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 ($345.00g) Expenses: Wages and salaries ($3,700+ $87.00g) Fuel ($31.00g) Airport fees ($880 +$30.00g) Aircraft depreciation ($10.00g) office expenses ($200 + $1.00q) Total expense Net operating income. Actual Results Flexible Budget Planning Budget 60 60 58 $16,200 $ 20,700 $ 20,010 8,886 8,920 8,746 2,028 1,860 1,798 2,555 2,680 2,620 600 600 580 428 260 258 14,497 14,320 14,002 $ 1,703 $ 6,380 $ 6,008 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 (i.e., zero- variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report
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 ($345.00g) Expenses: Wages and salaries ($3,700+ $87.00g) Fuel ($31.00g) Airport fees ($880 +$30.00g) Aircraft depreciation ($10.00g) office expenses ($200 + $1.00q) Total expense Net operating income. Actual Results Flexible Budget Planning Budget 60 60 58 $16,200 $ 20,700 $ 20,010 8,886 8,920 8,746 2,028 1,860 1,798 2,555 2,680 2,620 600 600 580 428 260 258 14,497 14,320 14,002 $ 1,703 $ 6,380 $ 6,008 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 (i.e., zero- variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 (q)
Revenue ($345.00g)
Expenses:
Wages and salaries ($3,700+ $87.00g)
Fuel ($31.00g)
Airport fees ($880 +$30.00g)
Aircraft depreciation ($10.00g)
office expenses ($200 + $1.00q)
Total expense
Net operating income.
Actual
Results
Flexible
Budget
Planning
Budget
60
60
58
$16,200
$ 20,700
$ 20,010
8,886
8,920
8,746
2,028
1,860
1,798
2,555
2,680
2,620
600
600
580
428
260
258
14,497
14,320
14,002
$ 1,703
$ 6,380
$ 6,008
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 (i.e., zero-
variance). Input all amounts as positive values.)
Vulcan Flyovers
Flexible Budget Performance Report
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