,300 8,546 1,856 2,852 522 308 14,084 6,216

Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (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.) Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft preciation Office expenses Total expense Net operating income Actual Results $ $ 60 16,400 8,686 2,086 2,810 540 478 14,600 1,800 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ $ Flexible Budget 60 21,000 8,720 1,920 2,920 540 310 14,410 6,590 $ $ Planning Budget 58 20,300 8,546 1,856 2,852 522 308 14,084 6,216

FINANCIAL ACCOUNTING
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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Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (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.) Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results 60 16,400 8,686 2,086 2,810 540 478 14,600 1,800 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ $ EA Flexible Budget 60 21,000 8,720 1,920 2,920 540 310 14,410 6,590 $ Planning Budget 58 20,300 8,546 1,856 2,852 522 308 14,084 6,216
Transcribed Image Text:Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (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.) Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results 60 16,400 8,686 2,086 2,810 540 478 14,600 1,800 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ $ EA Flexible Budget 60 21,000 8,720 1,920 2,920 540 310 14,410 6,590 $ Planning Budget 58 20,300 8,546 1,856 2,852 522 308 14,084 6,216
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 (q) Revenue ($350.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,500 + $87.00g) Fuel ($32.00g) Airport fees ($880 + $34.00g) Aircraft depreciation ($9.00g) Office expenses ($250 + $1.00g) Total expense Net operating income Actual Results 60 $ 16,400 8,686 2,086 2,810 Flexible Budget 60 $ 21,000 8,720 1,920 2,920 540 478 14,600 14,410 $ 1,800 $ 6,590 540 310 Planning Budget 58 $ 20,300 8,546 1,856 2,852 522 308 14,084 $ 6,216 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.
Transcribed Image Text: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 (q) Revenue ($350.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,500 + $87.00g) Fuel ($32.00g) Airport fees ($880 + $34.00g) Aircraft depreciation ($9.00g) Office expenses ($250 + $1.00g) Total expense Net operating income Actual Results 60 $ 16,400 8,686 2,086 2,810 Flexible Budget 60 $ 21,000 8,720 1,920 2,920 540 478 14,600 14,410 $ 1,800 $ 6,590 540 310 Planning Budget 58 $ 20,300 8,546 1,856 2,852 522 308 14,084 $ 6,216 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.
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