Tiplop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below: Lessons Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration TipTop Flight School Variance Report For the Month Ended July 31 Total expense Net operating income Actual Results 225 $ 60,400 17,800 7,650 4,340 3,650 2,470 3,960 39,870 $ 20,530 Planning Budget 220 $ 59,400 17,600 7,480 3,740 3,450 2,530 4,040 38,840 $ 20,560 Variances $ 1,000 F 200 U 170 U 600 U 200 U 60 F 80 F 1,030 U $ 30 F After several months of using these reports, the owner has become frustrated. For example, she is quite confident that nstructor 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:

Tiplop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below: Lessons Revenue Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Ground facility expenses Administration TipTop Flight School Variance Report For the Month Ended July 31 Total expense Net operating income Actual Results 225 $ 60,400 17,800 7,650 4,340 3,650 2,470 3,960 39,870 $ 20,530 Planning Budget 220 $ 59,400 17,600 7,480 3,740 3,450 2,530 4,040 38,840 $ 20,560 Variances $ 1,000 F 200 U 170 U 600 U 200 U 60 F 80 F 1,030 U $ 30 F After several months of using these reports, the owner has become frustrated. For example, she is quite confident that nstructor 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:

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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