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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 ($345.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,000+ 591.00g) Fuel ($33.00g) Airport fees (5820+ $31.004) Aircraft depreciation ($10.00g) Office expenses ($230+ $1.000) Total expense Net operating income Actual Results 58 $ 16,400 8,236 2,078 2,483 Flexible Budget 58 $ 20,010 8,278 1,914 2,618 580 288 Planning Budget 56 $ 19,320 8,096 1,848 2,556 580 456 13,833 13,678 13,346 $ 2,567 $ 6,332 $ 5,974 560 286 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an

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 ($345.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,000+ 591.00g) Fuel ($33.00g) Airport fees (5820+ $31.004) Aircraft depreciation ($10.00g) Office expenses ($230+ $1.000) Total expense Net operating income Actual Results 58 $ 16,400 8,236 2,078 2,483 Flexible Budget 58 $ 20,010 8,278 1,914 2,618 580 288 Planning Budget 56 $ 19,320 8,096 1,848 2,556 580 456 13,833 13,678 13,346 $ 2,567 $ 6,332 $ 5,974 560 286 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an

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 (g) Revenue ($345.00g) Expenses: Wages and salaries ($3,000 + 591.00g) Fuel ($33.00g) Airport fees (5820+ $31.00g) Aircraft depreciation ($10.00g) Office expenses ($230+ $1.00q) Total expense Net operating income Actual Results 58 $16,400 8,236 2,078 2,483 580 456 13,833 $ 2,567 Flexible Budget 58 $ 20,010 8,278 1,914 2,618 580 288 13,678 $ 6,332 Planning Budget 56 $19,320 8,096 1,848 2,556 560 286 13,346 $ 5,974 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. 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.
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 (g) Revenue ($345.00g) Expenses: Wages and salaries ($3,000 + 591.00g) Fuel ($33.00g) Airport fees (5820+ $31.00g) Aircraft depreciation ($10.00g) Office expenses ($230+ $1.00q) Total expense Net operating income Actual Results 58 $16,400 8,236 2,078 2,483 580 456 13,833 $ 2,567 Flexible Budget 58 $ 20,010 8,278 1,914 2,618 580 288 13,678 $ 6,332 Planning Budget 56 $19,320 8,096 1,848 2,556 560 286 13,346 $ 5,974 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. 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.
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. Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 58 16,400 8,236 2,078 2,483 580 456 13,833 2.567 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ $ Flexible Budget 58 20,010 8,278 1,914 2,618 580 288 13,678 6,332 Planning Budget $ $ 56 19,320 8,096 1,848 2,556 560 286 13,346 5,974
Transcribed Image Text: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. Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 58 16,400 8,236 2,078 2,483 580 456 13,833 2.567 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ $ Flexible Budget 58 20,010 8,278 1,914 2,618 580 288 13,678 6,332 Planning Budget $ $ 56 19,320 8,096 1,848 2,556 560 286 13,346 5,974
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