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

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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
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