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 ($3,000+ $88.00q) Fuel ($31.00q) Airport fees ($840 + $34.009) Aircraft depreciation ($8.00q) Office expenses ($220 + $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 $ $ Actual Results 57 16,000 57 $ 16,000 7,980 1,935 2,633 456 445 13,449 2,551 7,980 1,935 2,633 456 445 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 Budget 57 $ 19,665 13,449 13,294 $ 2,551 $ 6,371 8,016 1,767 2,778 456 277 $ $ Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 57 19,665 Planning Budget 8,016 1,767 55 $ 18,975 2,778 456 277 13,294 6,371 7,840 1,705 2,710 440 275 12,970 $ 6,005 Planning Budget $ $ 55 18,975 7,840 1,705 2,710 440 275 12,970 6,005
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 ($3,000+ $88.00q) Fuel ($31.00q) Airport fees ($840 + $34.009) Aircraft depreciation ($8.00q) Office expenses ($220 + $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 $ $ Actual Results 57 16,000 57 $ 16,000 7,980 1,935 2,633 456 445 13,449 2,551 7,980 1,935 2,633 456 445 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 Budget 57 $ 19,665 13,449 13,294 $ 2,551 $ 6,371 8,016 1,767 2,778 456 277 $ $ Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget 57 19,665 Planning Budget 8,016 1,767 55 $ 18,975 2,778 456 277 13,294 6,371 7,840 1,705 2,710 440 275 12,970 $ 6,005 Planning Budget $ $ 55 18,975 7,840 1,705 2,710 440 275 12,970 6,005
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vipul b
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 ($3,000+ $88.00g)
Fuel ($31.00q)
Airport fees ($840 + $34.009)
Aircraft depreciation ($8.00g)
Office expenses ($220 + $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
57
16,000
57
$ 16,000
7,980
1,935
2,633
456
445
13,449
2,551
7,980
1,935
2,633
456
445
13,449
$ 2,551
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
Budget
57
$ 19,665
▶
8,016
1,767
2,778
$
456
277
13,294
$ 6,371
Vulcan Flyovers
Flexible Budget Performance Report
For the Month Ended July 31
Flexible
Budget
Planning
Budget
57
19,665
55
$ 18,975
8,016
1,767
2,778
456
277
13,294
6,371
7,840
1,705
2,710
440
275
12,970
$ 6,005
$
$
Planning
Budget
55
18,975
7,840
1,705
2,710
440
275
12,970
6,005
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