Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively eruptedin 1982. Data concerning the company's operations in July appear below:Vulcan FlyoversOperating DataFor the Month Ended July 31Actual FlexiblePlanningResults Budget Budget57Flights (q)5755Revenue ($350.00q)Expenses:Wages and salaries ($3,700+ $91.00q)Fuel ($32.00q)Airport fees ($870 +$32.00q)Aircraft depreciation($9.00q)Office expenses ($210 +$1.00q)Total expense$16,100 $19,950 $19,2508,8451,9908,8871,8248,7051,7602,5742,6942,63051351349526513,855$ 1,743 $ 5,765 $ 5,39543526714,35714,185Net operating incomeThe company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire anentire plane for an overflight at a discount. Required:1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activityvariances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for noeffect (i.e., zero variance). Input all amounts as positive values.)Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31ActualResultsFlexibleBudget57PlanningBudget55Flights57RevenueExpenses:Wages andsalaries$ 16,100$19,950$ 19,2508,8458,8878,705Fuel1,9901,8241,7602,630Airport fees2,5742,694AircraftdepreciationOffice expensesTotal expenseNet operatingincome51351349543526726514,35714,18513,855$1,7435,7655,395%24

A flexible budget performance report is used to compare actual results for a period to the budgeted…

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 Results Flexible Budget 57 Planning Budget Flights 57 55 Revenue Expenses: Wages and salaries Fuel $ 16,100 $ 19,950 $ 19,250 8,845 8,887 8,705 1,990 1,824 2,694 1,760 2,630 Airport fees 2,574 Aircraft 513 513 495 depreciation Office expenses Total expense Net operating 435 267 265 14,357 14,185 13,855 $ 1,743 2$ 5,765 5,395 income %24

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 Results Flexible Budget 57 Planning Budget Flights 57 55 Revenue Expenses: Wages and salaries Fuel $ 16,100 $ 19,950 $ 19,250 8,845 8,887 8,705 1,990 1,824 2,694 1,760 2,630 Airport fees 2,574 Aircraft 513 513 495 depreciation Office expenses Total expense Net operating 435 267 265 14,357 14,185 13,855 $ 1,743 2$ 5,765 5,395 income %24

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…
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 Planning Budget Actual Flexible Results Budget 48 48 50 Flights (q) Revenue ($320.00g) Expenses: Wages and salaries ($4,000 + $82.00q) Fuel ($23.00q) Airport fees ($650 + $38.00q) Aircraft depreciation ($7.00q) Office expenses ($190 + $2.00q) Total expense $ 13,650 $ 15,360 $ 16,000 k 8,430 1,260 2,350 7,936 1,104 2,474 8,100 1,150 2,550 nt 336 336 350 ences 460 286 290 12,836 $ 814 12,136 12,440 Net operating income $ 3,224 $ 3,560 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:
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 Budget Budget Results Flights (q) 48 48 50 $ 13,650 $ 15,360 $ 16,000 Revenue ($320.00g) Expenses: Wages and salaries ($4,000 + $82.00g) Fuel ($23.00q) Airport fees ($650 + $38.00q) Aircraft depreciation ($7.00g) Office expenses ($190 + $2.00g) Total expense 8,430 1,260 2,350 336 7,936 1,104 2,474 336 8,100 1,150 2,550 350 460 286 290 12,440 814 $ 3,224 $ 3,560 12,836 12,136 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…
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 Flexible Planning Budget Actual Results Budget Flights (q) 54 54 52 Revenue ($340.00q) $ 16, 200 $ 18,360 $17,680 Expenses: Wages and salaries ($3,400 + $86.00q) Fuel ($33.00q) Airport fees ($820 + $34.00q) Aircraft depreciation ($11.00q) Office expenses ($220 + $1.00q) Total expense 8,012 1,946 2,506 8,044 1,782 2,656 7,872 1,716 2,588 594 594 572 442 274 272 13,350 $ 2,700 $ 5,010 $ 4,660 13,500 13,020 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…
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 Actual Results Flexible Budget Planning Budget Flights (q) 53 53 51 Revenue ($340.00q) $ 16,100 $ 18,020 $ 17,340 Expenses: Wages and salaries ($3,500 + $86.00q) 8,026 8,058 7,886 Fuel ($34.00q) 1,964 1,802 1,734 Airport fees ($830 + $33.00q) 2,479 2,579 2,513 Aircraft depreciation ($10.00q) 530 530 510 Office expenses ($220 + $1.00q) 441 273 271 Total expense 13,440 13,242 12,914 Net operating income $ 2,660 $ 4,778 $ 4,426 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…
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 FlyoversOperating DataFor the Month Ended July 31 Actual ResultsFlexible BudgetPlanning BudgetFlights (q)484850Revenue ($320.00q)$ 13,650$ 15,360$ 16,000Expenses: Wages and salaries ($4,000 + $82.00q)8,4307,9368,100Fuel ($23.00q)1,2601,1041,150Airport fees ($650 + $38.00q)2,3502,4742,550Aircraft depreciation ($7.00q)336336350Office expenses ($190 + $2.00q)460286290Total expense12,83612,13612,440Net operating income$ 814$ 3,224$ 3,560 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…
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 Actual Results Flexible Budget Planning Budget Flights (q) 53 53 51 Revenue ($355.00q) $ 16,300 $ 18,815 $ 18,105 Expenses: Wages and salaries ($3,600 + $92.00q) 8,432 8,476 8,292 Fuel ($31.00q) 1,811 1,643 1,581 Airport fees ($880 + $34.00q) 2,572 2,682 2,614 Aircraft depreciation ($11.00q) 583 583 561 Office expenses ($200 + $1.00q) 421 253 251 Total expense 13,819 13,637 13,299 Net operating income $ 2,481 $ 5,178 $ 4,806 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. 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and…
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 Results Flexible Planning Budget Budget Flights (9) 48 48 se Revenue ($320.0g) $ 13,658 $ 15, 360 $ 16,00 Еxpenses: Wages and salaries (54,000 + $82.eeg) Fuel ($23.00g) Airport fees (Sase + $38.08g) Aircraft depreciation ($7.0eg) office expenses ($198 + $2.08q) Tatal expense 8,438 1,268 2,358 7,936 1,184 2,474 8,100 1,15e 2,550 350 336 336 468 286 290 12,836 12,135 12,448 Net operating income 814 $ 3,224 $ 3,560 The company messures its activity in terms of fights. Customers can buy individual tickets for overfights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a fiexible budget performence report for July that includes revenue and spending veriances and activity variances. (Indicate the effect of…
3) Prepare a Flexible Budget Performance Report 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. Flights (g) Revenue ($320.00g) Expenses: Vulcan Flyovers Operating Data For the Month Ended July 31 Wages and salaries ($4,000+ $82.00g) Fuel ($23.00g) Airport fees ($650 + $38.00g) Aircraft depreciation ($7.00g) Office expenses ($190 + $2.00q) Total expense Net operating income Budget Actual Flexible Static Results Budget 48 $13,650 $15,360 48 8,430 1,260 2,350 336 460 50 $16,000 7,936 8,100 1,104 1,150 2,474 2,550 336 350 286 290 12,836 12,136 12,440 $ 814 $3,224 $ 3,560 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 flexible- budget variances and…
Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (g) Revenue (1440.000) Expenses: Wages and salaries ($11,300 $130.00g) Supplies ($5.00g) Revenue Expenses Equipment rental ($2,500+ $25.00g) Insurance (14,000) Miscellaneous ($510 $1.500) Total expenses Net operating income During May, the company's actual activity was 190 diving-hours. Required: Prepare a flexible budget for May Note: Round your answers to the nearest whole number. Puget Sound Divers Flexible Budget For the Month Ended May 31 Wages and salaries Supplies Equipment rental insurance Total expenses Net operating income 200 $ 88,000 0 37,300 1,000 7,500 4,000 810 50,610 $ 37,390
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company’s planning budget for May appears below: Puget Sound DiversPlanning BudgetFor the Month Ended May 31 Budgeted diving-hours (q) 250 Revenue ($410.00q) $ 102,500 Expenses: Wages and salaries ($11,100 + $124.00q) 42,100 Supplies ($6.00q) 1,500 Equipment rental ($2,500 + $23.00q) 8,250 Insurance ($4,000) 4,000 Miscellaneous ($520 + $1.44q) 880 Total expense 56,730 Net operating income $ 45,770 During May, the company’s actual activity was 240 diving-hours. Required: Prepare a flexible budget for May.
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area The company's planning budget for May appears below Puget Sound Divers Planning Budget For the Month Ended Hay 31 Budgeted diving-hours (e) 300 Revenue ($380.eag) Expenses: Nages and salaries ($11,7ee + $122.eeg) Supplies ($5.0ea) Equipment rental ($2,400 + $22.009) Insurance ($4,100) Miscellaneous (S53e $1.seg) Total expense $114, e00 48, 300 1,5ee 9,000 4,100 980 63, 880 $ 50,120 Net operating incone During May, the company's actual activity was 290 diving-hours