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 ($350.00q) Expenses: Wages and salaries ($3,700 + $89.00q) Fuel ($30.00g) Airport fees ($890 + $30.00g) Aircraft depreciation ($10.00q) Office expenses ($250 + $1.00g) Total expenses Net operating income Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expenses Net operating income Actual Results $ Actual Results 55 16,100 55 $ 16,100 8,557 1,820 2,435 550 473 13,835 2,265 8,557 1,820 2,435 550 473 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. Flexible Planning Budget Budget 53 $ 18,550 55 $ 19,250 13,835 13,640 $ 2,265 $ 5,610 ▶ 8,595 1,650 2,540 S Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ 550 305 Flexible Budget 55 19,250 8,417 1,590 2,480 530 303 8,595 1,650 2,540 550 305 13,320 $ 5,230 13,640 5,610 Planning Budget 53 $ 18,550 $ 8,417 1,590 2,480 530 303 13,320 5,230
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 ($350.00q) Expenses: Wages and salaries ($3,700 + $89.00q) Fuel ($30.00g) Airport fees ($890 + $30.00g) Aircraft depreciation ($10.00q) Office expenses ($250 + $1.00g) Total expenses Net operating income Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expenses Net operating income Actual Results $ Actual Results 55 16,100 55 $ 16,100 8,557 1,820 2,435 550 473 13,835 2,265 8,557 1,820 2,435 550 473 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. Flexible Planning Budget Budget 53 $ 18,550 55 $ 19,250 13,835 13,640 $ 2,265 $ 5,610 ▶ 8,595 1,650 2,540 S Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ 550 305 Flexible Budget 55 19,250 8,417 1,590 2,480 530 303 8,595 1,650 2,540 550 305 13,320 $ 5,230 13,640 5,610 Planning Budget 53 $ 18,550 $ 8,417 1,590 2,480 530 303 13,320 5,230
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A-5
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 ($350.00g)
Expenses:
Wages and salaries ($3,700 + $89.009)
Fuel ($30.00g)
Airport fees ($890+ $30.009)
Aircraft depreciation ($10.009)
Office expenses ($250+ $1.00q)
Total expenses
Net operating income
Flights
Revenue
Expenses:
Wages and salaries
Fuel
Airport fees
Aircraft depreciation
Office expenses
Total expenses
Net operating income
Actual Results
$
$
55
16,100
Actual
Results
The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a
discount.
8,557
1,820
55
$ 16,100
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.
2,435
550
473
13,835
2,265
Flexible Planning
Budget
Budget
$19,250
8,557
1,820
2,435
550
473
13,640
13,835
$2,265 $ 5,610
8,595
1,650
2,540
S
55
$
550
305
Vulcan Flyovers
Flexible Budget Performance Report
For the Month Ended July 31
Flexible
Budget
55
53
$ 18,550
19,250
8,417
1,590
2,480
8,595
1,650
2,540
550
305
13,640
5,610
530
303
13,320
$ 5,230
$
$
Planning
Budget
53
18,550
8,417
1,590
2,480
530
303
13,320
5,230
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