Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) 22,000 $94,600 Revenue ($4.30q) Expenses: Raw materials ($2.00q) Wages and salaries ($6,000 + $0.20g) Utilities ($2,000 + $0.05q) Facility rent ($3,500) Insurance ($2,200) Miscellaneous ($400 + $0.10q) Total expense 44, e00 10,400 3,100 3,500 2,200 2,600 65,800 $28,800 Net operating income

Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) 22,000 $94,600 Revenue ($4.30q) Expenses: Raw materials ($2.00q) Wages and salaries ($6,000 + $0.20g) Utilities ($2,000 + $0.05q) Facility rent ($3,500) Insurance ($2,200) Miscellaneous ($400 + $0.10q) Total expense 44, e00 10,400 3,100 3,500 2,200 2,600 65,800 $28,800 Net operating income

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, 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) Revenue ($320.00q) Expenses: Wages and salaries ($4,000+ $82.009) Fuel ($23.00q) Airport fees ($650 + $38.009) Aircraft depreciation ($7.009) Office expenses ($190 + $2.00q) Total expense Net operating income 48 48 50 $ 13,650 $ 15,360 $ 16,000 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 336 350 460 286 290 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 revenue and spending variances and activity variances. Note: Indicate the…
Flight Café is a company that prepares in-flight meals for airlines in its kitchen located next to the localairport. The company’s planning budget for July follows:bre27076_ch08_358-395.indd 378 7/23/09 4:11:10 PMConfi rming Pages379Flight CaféPlanning BudgetFor the Month Ended July 31Budgeted meals (q) ................................................ 18,000Revenue ($4.50q) ................................................... $81,000Expenses:Raw materials ($2.40q) ....................................... 43,200Wages and salaries ($5,200 $0.30q) .............. 10,600Utilities ($2,400 $0.05q) .................................. 3,300Facility rent ($4,300) ............................................ 4,300Insurance ($2,300) .............................................. 2,300Miscellaneous ($680 $0.10q) .......................... 2,480Total expense ......................................................... 66,180Net operating income .............................................. $14,820In…
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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.20q) Expenses: Packing supplies ($0.359) Oyster bed maintenance ($3,200) Wages and salaries ($2,300 + $0.309) Shipping ($0.709) Utilities ($1,280) Other ($450 + $0.019) Total expenses Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 8,000 $ 33,600 2,800 3,200 4,700 5,600 1,280 530 18,110 $ 15,490 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 8,000 $ 27,100 2,970 3,060 5,110 5,330 1,090 1,150 18,710 $ 8,390 Calculate the company's revenue and spending variances for August. Note: Indicate the effect of each…
I need help with a few problems from the past chapters im still stuck with.
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 8,000 $ 33, 200 Revenue ($4.159) Expenses: Packing supplies ($0.38g) Oyster bed maintenance ($3, 200) wages and salaries ($2,4ee + $0.38g) Shipping ($8.68g) Utilities ($1,290) Other ($420 + $e.e1q) Total expense 2,400 3, 200 4,800 4,800 1,290 50e 16,990 $ 16,210 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 8, e0e Revenue $ 27, 300 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 2,570 3, 060 5,210 4,530 1,100 1,120 17,590 $ 9,710 Other Total expense Net operating income Requlred: Calculate the company's revenue and spending variances for August. (Indicate the effect of each varlance…
s Scholastic Furniture, Incorporated, manufactures a variety of desks, chairs, tables, and shelf units that are sold to public school systems throughout the Midwest. The controller of the company's Desk Division is currently preparing a budget for the second quarter of the year. The following sales forecast has been made by the division's sales manager. April May June 14,500 desk-and-chair sets 16,500 desk-and-chair sets 19,500 desk-and-chair sets Each desk-and-chair set requires 12 board feet of pine planks and 1.3 hours of direct labor. Each set sells for $45. Pine planks cost $.50 per board foot, and the division ends each month with enough wood to cover 10 percent of the next month's production requirements. The division incurs a cost of $25 per hour for direct-labor wages and fringe benefits. The division ends each month with enough finished-goods inventory to cover 20 percent of the next month's sales. Required: Complete the following budget schedules. 1. Sales budget. 2.…
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 May 31 Budgeted diving-hours (q) 200 Revenue ($450.00g) $90,000 Expenses: 36,700 Wages and salaries ($11,100 + $128.00q) Supplies ($6.00q) 1,200 Equipment rental ($2,400 + $25.00q) 7,400 Insurance ($3,800) 3,800 Miscellaneous ($510+ $1.46g) 802 Total expense 49,902 $ 40,098 Net operating income. During May, the company's actual activity was 190 diving-hours.
Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,200 units (solar panels) in July and 4,600 units in August. Each unit requires 5 hours of direct labor at a rate of $15 per hour. Prepare a direct labor budget for July. MIAMI SOLAR Direct Labor Budget For Month Ended July 31 Budgeted production 4,200 Total labor hours needed Budgeted cost of direct labor
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,500 pounds of oysters in August. The company’s flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,500 Revenue ($4.25q) $ 31,875 Expenses: Packing supplies ($0.35q) 2,625 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,300 + $0.25q) 4,175 Shipping ($0.60q) 4,500 Utilities ($1,290) 1,290 Other ($420 + $0.01q) 495 Total expense 16,185 Net operating income $ 15,690 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,500 Revenue $ 26,800 Expenses: Packing supplies 2,795 Oyster bed maintenance 2,960 Wages and salaries 4,585 Shipping 4,230 Utilities 1,100 Other 1,115 Total expense 16,785 Net operating income $ 10,015 Required: Calculate the company’s revenue…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in August. The company’s flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,100 Revenue ($4.15q) $ 29,465 Expenses: Packing supplies ($0.25q) 1,775 Oyster bed maintenance ($3,600) 3,600 Wages and salaries ($2,200 + $0.30q) 4,330 Shipping ($0.60q) 4,260 Utilities ($1,250) 1,250 Other ($410 + $0.01q) 481 Total expense 15,696 Net operating income $ 13,769 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,100 Revenue $ 26,700 Expenses: Packing supplies 1,945 Oyster bed maintenance 3,460 Wages and salaries 4,740 Shipping 3,990 Utilities 1,060 Other 1,101 Total expense 16,296 Net operating income $ 10,404 Required: Calculate the company’s revenue…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,400 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) Revenue ($4.20q) Expenses: Packing supplies ($0.309) Oyster bed maintenance ($3,180) Wages and salaries ($2,300 + $0.25q) Utilities ($1,250) Shipping ($0.750) Other ($460 +$0.019) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 7,400 $ 31,080 2,220 3,100 4,150 5,550 1,250 534 16,804 $ 14,276 Packing supplies Wages and salaries Actual pounds Revenue Expenses: 7,400 $ 27,300 2,390 Oyster bed maintenance. 2,960 4,560 5, 280 1,060 1,154 17,404 $ 9,896 Shipping Utilities Other Total expense Net operating income Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by…