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Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Flights (a) Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget"

Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Flights (a) Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget"

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 Saint Helens. Data 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 Flights (q) 58 $ Revenue ($350.009) 16,300 58 $ 20,300 56 $ 19,600 Expenses: Wages and salaries ($3,200 + $88.00q) 8,268 8,304 8,128 Fuel ($34.00q) 2,134 1,972 1,904 2,533 2,678 2,616 522 522 504 446 278 276 13,903 13,754 13,428 Airport fees ($880 + $31.009) Aircraft depreciation ($9.009) Office expenses ($220 +$1.009). Total expenses Net operating income $ 2,397 $ 6,546 $ 6,172 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 Flexible Budget Performance Report For the Month Ended July 31 Actual Results Flexible Budget Flights Revenue Expenses: 58 $ 16,300 Planning Budget 58 56 $ 20,300 $ 19,600 Wages and 8,268 8,304 8,128 salaries Fuel 2,134 1,972 1,904 Airport fees 2,533 2,678 2,616 Aircraft 522 522 504 depreciation Office expenses 446 278 Total expenses 13,903 13,754 276 13,428 Net operating income $ 2,397 S 6,546 $ 6,172
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 Actual Flexible Planning Results Budget Budget Flights (q) 58 $ Revenue ($350.009) 16,300 58 $ 20,300 56 $ 19,600 Expenses: Wages and salaries ($3,200 + $88.00q) 8,268 8,304 8,128 Fuel ($34.00q) 2,134 1,972 1,904 2,533 2,678 2,616 522 522 504 446 278 276 13,903 13,754 13,428 Airport fees ($880 + $31.009) Aircraft depreciation ($9.009) Office expenses ($220 +$1.009). Total expenses Net operating income $ 2,397 $ 6,546 $ 6,172 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 Flexible Budget Performance Report For the Month Ended July 31 Actual Results Flexible Budget Flights Revenue Expenses: 58 $ 16,300 Planning Budget 58 56 $ 20,300 $ 19,600 Wages and 8,268 8,304 8,128 salaries Fuel 2,134 1,972 1,904 Airport fees 2,533 2,678 2,616 Aircraft 522 522 504 depreciation Office expenses 446 278 Total expenses 13,903 13,754 276 13,428 Net operating income $ 2,397 S 6,546 $ 6,172
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