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 ($320.00g) Expenses: Wages and salaries ($4,000+ $82.00g) Fuel ($23.00g) Airport fees ($650 + $38.00q) Aircraft depreciation ($7.00q) Office expenses ($190+ $2.00g) Total expenses Net operating income Flights Revenue Expenses: Wages and salaries Fuel Aimont fees Actual Results $ Actual Results 48 13,650 48 $ 13,650 8,430 1,260 2350 8,430 1,260 2,350 336 460 12,836 $814 Flexible Budget The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at discount. 48 $ 15,360 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., zer variance). Input all amounts as positive values. 7,936 1,104 2,474 336 286 12,136 $ 3,224 $ Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 48 15,360 50 $ 16,000 7,936 1,104 2474 8,100 1,150 2,550 350 290 12,440 $ 3,560 Planning Budget $ 50 16,000 8,100 1,150 2550
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 ($320.00g) Expenses: Wages and salaries ($4,000+ $82.00g) Fuel ($23.00g) Airport fees ($650 + $38.00q) Aircraft depreciation ($7.00q) Office expenses ($190+ $2.00g) Total expenses Net operating income Flights Revenue Expenses: Wages and salaries Fuel Aimont fees Actual Results $ Actual Results 48 13,650 48 $ 13,650 8,430 1,260 2350 8,430 1,260 2,350 336 460 12,836 $814 Flexible Budget The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at discount. 48 $ 15,360 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., zer variance). Input all amounts as positive values. 7,936 1,104 2,474 336 286 12,136 $ 3,224 $ Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 48 15,360 50 $ 16,000 7,936 1,104 2474 8,100 1,150 2,550 350 290 12,440 $ 3,560 Planning Budget $ 50 16,000 8,100 1,150 2550
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vinubhai
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 ($320.00g)
Expenses:
Wages and salaries ($4,000+ $82.00g)
Fuel ($23.00g)
Airport fees ($650 + $38.00q)
Aircraft depreciation ($7.00q)
Office expenses ($190 + $2.00g)
Total expenses
Net operating income
Flights
Revenue
Expenses:
Wages and salaries
Fuel
Aimont fees
Actual
Results
$
Actual
Results
48
13,650
48
$ 13,650
8,430
1,260
2350
8,430
1,260
2,350
336
460
12,836
$814
Flexible
Budget
The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a
discount.
48
$ 15,360
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.
7,936
1,104
2,474
336
286
12,136
$ 3,224
$
Vulcan Flyovers
Flexible Budget Performance Report
For the Month Ended July 31
Flexible
Budget
Planning
Budget
48
15,360
50
$ 16,000
7,936
1,104
2474
8,100
1,150
2,550
350
290
12,440
$ 3,560
Planning
Budget
$
50
16,000
8,100
1,150
2550
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