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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 Flights (9) Revenue ($350.000) Expenses Valcan Flyovers Operating Data For the Month Ended July 31 Nages and salaries ($3,600 $58.000) Fuel ($32.00g) Airport fees (5090 $35.00g) Aircraft depreciation ($9.00g) office expenses ($210+ $1.000) Total expense Net operating income Actual Results 58 $ 16,500 3,660 2,022 2,000 522 436 14,440 $ 2,052 Flexible Budget 58 $ 20,300 8,704 1,856 2,920 522 268 14,270 $6,030 Planering Budget 56 $ 19,600 8,528 1,792 2,850 504 266 13,940 $5,660 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.) 12

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 Flights (9) Revenue ($350.000) Expenses Valcan Flyovers Operating Data For the Month Ended July 31 Nages and salaries ($3,600 $58.000) Fuel ($32.00g) Airport fees (5090 $35.00g) Aircraft depreciation ($9.00g) office expenses ($210+ $1.000) Total expense Net operating income Actual Results 58 $ 16,500 3,660 2,022 2,000 522 436 14,440 $ 2,052 Flexible Budget 58 $ 20,300 8,704 1,856 2,920 522 268 14,270 $6,030 Planering Budget 56 $ 19,600 8,528 1,792 2,850 504 266 13,940 $5,660 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.) 12

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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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 Flights (9) Revenue ($350.000) Valcan Flyovers Operating Data For the Month Ended July 31 Expenses Nages and salaries ($3,600 $58.000) Fuel ($32.00g) Airport fees ($090+ $35.00g) Aircraft depreciation ($9.00g) office expenses ($210+ $1.000) Total expense Net operating income Actual Results 58 $ 16,500 Flexible Planning Budget Budget 8,660 2,022 2,000 522 436 58 $ 20,300 8,704 1,856) 2,920 522 268 14,440 14,270 $ 2,052 $6,030 56 $ 19,600 8,528 1,792 2,850 504 266 13,940 $5,660 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.) 12
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 Flights (9) Revenue ($350.000) Valcan Flyovers Operating Data For the Month Ended July 31 Expenses Nages and salaries ($3,600 $58.000) Fuel ($32.00g) Airport fees ($090+ $35.00g) Aircraft depreciation ($9.00g) office expenses ($210+ $1.000) Total expense Net operating income Actual Results 58 $ 16,500 Flexible Planning Budget Budget 8,660 2,022 2,000 522 436 58 $ 20,300 8,704 1,856) 2,920 522 268 14,440 14,270 $ 2,052 $6,030 56 $ 19,600 8,528 1,792 2,850 504 266 13,940 $5,660 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.) 12
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 Flights (9) Revenue ($350.000) Valcan Flyovers Operating Data For the Month Ended July 31 Expenses Nages and salaries ($3,600 $58.000) Fuel ($32.00g) Airport fees ($090+ $35.00g) Aircraft depreciation ($9.00g) office expenses ($210+ $1.000) Total expense Net operating income Actual Results 58 $ 16,500 Flexible Planning Budget Budget 8,660 2,022 2,000 522 436 58 $ 20,300 8,704 1,856) 2,920 522 268 14,440 14,270 $ 2,052 $6,030 56 $ 19,600 8,528 1,792 2,850 504 266 13,940 $5,660 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.) 12
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 Flights (9) Revenue ($350.000) Valcan Flyovers Operating Data For the Month Ended July 31 Expenses Nages and salaries ($3,600 $58.000) Fuel ($32.00g) Airport fees ($090+ $35.00g) Aircraft depreciation ($9.00g) office expenses ($210+ $1.000) Total expense Net operating income Actual Results 58 $ 16,500 Flexible Planning Budget Budget 8,660 2,022 2,000 522 436 58 $ 20,300 8,704 1,856) 2,920 522 268 14,440 14,270 $ 2,052 $6,030 56 $ 19,600 8,528 1,792 2,850 504 266 13,940 $5,660 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.) 12
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