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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 Flights (q) Revenue ($355.009) Expenses: Wages and salaries ($3,700 + $91.009) Fuel ($32.00q) Airport fees ($880 + $35.009) Aircraft depreciation ($9.009) Office expenses ($210 + $1.009) Total expense Actual Results Flexible Budget Planning Budget 53 53 51 $ 16,400 $ 18,815 $ 18,105 8,481 8,523 8,341 1,862 1,696 1,632 2,595 2,735 2,665 477 477 459 431 263 13,846 13,694 261 13,358 $ 2,554 $ 5,121 $ 4,747 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 Flights Revenue Actual Results 53 $ 16,400 Flexible Budget Planning Budget 53 51 $ 18,815 $ 18,105 Expenses: Wages and salaries 8,481 8,523 8,341 Fuel 1,862 1,696 1,632 Airport fees 2,595 2,735 2,665 Aircraft depreciation 477 477 459 Office expenses 431 263 261 Total expense 13,846 13,694 13,358 Net operating income $ 2,554 $ 5,121 $ 4,747

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 Flights (q) Revenue ($355.009) Expenses: Wages and salaries ($3,700 + $91.009) Fuel ($32.00q) Airport fees ($880 + $35.009) Aircraft depreciation ($9.009) Office expenses ($210 + $1.009) Total expense Actual Results Flexible Budget Planning Budget 53 53 51 $ 16,400 $ 18,815 $ 18,105 8,481 8,523 8,341 1,862 1,696 1,632 2,595 2,735 2,665 477 477 459 431 263 13,846 13,694 261 13,358 $ 2,554 $ 5,121 $ 4,747 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 Flights Revenue Actual Results 53 $ 16,400 Flexible Budget Planning Budget 53 51 $ 18,815 $ 18,105 Expenses: Wages and salaries 8,481 8,523 8,341 Fuel 1,862 1,696 1,632 Airport fees 2,595 2,735 2,665 Aircraft depreciation 477 477 459 Office expenses 431 263 261 Total expense 13,846 13,694 13,358 Net operating income $ 2,554 $ 5,121 $ 4,747

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter13: Budgeting And Standard Costs
Section: Chapter Questions
Problem 13.2.6P: Budgeted income statement and supporting budgets The budget director of Jupiter Helmets Inc., with...
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Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 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 Flights (q) Revenue ($355.009) Expenses: Wages and salaries ($3,700 +$91.009) Fuel ($32.009) Airport fees ($880 + $35.009) Aircraft depreciation ($9.009) Office expenses ($210 +$1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 53 53 51 $ 16,400 $ 18,815 $ 18,105 8,481 8,523 8,341 1,862 1,696 1,632 2,595 2,735 2,665 477 477 459 431 263 261 13,846 13,694 13,358 $ 2,554 $ 5,121 $ 4,747 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 Flights Revenue Actual Results 53 $ 16,400 Flexible Budget Planning Budget 53 51 $ 18,815 S 18,105 Expenses: Wages and salaries 8,481 8,523 8,341 Fuel 1,862 1,696 1,632 Airport fees 2,595 2,735 2,665 Aircraft depreciation 477 477 459 Office expenses 431 263 261 Total expense 13,846 13,694 13,358 Net operating income $ 2,554 $ 5,121 $ 4,747
Transcribed Image Text:Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 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 Flights (q) Revenue ($355.009) Expenses: Wages and salaries ($3,700 +$91.009) Fuel ($32.009) Airport fees ($880 + $35.009) Aircraft depreciation ($9.009) Office expenses ($210 +$1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 53 53 51 $ 16,400 $ 18,815 $ 18,105 8,481 8,523 8,341 1,862 1,696 1,632 2,595 2,735 2,665 477 477 459 431 263 261 13,846 13,694 13,358 $ 2,554 $ 5,121 $ 4,747 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 Flights Revenue Actual Results 53 $ 16,400 Flexible Budget Planning Budget 53 51 $ 18,815 S 18,105 Expenses: Wages and salaries 8,481 8,523 8,341 Fuel 1,862 1,696 1,632 Airport fees 2,595 2,735 2,665 Aircraft depreciation 477 477 459 Office expenses 431 263 261 Total expense 13,846 13,694 13,358 Net operating income $ 2,554 $ 5,121 $ 4,747
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