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 ($355.00q) Expenses: Wages and salaries ($3,100 + $87.00q) Fuel ($33.009) Airport fees ($820 + $32.00q) Aircraft depreciation ($9.00q) Office expenses ($220 + $1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 54 54 52 $ 16,200 $ 19,170 $ 18,460 7,764 7,798 7,624 1,946 1,782 1,716 2,428 2,548 2,484 486 486 468 442 274 272 13,066 12,888 12,564 $ 3,134 $ 6,282 $ 5,896 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 Flexible Budget Performance Report For the Month Ended July 31 Actual Results 54 $ 16,200 Flexible Budget Planning Budget 54 52 $ 19,170 $ 18,460 Revenue Expenses: Wages and salaries 7,764 7,798 7,624 Fuel 1,946 1,782 1,716 Airport fees 2,428 2,548 2,484 Aircraft depreciation 486 486 468 Office expenses 442 274 272 Total expenses 13,066 12,888 12,564 Net operating income $ 3,134 $ 6,282 $ 5,896
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 ($355.00q) Expenses: Wages and salaries ($3,100 + $87.00q) Fuel ($33.009) Airport fees ($820 + $32.00q) Aircraft depreciation ($9.00q) Office expenses ($220 + $1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 54 54 52 $ 16,200 $ 19,170 $ 18,460 7,764 7,798 7,624 1,946 1,782 1,716 2,428 2,548 2,484 486 486 468 442 274 272 13,066 12,888 12,564 $ 3,134 $ 6,282 $ 5,896 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 Flexible Budget Performance Report For the Month Ended July 31 Actual Results 54 $ 16,200 Flexible Budget Planning Budget 54 52 $ 19,170 $ 18,460 Revenue Expenses: Wages and salaries 7,764 7,798 7,624 Fuel 1,946 1,782 1,716 Airport fees 2,428 2,548 2,484 Aircraft depreciation 486 486 468 Office expenses 442 274 272 Total expenses 13,066 12,888 12,564 Net operating income $ 3,134 $ 6,282 $ 5,896
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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 ($355.00q)
Expenses:
Wages and salaries ($3,100 + $87.00q)
Fuel ($33.009)
Airport fees ($820 + $32.00q)
Aircraft depreciation ($9.00q)
Office expenses ($220 + $1.00q)
Total expenses
Net operating income
Actual
Results
Flexible
Budget
Planning
Budget
54
54
52
$ 16,200
$ 19,170
$ 18,460
7,764
7,798
7,624
1,946
1,782
1,716
2,428
2,548
2,484
486
486
468
442
274
272
13,066
12,888
12,564
$ 3,134
$ 6,282
$ 5,896
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
Flexible Budget Performance Report
For the Month Ended July 31
Actual
Results
54
$
16,200
Flexible
Budget
Planning
Budget
54
52
$
19,170
$
18,460
Revenue
Expenses:
Wages and salaries
7,764
7,798
7,624
Fuel
1,946
1,782
1,716
Airport fees
2,428
2,548
2,484
Aircraft depreciation
486
486
468
Office expenses
442
274
272
Total expenses
13,066
12,888
12,564
Net operating income
$
3,134
$
6,282
$
5,896
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