Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July...
Fantastic news! We've Found the answer you've been seeking!
Question:
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 ($345.009) Expenses: Wages and salaries ($3,000+ $88.009) Fuel ($31.00q) Airport fees ($840 + $34.009) Aircraft depreciation ($8.009) Office expenses ($220 +$1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 57 57 55 $ 16,000 $ 19,665 $ 18,975 7,980 8,016 7,840 1,935 1,767 1,705 2,633 2,778 2,710 456 456 440 445 13,449 277 275 13,294 12,970 $ 2,551 $ 6,371 $ 6,005 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 Flights Actual Results 57 $ 16,000 Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 $ 19,665 $ 18,975 Revenue Expenses: Wages and salaries 7,980 Fuel 1,935 8,016 1,767 7,840 1,705 Airport fees 2,633 2,778 2,710 Aircraft depreciation 456 456 440 Office expenses 445 277 275 Total expenses 13,449 13,294 12,970 Net operating income $ 2,551 $ 6,371 $ 6,005 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 ($345.009) Expenses: Wages and salaries ($3,000+ $88.009) Fuel ($31.00q) Airport fees ($840 + $34.009) Aircraft depreciation ($8.009) Office expenses ($220 +$1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 57 57 55 $ 16,000 $ 19,665 $ 18,975 7,980 8,016 7,840 1,935 1,767 1,705 2,633 2,778 2,710 456 456 440 445 13,449 277 275 13,294 12,970 $ 2,551 $ 6,371 $ 6,005 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 Flights Actual Results 57 $ 16,000 Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 57 55 $ 19,665 $ 18,975 Revenue Expenses: Wages and salaries 7,980 Fuel 1,935 8,016 1,767 7,840 1,705 Airport fees 2,633 2,778 2,710 Aircraft depreciation 456 456 440 Office expenses 445 277 275 Total expenses 13,449 13,294 12,970 Net operating income $ 2,551 $ 6,371 $ 6,005
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Sketch the graph of the function and state its domain. f (x) = ln |x|
-
Colt manufactures a new pistol. The firing of the pistol depends on an enclosed high pressure device. The pistol has been thoroughly tested in two laboratories in the Midwest, and its design and...
-
Suppose the market for T-shirts in the country of Argonia is perfectly competitive, and the price of a T-shirt is $20. A producer in this market has the following total cost and marginal cost...
-
How should the leaving chief executive be involved in the succession planning and transition process?
-
We examine the relationship between educational attainment and agreement to the statement, "Immigrants take jobs away from people who were born in America" as measured in the GSS 2010. Responses to...
-
https://www.youtube.com/watch?v=vPhM8lxibSU Identify characteristics that you feel describe a quality organization. Explain how the characteristics you identified promote continuous improvement.
-
Select a personal social bias from the textbook and identify how this may impact service to a person who has engaged in criminal behavior.
-
A marketing manager is considering the following advertising media to promote a new product. Type Audience Reached/Ad Cost/Ad Maximum No. of Ads TV 50,000 $3000 10 Radio 25,000 $1000 15 Newspaper...
-
A simple pendulum is found to vibrate at frequency of 0.6 Hz in a vacuum and 0.45 Hz in a viscous fluid. Answer questions 5-6. 5. What is the cord length? A. 0.994 m. C. 0.388 m E. 0.212 m 6. What is...
-
As part of a school science fair, students from various school districts must be transported to the various locations. School districts are as follows (with the number of attendees listed by...
-
How can we design a product or service that utilizes the concept of time dilation to increase productivity and efficiency for individuals or organizations?
-
Franklin Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Franklin's policy is to maintain an ending inventory...
-
Explain the symbols of Platos Allegory of Cave with reference to our time. Reference Video: https://www.youtube.com/watch?v=1RWOpQXTltA&t=3s
-
Open Text Corporation provides a suite of business information software products. Exhibit 10-9 contains Note 10 from the companys 2013 annual report detailing long-term debt. Required: a. Open Text...
-
At year end, Riverside Corporation announced that it would change its inventory valuation method from last-in, first-out (LIFO) to first-in, first-out (FIFO). The company also disclosed that the...
-
Exhibits 6.3, 6.4, and 6.5 in Chapter 6 present the financial results of the Arizona Ice Cream Company, Inc., using FIFO, LIFO, and the weighted-average cost method, respectively. Using this data,...
-
The following information is taken from the annual report of the Walgreens Boots Alliance, Inc..: Walgreens uses LIFO to value its inventory. Restate the companys financial results for 2015 assuming...
Study smarter with the SolutionInn App