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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.)

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.)

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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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 ($340.00g) Expenses: Wages and salaries ($3,500 + $86.009) Fuel ($33.00q) Airport fees ($820 + $31.009) Aircraft depreciation ($8.009) Office expenses ($220 + $1.009) Total expense Net operating income Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Vulcan Flyovers Operating Data For the Month Ended July 31 Total expense Net operating income Actual Results $ $ Actual Results 57 16,100 57 $ 16,100 8,370 2,045 2,477 456 445 13,793 2,307 8,370 2,045 2,477 456 445 13,793 $ 2,307 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. 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.) Flexible Budget 57 $ 19,380 $ 8,402 1,881 2,587 $ 456 277 13,603 $ 5,777 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 19,380 55 $ 18,700 8,402 1,881 2,587 456 277 13,603 5,777 8,230 1,815 2,525 440 275 13,285 $ 5,415 $ $ Planning Budget 55 18,700 8,230 1,815 2,525 440 275 13,285 5,415
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 ($340.00g) Expenses: Wages and salaries ($3,500 + $86.009) Fuel ($33.00q) Airport fees ($820 + $31.009) Aircraft depreciation ($8.009) Office expenses ($220 + $1.009) Total expense Net operating income Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Vulcan Flyovers Operating Data For the Month Ended July 31 Total expense Net operating income Actual Results $ $ Actual Results 57 16,100 57 $ 16,100 8,370 2,045 2,477 456 445 13,793 2,307 8,370 2,045 2,477 456 445 13,793 $ 2,307 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. 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.) Flexible Budget 57 $ 19,380 $ 8,402 1,881 2,587 $ 456 277 13,603 $ 5,777 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 19,380 55 $ 18,700 8,402 1,881 2,587 456 277 13,603 5,777 8,230 1,815 2,525 440 275 13,285 $ 5,415 $ $ Planning Budget 55 18,700 8,230 1,815 2,525 440 275 13,285 5,415
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