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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 ($345.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,600 $86.00g) Fuel ($32,00g) Airport fees ($540 $33.00g) Aircraft depreciation ($11.00g) office expenses ($230 $1.000) Total expense Net operating income Actual Results 53 $16,200 8,126 1,862 2,474 583 451 Flexible Planning Budget Budget 53 $ 18,285 8,158 1,696 2,589 583 283 13,496 13,309 $ 2,704 $ 4,976 51 $ 17,595 7,986 1,632 2,523 561 281 12,983 $4,612 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.

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 ($345.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,600 $86.00g) Fuel ($32,00g) Airport fees ($540 $33.00g) Aircraft depreciation ($11.00g) office expenses ($230 $1.000) Total expense Net operating income Actual Results 53 $16,200 8,126 1,862 2,474 583 451 Flexible Planning Budget Budget 53 $ 18,285 8,158 1,696 2,589 583 283 13,496 13,309 $ 2,704 $ 4,976 51 $ 17,595 7,986 1,632 2,523 561 281 12,983 $4,612 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.

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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25 Ces 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 ($345.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,600 $86.00g) Fuel ($32.00g) Airport fees (5840 $33.000) Aircraft depreciation ($11.00g) office expenses ($230+ $1.000) Total expense Net operating income Actual Results. 53 $ 16,200 8,126 1,862 2,474 583 451 13,496 $ 2,704 Flexible Budget 53 $ 18,285 8,158 1,696 2,589 583 283 13,309 $ 4,976 Planning Budget 51 $ 17,595 7,986 1,632 2,523 561 281 12,983 $4,612 The company measures its activity in terms of flights. Customers can buy Individual tickets for overflights or hire an entire plane for an i overflight at a discount.
Transcribed Image Text:25 Ces 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 ($345.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,600 $86.00g) Fuel ($32.00g) Airport fees (5840 $33.000) Aircraft depreciation ($11.00g) office expenses ($230+ $1.000) Total expense Net operating income Actual Results. 53 $ 16,200 8,126 1,862 2,474 583 451 13,496 $ 2,704 Flexible Budget 53 $ 18,285 8,158 1,696 2,589 583 283 13,309 $ 4,976 Planning Budget 51 $ 17,595 7,986 1,632 2,523 561 281 12,983 $4,612 The company measures its activity in terms of flights. Customers can buy Individual tickets for overflights or hire an entire plane for an i overflight at a discount.
Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending varlances 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.) Flights Revenue Expenses Wages and salaries. Fuel Auport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ S 53 16,200 8,126 1,862 2.474 563 451 13,400 2,704 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 S S Flexible Budget 53 18,285 8,158) 1,090 2.500 583 203 13,300 4,976 $ S Planning Budget 51 17,595 7,906 1,632 2.523 561 201 12,083 4,012
Transcribed Image Text:Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending varlances 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.) Flights Revenue Expenses Wages and salaries. Fuel Auport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ S 53 16,200 8,126 1,862 2.474 563 451 13,400 2,704 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 S S Flexible Budget 53 18,285 8,158) 1,090 2.500 583 203 13,300 4,976 $ S Planning Budget 51 17,595 7,906 1,632 2.523 561 201 12,083 4,012
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