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 ($355.00g). Expenses: Wages and salaries (53,100 $86.00g) Fuel ($30.00g) Airport fees (5840 534.00g) Aircraft depreciation ($10.00g) Office expenses ($200 $1.00q) Total expense Net operating income Actual Results 60 $ 16,000 8,228 1,970 2,765 600 428 Flexible Planning Budget Budget 60 $21,300 8,260 1,800 2,880 600 260 13,991 13,800 $ 2,009 $ 7,500 58 $20,590 8,088 1,740 2,812 580 258 13,478 $ 7,112 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 po offer

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 ($355.00g). Expenses: Wages and salaries (53,100 $86.00g) Fuel ($30.00g) Airport fees (5840 534.00g) Aircraft depreciation ($10.00g) Office expenses ($200 $1.00q) Total expense Net operating income Actual Results 60 $ 16,000 8,228 1,970 2,765 600 428 Flexible Planning Budget Budget 60 $21,300 8,260 1,800 2,880 600 260 13,991 13,800 $ 2,009 $ 7,500 58 $20,590 8,088 1,740 2,812 580 258 13,478 $ 7,112 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 po offer

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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Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $16,880 of materials on account. Issued $16,900 in direct materials to the production department. Issued $1,310 of supplies from the materials inventory. Paid for the materials purchased in transaction (1) using cash. Returned $2,160 of the materials issued to production in (2) to the materials inventory. Direct labor employees earned $31,100, which was paid in cash. Purchased miscellaneous items for the manufacturing plant for $17,290 on account. Recognized depreciation on manufacturing plant of $36,600. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,600. Estimated overhead for the year was $430,254. The following balances appeared in the inventory…
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Specter Company, a small manufacturer, has submitted the items below concerning last year'soperations. The president's secretary, trying to be helpful, has alphabetized the list.Administrative salaries $2,400Advertising expense 1,200Depreciation—factory building 800Depreciation—factory equipment 1,600Depreciation—office equipment 180Direct labour cost 21,900Raw materials inventory, beginning 2,100Raw materials inventory, ending 3,200Finished goods inventory, beginning 46,980Finished goods inventory, ending 44,410General liability insurance expense 240Indirect labour cost 11,800Insurance on factory 1,400Purchases of raw materials 14,600Repairs and maintenance of factory 900Sales salaries 2,000Taxes on factory 450Travel and entertainment expense 1,410Work in process inventory, beginning 1,670Work in process inventory, ending 1,110Required:a. Prepare a schedule of Cost of Goods Manufactured in good form for the year. UseDecember and current year for time period. b. Determine the Cost of…
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Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $119,000 of materials on account. Issued $117,600 in direct materials to the production department. Issued $8,400 of supplies from the materials inventory. Paid for the materials purchased in transaction (1) using cash. Returned $15,400 of the materials issued to production in (2) to the materials inventory. Direct labor employees earned $217,000, which was paid in cash. Purchased miscellaneous items for the manufacturing plant for $120,400 on account. Recognized depreciation on manufacturing plant of $245,000. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $3,000,000. Estimated overhead for the year was $2,790,000. The following balances appeared in the…
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[The following information applies to the questions displayed below.]Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520 Time tickets show the following labor used for the month. Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 33,700 Rent on factory building (payable)…
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Which of the following statements related to job cost sheets is FALSE? a. Job cost sheets normally do not include the selling price of the job completed. O b. None of the given answers is FALSE. O c. Individual job cost sheets are used by companies which produce shoes. O d. Applied manufacturing overhead costs are included in job cost sheets. O e. Ajob cost sheet does not include selling and administrative costs. US PAGE NEXT PAGE MAR 18 étv 66 MacBook Air
Aelan Products Company, a small manufacturer, has submitted the items below concerning last year's operations. The president's secretary, trying to be helpful, has alphabetized the list. Administrative salaries $4,800 Advertising expense 2,400 Depreciation—factory building 1,600 Depreciation—factory equipment 3,200 Depreciation—office equipment 360 Direct labour cost 43,800 Raw materials inventory, beginning 4,200 Raw materials inventory, ending 6,400 Finished goods inventory, beginning 93,960 Finished goods inventory, ending 88,820 General liability insurance expense 480 Indirect labour cost 23,600 Insurance on factory 2,800 Purchases of raw materials 29,200 Repairs and maintenance of factory 1,800 Sales salaries 4,000 Taxes on factory 900 Travel and entertainment expense 2,820 Work in process inventory, beginning 3,340 Work in process inventory, ending 2,220…
please provide narrations also along with full work step by step Delta Air Lines owns hundreds of aircraft, with about 60 percent of its fleet consisting of Boeing aircraft, while Airbus aircraft make up about 40 percent. It sold seven used Boeing 767-300 jets to Amazon.com as Amazon plans to expand its growing Amazon Air cargo service. The average age of the jets is about 20 years old. Assume the records of the company reflected the following for the jets that were sold: Aircraft cost Accumulated depreciation Required: 1. Prepare the journal entry for the disposal of the airplanes, assuming that the airplanes sold for: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. $15,700,000 cash $16,300,000 cash $14,600,000 cash Journal entry worksheet