Vulcan 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:Vulcan FlyoversOperating DataFor the Month Ended July 31ActualResultsFlexibleBudgetPlanningBudgetFlights (q)Revenue ($320.00q)Expenses:Wages and salaries ($4,000+ $82.009)Fuel ($23.00q)Airport fees ($650 + $38.009)Aircraft depreciation ($7.009)Office expenses ($190 + $2.00q)Total expenseNet operating income484850$ 13,650$ 15,360$ 16,0008,4307,9368,1001,2601,1041,1502,3502,4742,55033633635046028629012,83612,13612,440$ 814$ 3,224$ 3,560The 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.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., zerovariance). Input all amounts as positive values.Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31FlightsRevenueExpenses:ActualResults48$ 13,650FlexibleBudgetPlanningBudget4850$15,360$16,000Wages and salaries8,430Fuel1,2607,9361,1048,1001,150Airport fees2,3502,4742,550Aircraft depreciation336336350Office expenses460286290Total expense12,83612,13612,440Net operating income$814$3,224$3,560

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Description: Vulcan 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:Vulcan FlyoversOperating DataFor the Month Ended July 31A

A flexible budget is a budgeting tool that adjusts to changes in activity levels or other variables…

Business

Accounting

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 (q) Revenue ($320.00g) Expenses: Wages and salaries ($4,000+ $82.00) Fuel ($23.00q) Airport fees ($650 +$38.009) Aircraft depreciation ($7.00) Office expenses ($190 +$2.00) Total expense Net operating income Actual Results Flexible Budget Planning Budget 48 48 50 $ 13,650 $15,360 $16,000 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 336 350 460 286 12,836 12,136 290 12,440 $814 $ 3,224 $ 3,560

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 (q) Revenue ($320.00g) Expenses: Wages and salaries ($4,000+ $82.00) Fuel ($23.00q) Airport fees ($650 +$38.009) Aircraft depreciation ($7.00) Office expenses ($190 +$2.00) Total expense Net operating income Actual Results Flexible Budget Planning Budget 48 48 50 $ 13,650 $15,360 $16,000 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 336 350 460 286 12,836 12,136 290 12,440 $814 $ 3,224 $ 3,560

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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