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Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights 52 52 50 Revenue 2$ 16,400 $ 18,460 $ 17,750 Expenses: Wages and salaries 8,340 8,380 8,200 Fuel 1,780 1,612 1,550 Airport fees 2,307 2,452 2,390 Aircraft depreciation 520 520 500 Office expenses 430 262 260 Total expense 13,377 13,226 12,900 Net operating income $ 3,023 $ 5,234 $ 4,850

Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights 52 52 50 Revenue 2$ 16,400 $ 18,460 $ 17,750 Expenses: Wages and salaries 8,340 8,380 8,200 Fuel 1,780 1,612 1,550 Airport fees 2,307 2,452 2,390 Aircraft depreciation 520 520 500 Office expenses 430 262 260 Total expense 13,377 13,226 12,900 Net operating income $ 3,023 $ 5,234 $ 4,850

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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Expenses: 8,380 1,612 2,452 Wages and salaries ($3,700 + $90.00g) Fuel ($31.00g) Airport fees ($840 + $31.00g) Aircraft depreciation ($10.00g) Office expenses ($210 + $1.00g) Total expense 8,340 1,780 2,307 8,200 1,550 2,390 500 520 520 430 262 260 13,377 13,226 12,900 Net operating income $ 3,023 $ 5,234 $ 4,850 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights 52 52 50 Revenue $ 16,400 $ 18,460 $ 17,750 Expenses: Wages and salaries 8,340 8,380 8,200 Fuel 1,780 1,612 1,550 Airport fees 2,307 2,452 2,390 Aircraft depreciation 520 520 500 Office expenses 430 262 260 Total expense 13,377 13,226 12,900 Net operating income $ 3,023 $ 5,234 $ 4,850 < Prev 4 of 8 Next >
Transcribed Image Text:Expenses: 8,380 1,612 2,452 Wages and salaries ($3,700 + $90.00g) Fuel ($31.00g) Airport fees ($840 + $31.00g) Aircraft depreciation ($10.00g) Office expenses ($210 + $1.00g) Total expense 8,340 1,780 2,307 8,200 1,550 2,390 500 520 520 430 262 260 13,377 13,226 12,900 Net operating income $ 3,023 $ 5,234 $ 4,850 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights 52 52 50 Revenue $ 16,400 $ 18,460 $ 17,750 Expenses: Wages and salaries 8,340 8,380 8,200 Fuel 1,780 1,612 1,550 Airport fees 2,307 2,452 2,390 Aircraft depreciation 520 520 500 Office expenses 430 262 260 Total expense 13,377 13,226 12,900 Net operating income $ 3,023 $ 5,234 $ 4,850 < Prev 4 of 8 Next >
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: Vulcan Flyovers Operating Data For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights (q) Revenue ($355.00q) 52 52 50 $ 16,400 $ 18,460 $ 17,750 Expenses: Wages and salaries ($3,700 + $90.00q) Fuel ($31.00g) Airport fees ($840 + $31.00g) Aircraft depreciation ($10.00g) Office expenses ($210 + $1.00g) Total expense 8,340 1,780 2,307 8,380 1,612 2,452 8,200 1,550 2,390 520 520 500 430 262 260 13,377 13,226 12,900 Net operating income $ 3,023 $ 5,234 $ 4,850 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights 52 52 50 Revenue 16,400 $ 18,460 $ 17,750 Expenses: Wages and salaries 8,340 8,380 8,200 Fuel 1,780 1,612 1,550 Airport fees 2,307 2,452 2,390 Aircraft depreciation 520 520 500 Office expenses 430 262 260 < Prev 4 of 8 Next >
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: Vulcan Flyovers Operating Data For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights (q) Revenue ($355.00q) 52 52 50 $ 16,400 $ 18,460 $ 17,750 Expenses: Wages and salaries ($3,700 + $90.00q) Fuel ($31.00g) Airport fees ($840 + $31.00g) Aircraft depreciation ($10.00g) Office expenses ($210 + $1.00g) Total expense 8,340 1,780 2,307 8,380 1,612 2,452 8,200 1,550 2,390 520 520 500 430 262 260 13,377 13,226 12,900 Net operating income $ 3,023 $ 5,234 $ 4,850 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights 52 52 50 Revenue 16,400 $ 18,460 $ 17,750 Expenses: Wages and salaries 8,340 8,380 8,200 Fuel 1,780 1,612 1,550 Airport fees 2,307 2,452 2,390 Aircraft depreciation 520 520 500 Office expenses 430 262 260 < Prev 4 of 8 Next >
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