Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($350.009) Expenses: Wages and salaries ($3,100 + $89.009) Fuel ($31.009) Airport fees ($800+ $32.009) Aircraft depreciation ($9.009) Office expenses ($220 + $1.00q) Total expense Net operating income Actual Results Flexible Budget Planning Budget 54 54 52 $ 16,100 $ 18,900 $ 18,200 7,868 7,906 7,728 1,842 1,674 1,612 2,428 2,528 2,464 486 486 468 442 13,066 274 12,868 272 12,544 $ 3,034 $ 6,032 $ 5,656 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. 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 Flights Revenue Revenue and Spending Actual Results Variances 54 $ 16,100 Flexible Planning Activity Variances Budget Budget REBEL 54 52 $ 18,900 $ 18,200 Expenses Wages and salaries 7,868 7,906 7,728 Fuel 1,842 1,674 1,612 Airport fees 2,428 2,528 2,464 Aircraft depreciation 486 486 468 Office expenses 442 274 272 Total expense 13,066 12,868 12,544 Net operating income $ 3,034 $ 6,032 $ 5,656
Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($350.009) Expenses: Wages and salaries ($3,100 + $89.009) Fuel ($31.009) Airport fees ($800+ $32.009) Aircraft depreciation ($9.009) Office expenses ($220 + $1.00q) Total expense Net operating income Actual Results Flexible Budget Planning Budget 54 54 52 $ 16,100 $ 18,900 $ 18,200 7,868 7,906 7,728 1,842 1,674 1,612 2,428 2,528 2,464 486 486 468 442 13,066 274 12,868 272 12,544 $ 3,034 $ 6,032 $ 5,656 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. 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 Flights Revenue Revenue and Spending Actual Results Variances 54 $ 16,100 Flexible Planning Activity Variances Budget Budget REBEL 54 52 $ 18,900 $ 18,200 Expenses Wages and salaries 7,868 7,906 7,728 Fuel 1,842 1,674 1,612 Airport fees 2,428 2,528 2,464 Aircraft depreciation 486 486 468 Office expenses 442 274 272 Total expense 13,066 12,868 12,544 Net operating income $ 3,034 $ 6,032 $ 5,656
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Haresh
Transcribed Image Text:Vulcan Flyovers
Operating Data
For the Month Ended July 31
Flights (q)
Revenue ($350.009)
Expenses:
Wages and salaries ($3,100 + $89.009)
Fuel ($31.009)
Airport fees ($800+ $32.009)
Aircraft depreciation ($9.009)
Office expenses ($220 + $1.00q)
Total expense
Net operating income
Actual
Results
Flexible
Budget
Planning
Budget
54
54
52
$ 16,100
$ 18,900
$ 18,200
7,868
7,906
7,728
1,842
1,674
1,612
2,428
2,528
2,464
486
486
468
442
13,066
274
12,868
272
12,544
$ 3,034
$ 6,032
$ 5,656
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.
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
Flights
Revenue
Revenue and Spending
Actual Results
Variances
54
$
16,100
Flexible
Planning
Activity Variances
Budget
Budget
REBEL 54
52
$
18,900
$
18,200
Expenses
Wages and salaries
7,868
7,906
7,728
Fuel
1,842
1,674
1,612
Airport fees
2,428
2,528
2,464
Aircraft depreciation
486
486
468
Office expenses
442
274
272
Total expense
13,066
12,868
12,544
Net operating income
$
3,034
$
6,032
$
5,656
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
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