esVulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Dataconcerning the company's operations in July appear below:Flights (q)Revenue ($340.00g)Expenses:Wages and salaries ($3,200 + $85.00q)Fuel ($32.00g)Vulcan FlyoversOperating DataFor the Month Ended July 31Airport fees ($860+ $32.00q)Aircraft depreciation ($9.00q)Office expenses ($230+ $1.00q)Total expenseNet operating income124ActualResults61$ 16,400JUL108,3552,1182,67754945914, 158FlexibleBudget61$ 20,740< Prev8,3851,9522,812The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for anoverflight at a discount.Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31tv54929113,98913,671$ 2,242 $ 6,751 $ 6,389Required:1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicatethe effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Inputall amounts as positive values.)3 of 8PlanningBudget59$ 20,0608,2151,8882,748531289#Next >AChe Required:1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variancethe effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variarall amounts as positive values.)FlightsRevenueExpenses:Wages and salariesFuelAirport feesAircraft depreciationOffice expensesTotal expenseNet operating incomeActual Results$$6116,4008,3552,1182,67754945914,1582,242Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31$$FlexibleBudget6120,7408,3851,9522,81254929113,9896,751PlanningBudget$1101$5920,0608,2151,8882,74853128913,6716,389

A flexible budget refers to the type of budget which changes or adapts to change as per the…

Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($340.00g) Expenses: Wages and salaries ($3,200 + $85.00q) Fuel ($32.00g) Airport fees ($860+ $32.00g) Aircraft depreciation ($9.00g) Office expenses ($230+ $1.00q) Total expense Net operating income Actual Results 61 $ 16,400 8,355 2,118 2,677 549 459 14, 158 2 243 Flexible Budget 61 $ 20,740 8,385 1,952 2,812 549 291 13,989 Planning Budget 59 $ 20,060 8,215 1,888 2,748 531 289 13,671 300

Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($340.00g) Expenses: Wages and salaries ($3,200 + $85.00q) Fuel ($32.00g) Airport fees ($860+ $32.00g) Aircraft depreciation ($9.00g) Office expenses ($230+ $1.00q) Total expense Net operating income Actual Results 61 $ 16,400 8,355 2,118 2,677 549 459 14, 158 2 243 Flexible Budget 61 $ 20,740 8,385 1,952 2,812 549 291 13,989 Planning Budget 59 $ 20,060 8,215 1,888 2,748 531 289 13,671 300

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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