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 ($3,500 + $86.00q) Fuel ($34.00q) Airport fees ($860+ $33.00q) Aircraft depreciation ($9.00q) Office expenses ($250+ $1.00q) Total expenses Net operating income Actual Results 57 $ 16,400 8,370 2,100 2,616 513 475 Flexible Planning. Budget Budget 55 $ 19,250 57 $ 19,950 8,402 1,938 2,741 513 307 8,230 1,870 2,675 495 305 14,074 13,901 13,575 $ 2,326 $ 6,049 $ 5,675 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 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 ($3,500 + $86.00q) Fuel ($34.00q) Airport fees ($860+ $33.00q) Aircraft depreciation ($9.00q) Office expenses ($250+ $1.00q) Total expenses Net operating income Actual Results 57 $ 16,400 8,370 2,100 2,616 513 475 Flexible Planning. Budget Budget 55 $ 19,250 57 $ 19,950 8,402 1,938 2,741 513 307 8,230 1,870 2,675 495 305 14,074 13,901 13,575 $ 2,326 $ 6,049 $ 5,675 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rahul
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 ($350.00q)
Expenses:
Wages and salaries ($3,500 + $86.00q)
Fuel ($34.00g)
Airport fees ($860 + $33.00q)
Aircraft depreciation ($9.00q)
Office expenses ($250 + $1.00q)
Total expenses
Net operating income
Actual
Results
57
$ 16,400
8,370
2,100
2,616
513
475
Flexible Planning
Budget Budget
55
$ 19,250
57
$ 19,950
8,402
1,938
2,741
513
307
8,230
1,870
2,675
495
305
14,074
13,901
13,575
$ 2,326 $ 6,049 $ 5,675
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.
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