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: Flights (q) Revenue ($345.00g) Vulcan Flyovers Operating Data For the Month Ended July 31. Actual Results Expenses: Wages and salaries ($3,500+ $87.00g) Fuel ($32.00g) Airport fees ($860+ $31.00g) Aircraft depreciation ($9.00g) Office expenses ($230+ $1.00g) Total expense Net operating income 61 $ 16,400 8,773 2,118 2,636 549 459 14,535 $ 1,865 Flexible Budget 61 $ 21,045 8,807 1,952 2,751 549 291 14,350 $ 6,695 Planning Budget 59 $ 20,355 8,633 1,888 2,689 531 289 14,030 $ 6,325 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.)

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Chapter1: Financial Statements And Business Decisions
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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.)
Flights
Revenue
Expenses:
Wages and salaries
Fuel
Airport fees
Aircraft depreciation
Office expenses
Total expense
Net operating income
Actual Results
$
$
61
16,400
8,773
2,118
2,636
549
459
14,535
1,865
Vulcan Flyovers
Flexible Budget Performance Report
For the Month Ended July 31
$
Flexible
Budget
$
61
21,045
8,807
1,952
2,751
549
291
14,350
6,695
$
$
Planning
Budget
59
20,355
8,633
1,888
2,689
531
289
14,030
6,325
Transcribed Image Text: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.) Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 61 16,400 8,773 2,118 2,636 549 459 14,535 1,865 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 $ Flexible Budget $ 61 21,045 8,807 1,952 2,751 549 291 14,350 6,695 $ $ Planning Budget 59 20,355 8,633 1,888 2,689 531 289 14,030 6,325
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:
Flights (g)
Revenue ($345.00g)
Vulcan Flyovers
Operating Data
For the Month Ended July 31
Expenses:
Wages and salaries ($3,500 + $87.00g)
Fuel ($32.00g)
Airport fees ($860 + $31.00g)
Aircraft depreciation ($9.00g)
Office expenses ($230 + $1.00g)
Total expense
Net operating income
Actual
Results
61
$ 16,400
$
8,773
2,118
2,636
549
459
14,535
1,865
Flexible
Budget
61
$ 21,045
8,807
1,952
2,751
549
291
14,350
$ 6,695
Planning
Budget
59
$ 20,355
8,633
1,888
2,689
531
289
14,030
$ 6,325
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.)
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: Flights (g) Revenue ($345.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,500 + $87.00g) Fuel ($32.00g) Airport fees ($860 + $31.00g) Aircraft depreciation ($9.00g) Office expenses ($230 + $1.00g) Total expense Net operating income Actual Results 61 $ 16,400 $ 8,773 2,118 2,636 549 459 14,535 1,865 Flexible Budget 61 $ 21,045 8,807 1,952 2,751 549 291 14,350 $ 6,695 Planning Budget 59 $ 20,355 8,633 1,888 2,689 531 289 14,030 $ 6,325 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.)
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