Flights (q)Revenue ($350.00g)Expenses:Wages and salaries ($3,800 +$87.00g)Fuel ($33.00q)Airport fees ($890 + $35.00g)Aircraft depreciation($9.00q)Office expenses ($250 +$1.00q)Total expenseNet operating incomeFlightsRevenueExpenses:For the Month Ended July 31Actual ResultsWages and salariesFuelAirport feesAircraft depreciationOffice expensesTotal expenseNet operating income56$16,4008,6382,0122,72550447414,353$ 2,047Planning BudgetRequired:1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicatthe effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Inputall amounts as positive values.)Sleeping VulturesFlexible Budget Performance ReportFor the Month Ended July 3154$ 18,9008,4981,7822,78048630413,850$ 5,050

The variance is the difference between the standard and actual cost data. The revenue and spending…

For the Month Ended July 31 Actual Results Flights (q) Revenue ($350.00g) Expenses: Wages and salaries ($3,800 + $87.00g) Fuel ($33.00qg) Airport fees ($890 $35.00g) Aircraft depreciation ($9.00g) Office expenses ($250. $1.000) Total expense Net operating income 56 $ 16,400 8,638 2,012 2,725 504 474 14,353 $ 2,047 Planning Budget 54 $ 18,900 8,498 1,782 2,780 486 304 13,850 $ 5,050 Required: Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (In the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). I

For the Month Ended July 31 Actual Results Flights (q) Revenue ($350.00g) Expenses: Wages and salaries ($3,800 + $87.00g) Fuel ($33.00qg) Airport fees ($890 $35.00g) Aircraft depreciation ($9.00g) Office expenses ($250. $1.000) Total expense Net operating income 56 $ 16,400 8,638 2,012 2,725 504 474 14,353 $ 2,047 Planning Budget 54 $ 18,900 8,498 1,782 2,780 486 304 13,850 $ 5,050 Required: Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (In the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). 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 13.7.2MBA

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