Vulcan Flyovers offers scenic overflights of Mount Saint Helens. 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 ($3,200 + $87.00q) Fuel ($33.009) Airport fees ($850 +$30.009) Aircraft depreciation ($10.00q) Office expenses ($240 + $1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 55 55 53 $ 16,400 $ 18,975 $ 18,285 7,951 7,985 7,811 1,979 1,815 1,749 2,355 2,500 2,440 550 550 530 463 295 293 13,298 13,145 12,823 $ 3,102 $ 5,830 $ 5,462 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. 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. Vulcan Flyovers Flights Revenue Actual Results 55 $ 16.400 Flexible Budget Performance Report For the Month Ended July 31 EA $ Flexible Budget Planning Budget 55 53 18,975 $ 18,285 Expenses Wages and salaries 7,951 7.985 7.811 Fuel 1,979 1.815 1.749 Airport fees 2,355 2,500 2.440 Aircraft depreciation 550 550 530 Office expenses 463 295 293 Total expenses 13,298 13.145 12.323 Net operating income $ 3.102 5,830 $ 5.462
Vulcan Flyovers offers scenic overflights of Mount Saint Helens. 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 ($3,200 + $87.00q) Fuel ($33.009) Airport fees ($850 +$30.009) Aircraft depreciation ($10.00q) Office expenses ($240 + $1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 55 55 53 $ 16,400 $ 18,975 $ 18,285 7,951 7,985 7,811 1,979 1,815 1,749 2,355 2,500 2,440 550 550 530 463 295 293 13,298 13,145 12,823 $ 3,102 $ 5,830 $ 5,462 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. 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. Vulcan Flyovers Flights Revenue Actual Results 55 $ 16.400 Flexible Budget Performance Report For the Month Ended July 31 EA $ Flexible Budget Planning Budget 55 53 18,975 $ 18,285 Expenses Wages and salaries 7,951 7.985 7.811 Fuel 1,979 1.815 1.749 Airport fees 2,355 2,500 2.440 Aircraft depreciation 550 550 530 Office expenses 463 295 293 Total expenses 13,298 13.145 12.323 Net operating income $ 3.102 5,830 $ 5.462
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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Transcribed Image Text:Vulcan Flyovers offers scenic overflights of Mount Saint Helens. 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 ($3,200 + $87.00q)
Fuel ($33.009)
Airport fees ($850 +$30.009)
Aircraft depreciation ($10.00q)
Office expenses ($240 + $1.009)
Total expenses
Net operating income
Actual
Results
Flexible
Budget
Planning
Budget
55
55
53
$ 16,400
$ 18,975
$ 18,285
7,951
7,985
7,811
1,979
1,815
1,749
2,355
2,500
2,440
550
550
530
463
295
293
13,298
13,145
12,823
$ 3,102
$ 5,830
$ 5,462
The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a
discount.
Required:
1. Prepare a flexible budget performance report for July.
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.
Vulcan Flyovers
Flights
Revenue
Actual Results
55
$
16.400
Flexible Budget Performance Report
For the Month Ended July 31
EA
$
Flexible
Budget
Planning
Budget
55
53
18,975
$
18,285
Expenses
Wages and salaries
7,951
7.985
7.811
Fuel
1,979
1.815
1.749
Airport fees
2,355
2,500
2.440
Aircraft depreciation
550
550
530
Office expenses
463
295
293
Total expenses
13,298
13.145
12.323
Net operating income
$
3.102
5,830
$
5.462
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