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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: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($345.00q) Expenses: Wages and salaries ($3,200 + $92.009) Fuel ($30.009) Airport fees ($830 + $34.009) Aircraft depreciation ($10.009) Office expenses ($250 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,100 $ 19,320 $ 18,630 8,308 8,352 8,168 1,850 1,680 1,620 2,619 2,734 2,666 560 560 540 474 306 304 13,811 13,632 13,298 $ 2,289 $ 5,688 $ 5,332 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 (l.e., zero varlance). Input all amounts as positive values.) Flights Revenue Actual Results 56 $ 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 56 54 $ 19,320 $ 18,630 Expenses: Wages and salaries 8,308 8,352 8,168 Fuel 1,850 1,680 1,620 Airport fees 2,619 2,734 2,666 Aircraft depreciation 560 560 540 Office expenses 474 306 304 Total expense 13,811 13,632 13,298 Net operating income $ 2,289 $ 5,688 $ 5,332

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 Flights (9) Revenue ($345.00q) Expenses: Wages and salaries ($3,200 + $92.009) Fuel ($30.009) Airport fees ($830 + $34.009) Aircraft depreciation ($10.009) Office expenses ($250 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,100 $ 19,320 $ 18,630 8,308 8,352 8,168 1,850 1,680 1,620 2,619 2,734 2,666 560 560 540 474 306 304 13,811 13,632 13,298 $ 2,289 $ 5,688 $ 5,332 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 (l.e., zero varlance). Input all amounts as positive values.) Flights Revenue Actual Results 56 $ 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 56 54 $ 19,320 $ 18,630 Expenses: Wages and salaries 8,308 8,352 8,168 Fuel 1,850 1,680 1,620 Airport fees 2,619 2,734 2,666 Aircraft depreciation 560 560 540 Office expenses 474 306 304 Total expense 13,811 13,632 13,298 Net operating income $ 2,289 $ 5,688 $ 5,332

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: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($345.00q) Expenses: Wages and salaries ($3,200 + $92.009) Fuel ($30.009) Airport fees ($830 + $34.009) Aircraft depreciation ($10.009) Office expenses ($250 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,100 $ 19,320 $ 18,630 8,308 8,352 8,168 1,850 1,680 1,620 2,619 2,734 2,666 560 560 540 474 306 304 13,811 13,632 13,298 $ 2,289 $ 5,688 $ 5,332 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 (l.e., zero varlance). Input all amounts as positive values.) Flights Revenue Actual Results 56 $ 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 56 54 $ 19,320 $ 18,630 Expenses: Wages and salaries 8,308 8,352 8,168 Fuel 1,850 1,680 1,620 Airport fees 2,619 2,734 2,666 Aircraft depreciation 560 560 540 Office expenses 474 306 304 Total expense 13,811 13,632 13,298 Net operating income $ 2,289 $ 5,688 $ 5,332
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 Flights (9) Revenue ($345.00q) Expenses: Wages and salaries ($3,200 + $92.009) Fuel ($30.009) Airport fees ($830 + $34.009) Aircraft depreciation ($10.009) Office expenses ($250 + $1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,100 $ 19,320 $ 18,630 8,308 8,352 8,168 1,850 1,680 1,620 2,619 2,734 2,666 560 560 540 474 306 304 13,811 13,632 13,298 $ 2,289 $ 5,688 $ 5,332 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 (l.e., zero varlance). Input all amounts as positive values.) Flights Revenue Actual Results 56 $ 16,100 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 56 54 $ 19,320 $ 18,630 Expenses: Wages and salaries 8,308 8,352 8,168 Fuel 1,850 1,680 1,620 Airport fees 2,619 2,734 2,666 Aircraft depreciation 560 560 540 Office expenses 474 306 304 Total expense 13,811 13,632 13,298 Net operating income $ 2,289 $ 5,688 $ 5,332
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