Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively...
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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 Actual Flexible Planning Results Budget 54 54 Budget 52 Flights (q) $16,300 $18,900 $18,200 Revenue ($350.00g) Expenses: Wages and salaries Fuel ($30.00g) ($3,400 + $89.00q) 8,168 8,206 8,028 1,790 1,620 1,560 2,453 2,588 2,524 432 432 416 Airport fees ($860 + $32.009) Aircraft depreciation ($8.00q) Office expenses ($230 + $1.00q) Total expense 452 284 282 13,295 13,130 12,810 $ 3,005 $5,770 $5,390 Net operating income 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Planning Budget Results Budget Flights 52 Revenue $ 18,200 Expenses: 8,028 1,560 2,524 416 282 12,810 5,390 Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income $ $ 54 16,300 8,168 1,790 2,453 432 452 13,295 3,005 $ $ 54 18,900 8,206 1,620 2,588 432 284 13,130 5,770 $ 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 Actual Flexible Planning Results Budget 54 54 Budget 52 Flights (q) $16,300 $18,900 $18,200 Revenue ($350.00g) Expenses: Wages and salaries Fuel ($30.00g) ($3,400 + $89.00q) 8,168 8,206 8,028 1,790 1,620 1,560 2,453 2,588 2,524 432 432 416 Airport fees ($860 + $32.009) Aircraft depreciation ($8.00q) Office expenses ($230 + $1.00q) Total expense 452 284 282 13,295 13,130 12,810 $ 3,005 $5,770 $5,390 Net operating income 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.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Flexible Planning Budget Results Budget Flights 52 Revenue $ 18,200 Expenses: 8,028 1,560 2,524 416 282 12,810 5,390 Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income $ $ 54 16,300 8,168 1,790 2,453 432 452 13,295 3,005 $ $ 54 18,900 8,206 1,620 2,588 432 284 13,130 5,770 $
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Related Book For
Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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