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 ($350.000) Expenses: Wages and salaries ($3,700+ $89.009) Fuel ($32.00q) Airport feest ($800 +$32.00q) Aircraft depreciation ($11.00q) Office expenses ($240 + $1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 52 52 50 $ 16,400 $ 18,200 $ 17,500 8,290 8,328 8,150 1,830 1,664 1,600 2,339 2,464 2,400 572 572 550 460 13,491 292 290 13,320 12,990 $ 2,909 $ 4,880 $ 4,510 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at 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., zer variance). Input all amounts as positive values.
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 ($350.000) Expenses: Wages and salaries ($3,700+ $89.009) Fuel ($32.00q) Airport feest ($800 +$32.00q) Aircraft depreciation ($11.00q) Office expenses ($240 + $1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 52 52 50 $ 16,400 $ 18,200 $ 17,500 8,290 8,328 8,150 1,830 1,664 1,600 2,339 2,464 2,400 572 572 550 460 13,491 292 290 13,320 12,990 $ 2,909 $ 4,880 $ 4,510 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at 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., zer variance). Input all amounts as positive values.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 ($350.00g)
Expenses:
Wages and salaries ($3,700+ $89.004)
Fuel ($32.004)
Airport feest ($800 +$32.00q)
Aircraft depreciation ($11.00q)
Office expenses ($240 +$1.00q)
Total expenses
Net operating income
Actual
Results
Flexible
Budget
Planning
Budget
52
52
50
$ 16,400
$ 18,200
$ 17,500
8,290
8,328
8,150
1,830
1,664
1,600
2,339
2,464
2,400
572
572
550
460
13,491
292
13,320
290
12,990
$ 2,909
$ 4,880 $ 4,510
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
Flexible Budget Performance Report
For the Month Ended July 31
Revenue and Spending
Flights
Revenue
Expenses:
Wages and salaries
Actual Results
52
$
16,400
8,290
Variances
Flexible
Budget
Activity Variances
Planning
Budget
52
50
$
18,200
$
17,500
8,328
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