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Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($345.009) Expenses: Wages and salaries ($3,700 + $89.009) Fuel ($34.009) Airport fees ($840 + $33.009) Aircraft depreciation ($9.009) Office expenses ($210+ $1.009) Total expense Net operating income. Actual Flexible Planning Results. Budget 56 Budget 54 56 $ 16,500 $19,320 $ 18,630 8,646 8,684 8,506 2,066 1,904 1,836 2,538 2,688 2,622 486 264 504 434 504 266 14,188 14,046 13,714 $ 2,312 $ 5,274 $ 4,916 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount.

Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($345.009) Expenses: Wages and salaries ($3,700 + $89.009) Fuel ($34.009) Airport fees ($840 + $33.009) Aircraft depreciation ($9.009) Office expenses ($210+ $1.009) Total expense Net operating income. Actual Flexible Planning Results. Budget 56 Budget 54 56 $ 16,500 $19,320 $ 18,630 8,646 8,684 8,506 2,066 1,904 1,836 2,538 2,688 2,622 486 264 504 434 504 266 14,188 14,046 13,714 $ 2,312 $ 5,274 $ 4,916 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($345.00g) Expenses: Wages and salaries ($3,700 + $89.009) Fuel ($34.009) Airport fees ($840 + $33.009) Aircraft depreciation ($9.009) Office expenses ($210+ $1.009) Total expense Net operating income Actual Results 56 Flexible Planning Budget 56 Budget 54 $ 16,500 $ 19,320 $ 18,630 8,646 8,684 2,066 1,904 2,538 2,688 504 266 8,506 1,836 2,622 486 264 504 434 14, 188 14,046 13,714 $ 2,312 $ 5,274 $ 4,916 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (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.)
Transcribed Image Text:Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (9) Revenue ($345.00g) Expenses: Wages and salaries ($3,700 + $89.009) Fuel ($34.009) Airport fees ($840 + $33.009) Aircraft depreciation ($9.009) Office expenses ($210+ $1.009) Total expense Net operating income Actual Results 56 Flexible Planning Budget 56 Budget 54 $ 16,500 $ 19,320 $ 18,630 8,646 8,684 2,066 1,904 2,538 2,688 504 266 8,506 1,836 2,622 486 264 504 434 14, 188 14,046 13,714 $ 2,312 $ 5,274 $ 4,916 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (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.)
Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 56 16,500 8,646 2,066 2,538 504 434 14,188 2,312 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ $ Flexible Budget 56 19,320 8,684 1,904 2,688 504 266 14,046 5,274 Planning Budget $ 54 18,630 8,506 1,836 2,622 486 264 13,714 4,916
Transcribed Image Text:Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 56 16,500 8,646 2,066 2,538 504 434 14,188 2,312 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ $ Flexible Budget 56 19,320 8,684 1,904 2,688 504 266 14,046 5,274 Planning Budget $ 54 18,630 8,506 1,836 2,622 486 264 13,714 4,916
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