Homework Help is Here – Start Your Trial Now!
Business
Accounting
The company m overflight at ac Required: 1. Prepare a fle the effect of ea all amounts as

The company m overflight at ac Required: 1. Prepare a fle the effect of ea all amounts as

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
Vulcan Flyovers Operating Data For the Month Ended July 31 Planning Budget Actual Flexible Results Budget Flights (q) Revenue ($345.00q) 54 54 52 $ 16,100 $ 18,630 $ 17,940 Expenses: Wages and salaries ($3,100 + $91.00q) Fuel ($30.00q Airport fees ($830 + $33.00q) Aircraft depreciation ($10.0eq) Office expenses ($240 + $1.00q) Total expense 7,972 1,790 2,492 8,014 1,620 2,612 7,832 1,560 2,546 540 540 520 462 294 292 13,256 13,080 12,750 Net operating income $ 2,844 $ 5,550 $ 5,190 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.)
Transcribed Image Text:Vulcan Flyovers Operating Data For the Month Ended July 31 Planning Budget Actual Flexible Results Budget Flights (q) Revenue ($345.00q) 54 54 52 $ 16,100 $ 18,630 $ 17,940 Expenses: Wages and salaries ($3,100 + $91.00q) Fuel ($30.00q Airport fees ($830 + $33.00q) Aircraft depreciation ($10.0eq) Office expenses ($240 + $1.00q) Total expense 7,972 1,790 2,492 8,014 1,620 2,612 7,832 1,560 2,546 540 540 520 462 294 292 13,256 13,080 12,750 Net operating income $ 2,844 $ 5,550 $ 5,190 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.)
of %24 %24 %24 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget Actual Results Flights 54 54 52 Revenue $4 16,100 18,630 17,940 Expenses: Wages and salaries 7,972 8,014 7,832 Fuel 1,790 1,620 1,560 Airport fees 2,492 2,612 2,546 Aircraft depreciation 540 540 520 Office expenses 462 294 292 Total expense 13,256 13,080 12,750 Net operating income 2$ 2,844 5,550 5,190
Transcribed Image Text:of %24 %24 %24 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget Actual Results Flights 54 54 52 Revenue $4 16,100 18,630 17,940 Expenses: Wages and salaries 7,972 8,014 7,832 Fuel 1,790 1,620 1,560 Airport fees 2,492 2,612 2,546 Aircraft depreciation 540 540 520 Office expenses 462 294 292 Total expense 13,256 13,080 12,750 Net operating income 2$ 2,844 5,550 5,190
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Federal financial accounting and reporting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
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