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 ($3,600 + $87.00q) Fuel ($34.004) Airport fees ($800+ $32.00g) Aircraft depreciation ($9.00q) Office expenses ($240 + $1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 54 54 52 $ 16,300 $ 19,170 $ 18,460 8,264 8,298 8,124 1,998 1,836 1,768 2,378 2,528 2,464 486 486 468 462 13,588 294 292 13,442 13,116 $ 2,712 $ 5,728 $ 5,344 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 (l.e., zero variance). Input all amounts as positive values. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Results Flights Revenue 54 $ 16.300 Expenses Flexible Budget Planning Budget 54 52 $ 19.170 18,460
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 ($3,600 + $87.00q) Fuel ($34.004) Airport fees ($800+ $32.00g) Aircraft depreciation ($9.00q) Office expenses ($240 + $1.00q) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 54 54 52 $ 16,300 $ 19,170 $ 18,460 8,264 8,298 8,124 1,998 1,836 1,768 2,378 2,528 2,464 486 486 468 462 13,588 294 292 13,442 13,116 $ 2,712 $ 5,728 $ 5,344 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 (l.e., zero variance). Input all amounts as positive values. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Results Flights Revenue 54 $ 16.300 Expenses Flexible Budget Planning Budget 54 52 $ 19.170 18,460
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
None
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 ($3,600 + $87.00q)
Fuel ($34.004)
Airport fees ($800+ $32.00g)
Aircraft depreciation ($9.00q)
Office expenses ($240 + $1.00q)
Total expenses
Net operating income
Actual
Results
Flexible
Budget
Planning
Budget
54
54
52
$ 16,300
$ 19,170
$ 18,460
8,264
8,298
8,124
1,998
1,836
1,768
2,378
2,528
2,464
486
486
468
462
13,588
294
292
13,442
13,116
$ 2,712
$ 5,728
$ 5,344
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 (l.e., zero
variance). Input all amounts as positive values.
Vulcan Flyovers
Flexible Budget Performance Report
For the Month Ended July 31
Actual
Results
Flights
Revenue
54
$ 16.300
Expenses
Flexible
Budget
Planning
Budget
54
52
$
19.170
18,460
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education