Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Dataconcerning the company's operations in July appear below:Vulcan FlyoversOperating DataFor the Month Ended July 31ActualResultsFlexible PlanningBudgetBudgetFlights (9)4848seRevenue ($320.0g)$ 13,658 $ 15, 360 $ 16,00Еxpenses:Wages and salaries (54,000 + $82.eeg)Fuel ($23.00g)Airport fees (Sase + $38.08g)Aircraft depreciation ($7.0eg)office expenses ($198 + $2.08q)Tatal expense8,4381,2682,3587,9361,1842,4748,1001,15e2,55035033633646828629012,83612,13512,448Net operating income814 $ 3,224 $ 3,560The company messures its activity in terms of fights. Customers can buy individual tickets for overfights or hire an entire plane for anoverflight at a discount.Required:1. Prepare a fiexible budget performence report for July that includes revenue and spending veriances and activity variances. (Indicatethe effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Inputall amounts as positive values.)Vulcan FlyovereFlexlble Budget Performance ReportFor the Month Ended July 31ActualResultePlanningBudgetFlexlbleBudgetFlights484650Revenue13,65015,36016,000ExpensesWages and salaries8,4307,9368,100Fuel1,2601,1041,150Airpart fees2,3502,4742,550Aircraft depreciation336336350Office expenses460286290Total expense12,83612,13612,440Net aperating income8143,2243,560

The variance is the difference between actual and budgeted data of the production.

Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Weshington State that explosively erupted in 1982 Dete concerning the company's operations in July appear below. Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 48 Flights (9) 48 se $ 13,658 S 15,36e S 16,000 Revenue ($320.e0g) Expenses: kages and salaries ($4,000 + $82.00g) Fuel ($23.00g) Airport fees (Sese• S38.00g) Aircraft depreciation ($7.00g) office expenses ($198 + $2.00q) Total expense 8,410 1,260 2,35e 336 468 7,96 1,104 2,474 336 286 12,136 814 $ 3,224 S 1,560 8,100 1,150 2,5se 35e 290 12,836 12,448 Net operating income The company messures its activity in terms of fights. Customers con buy individual tickets for overfights or hire an entire plane for an overfight at a discount. Required: 1. Prepare a fiexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the offect of esch vadance by celectiog "g for fascorable for unfsuorsble and "None" for no offect (te Tero vardsocel Innut

Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Weshington State that explosively erupted in 1982 Dete concerning the company's operations in July appear below. Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 48 Flights (9) 48 se $ 13,658 S 15,36e S 16,000 Revenue ($320.e0g) Expenses: kages and salaries ($4,000 + $82.00g) Fuel ($23.00g) Airport fees (Sese• S38.00g) Aircraft depreciation ($7.00g) office expenses ($198 + $2.00q) Total expense 8,410 1,260 2,35e 336 468 7,96 1,104 2,474 336 286 12,136 814 $ 3,224 S 1,560 8,100 1,150 2,5se 35e 290 12,836 12,448 Net operating income The company messures its activity in terms of fights. Customers con buy individual tickets for overfights or hire an entire plane for an overfight at a discount. Required: 1. Prepare a fiexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the offect of esch vadance by celectiog "g for fascorable for unfsuorsble and "None" for no offect (te Tero vardsocel Innut

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 Saint 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 Actual Results Flexible Budget Planning Budget Flights (q) 53 53 51 Revenue ($340.00q) $ 16,100 $ 18,020 $ 17,340 Expenses: Wages and salaries ($3,500 + $86.00q) 8,026 8,058 7,886 Fuel ($34.00q) 1,964 1,802 1,734 Airport fees ($830 + $33.00q) 2,479 2,579 2,513 Aircraft depreciation ($10.00q) 530 530 510 Office expenses ($220 + $1.00q) 441 273 271 Total expense 13,440 13,242 12,914 Net operating income $ 2,660 $ 4,778 $ 4,426 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…
Accepting Business at a Special Price Forever Ready Company expects to operate at 82% of productive capacity during May. The total manufacturing costs for May for the production of 27,880 batteries are budgeted as follows: Direct materials $303,300 Direct labor 111,500 Variable factory overhead 31,280 Fixed factory overhead 62,000 Total manufacturing costs $508,080 The company has an opportunity to submit a bid for 3,000 batteries to be delivered by May 31 to a government agency. If the contract is obtained, it is anticipated that the additional activity will not interfere with normal production during May or increase the selling or administrative expenses. What is the unit cost below which Forever Ready Company should not go in bidding on the government contract? Round your answer to two decimal places.$fill in the blank 1 per unit
ABC Bus Lines runs a series of bus routes. A new route is being planned for next year. The Sales Manager says the range of passengers would be: 20,000 Conservative Estimate 40.000 Optimistic Estimate $26.00 Ticket Price The controller provides the following information: $6.00 Fuell $6.00 Driver $2.00 Selling $1.00 Admin $15.00 $100,000 Facility Overhead (Regardless of Number of Trips). $50,000 Selling & Administration (Regardless of Number of Trips) Instructions Assume the first-year results were: 22,450 Passengers. $538,800-Revenue $123,475-Fuel
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Mike Tackett, manager of the Troopers Cafe, hos asked for your assistance preparing the monthly budget fer January 20X8, He provides you with the prior lanuary actuls as fallows: Sales $100,400 Expenses: Labor (F 12,000 Labor (VI 18,000 Cost of sales IV) 36,000 Supplies IV) 3200 Encrgy (V) 2620 Promotion (V) Maintenance (F) 2.000 Maintenance (V) 1.200 Property tawes (F) 800 Depreciation (F) 1000 1.300 Rent IF) 850 Insurance (F) 625 Subtotal 72.595 Net income $ 20.005 Assume for 20X3 sakes are expected to increase by 10 percent, fined custs will increase by s percent, ard variable costs will remain at the same percentage of sa es as eperienced in the prior January. Prepare the budget for January 20X8.
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) 300 Revenue ($400.00g) $ 120,000 Expenses: Wages and salaries ($11,800 + $126.00q) 49,600 Supplies ($5.00q) 1,500 Equipment rental ($2,200 + $21.00g) 8,500 Insurance ($3,800) 3,800 Miscellaneous ($540 + $1.46q) 978 Total expense 64,378 Net operating income $ 55,622 During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.)
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Vulcan Flyovers offers scenic overflights of Mount Saint 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 Actual Results Flexible Budget Planning Budget Flights (q) 53 53 51 Revenue ($355.00q) $ 16,300 $ 18,815 $ 18,105 Expenses: Wages and salaries ($3,600 + $92.00q) 8,432 8,476 8,292 Fuel ($31.00q) 1,811 1,643 1,581 Airport fees ($880 + $34.00q) 2,572 2,682 2,614 Aircraft depreciation ($11.00q) 583 583 561 Office expenses ($200 + $1.00q) 421 253 251 Total expense 13,819 13,637 13,299 Net operating income $ 2,481 $ 5,178 $ 4,806 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. 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and…
Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland COMPANY Budget Performance Report—Vice President, Production For the Month Ended November 30 Plant Actual Budget Over Budget Under Budget Eastern Region $926,750 $929,000 $(2,250) Central Region 664,400 668,000 (3,600) Western Region (G) (H) $(I) $(J) $(K) $(L) $(5,850) Garland COMPANY Budget Performance Report—Manager, Western Region Plant For the Month Ended November 30 Department Actual Budget Over Budget Under Budget Chip Fabrication (A) (B) (C) Electronic Assembly $193,190 $190,500 $2,690 Final Assembly 306,250 307,000 $(750) $(D) $(E) $(F) $(750) Garland COMPANY Budget Performance Report—Supervisor, Chip Fabrication For the Month Ended November 30 Cost Actual Budget Over Budget Under Budget Factory wages $60,220 $58,720 $1,500 Materials 156,940 158,000 $(1,060) Power and light…
C-Cubed had the following information from the end of last year for its Mountain Bikes: Budgeted Bike Sales for October Budgeted Bike Sales for November Budgeted Bike Sales for December Desired Ending Finished Goods Inventory Cash Collected from Sales in November Cash Available on November 1 115 bikes 120 bikes 100 bikes 15% of the following month's unit sales $40,000 $5,000 $25,000 Cash Disbursements in November Interest Received During November Loan Payments Made During November The selling price for the Mountain Bikes is $750. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 20% in the month of sale, 30% in the month following the sale, $500 $8,000 and 50% in the second month following the sale. What is the budgeted accounts receivable balance at the end of December? Multiple Choice $52,500 $97,500 $60,000 $105,000
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