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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 (q) Revenue ($345.00q) Expenses: Wages and salaries ($3,400 + $89.00q) Fuel ($31.00g) Airport fees ($880 + $31.00q) Aircraft depreciation ($10.00q) Office expenses ($220+ $1.00q) Total expense Net operating income Flights Revenue Expenses: Wages and salaries Fuel Vulcan Flyovers Operating Data For the Month Ended July 31 Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 57 16,500 Actual Results 8,435 1,935 2,507 570 445 57 $ 16,500 13,892 2,608 8,435 1,935 2,507 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. 570 445 13,892 $ 2,608 Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. Note: 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. Flexible Budget 57 $ 19,665 $ 8,473 1,767 2,647 $ 570 277 13,734 $5,931 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 57 19,665 8,473 1,767 2,647 Planning Budget 570 277 55 $ 18,975 13,734 5,931 8,295 1,705 2,585 550 275 13,410 $ 5,565 $ Planning Budget $ 55 18,975 8,295 1,705 2,585 550 275 13,410 5,565

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 (q) Revenue ($345.00q) Expenses: Wages and salaries ($3,400 + $89.00q) Fuel ($31.00g) Airport fees ($880 + $31.00q) Aircraft depreciation ($10.00q) Office expenses ($220+ $1.00q) Total expense Net operating income Flights Revenue Expenses: Wages and salaries Fuel Vulcan Flyovers Operating Data For the Month Ended July 31 Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 57 16,500 Actual Results 8,435 1,935 2,507 570 445 57 $ 16,500 13,892 2,608 8,435 1,935 2,507 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. 570 445 13,892 $ 2,608 Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. Note: 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. Flexible Budget 57 $ 19,665 $ 8,473 1,767 2,647 $ 570 277 13,734 $5,931 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 57 19,665 8,473 1,767 2,647 Planning Budget 570 277 55 $ 18,975 13,734 5,931 8,295 1,705 2,585 550 275 13,410 $ 5,565 $ Planning Budget $ 55 18,975 8,295 1,705 2,585 550 275 13,410 5,565

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 (q) Revenue ($345.00q) Expenses: Wages and salaries ($3,400 + $89.00q) Fuel ($31.00q) Airport fees ($880 + $31.00q) Aircraft depreciation ($10.00q) Office expenses ($220+ $1.00q) Total expense Net operating income Flights Revenue Expenses: Wages and salaries Fuel Vulcan Flyovers Operating Data For the Month Ended July 31 Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 57 16,500 Actual Results 8,435 1,935 2,507 570 57 $ 16,500 445 13,892 2,608 8,435 1,935 2,507 570 445 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. 13,892 $ 2,608 Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. Note: 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. Flexible Budget 57 $ 19,665 $ 8,473 1,767 2,647 570 277 $ 13,734 $5,931 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 57 19,665 Planning Budget 8,473 1,767 2,647 570 277 55 $ 18,975 13,734 5,931 8,295 1,705 2,585 550 275 13,410 $ 5,565 Planning Budget $ $ 55 18,975 8,295 1,705 2,585 550 275 13,410 5,565
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 (q) Revenue ($345.00q) Expenses: Wages and salaries ($3,400 + $89.00q) Fuel ($31.00q) Airport fees ($880 + $31.00q) Aircraft depreciation ($10.00q) Office expenses ($220+ $1.00q) Total expense Net operating income Flights Revenue Expenses: Wages and salaries Fuel Vulcan Flyovers Operating Data For the Month Ended July 31 Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 57 16,500 Actual Results 8,435 1,935 2,507 570 57 $ 16,500 445 13,892 2,608 8,435 1,935 2,507 570 445 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. 13,892 $ 2,608 Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. Note: 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. Flexible Budget 57 $ 19,665 $ 8,473 1,767 2,647 570 277 $ 13,734 $5,931 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 57 19,665 Planning Budget 8,473 1,767 2,647 570 277 55 $ 18,975 13,734 5,931 8,295 1,705 2,585 550 275 13,410 $ 5,565 Planning Budget $ $ 55 18,975 8,295 1,705 2,585 550 275 13,410 5,565
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