FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question
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 ($350.00g)
Expenses:
Wages and salaries ($3,200 + $87.00q)
Fuel ($33.00q)
Airport fees ($880 + $34.00q)
Aircraft depreciation ($10.009)
Office expenses ($210 + $1.00q)
Total expense
Net operating income
Flights
Revenue
Expenses:
Wages and salaries
Fuel
Vulcan Flyovers
Operating Data
For the Month Ended July 31
Actual
Results
Airport fees
Aircraft depreciation
Office expenses
Total expense
Net operating income
Actual Results
$
$
58
$ 16,200
58
16,200
8,212
2,078
2,722
8,212
2,078
2,722
580
436
14,028
2,172
580
436
14,028
$ 2,172
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.
Flexible
Budget
Required:
1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances.
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 positive values.
58
$ 20,300
8,246
1,914
2,852
580
268
$
13,860
$ 6,440
$
Vulcan Flyovers
Flexible Budget Performance Report
For the Month Ended July 31
Flexible
Budget
Planning
Budget
58
20,300
56
$ 19,600
8,246
1,914
2,852
580
268
13,860
6,440
8,072
1,848
2,784
560
266
13,530
$ 6,070
$
$
Planning
Budget
56
19,600
8,072
1,848
2,784
560
266
13,530
6,070
expand button
Transcribed Image Text: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 ($350.00g) Expenses: Wages and salaries ($3,200 + $87.00q) Fuel ($33.00q) Airport fees ($880 + $34.00q) Aircraft depreciation ($10.009) Office expenses ($210 + $1.00q) Total expense Net operating income Flights Revenue Expenses: Wages and salaries Fuel Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 58 $ 16,200 58 16,200 8,212 2,078 2,722 8,212 2,078 2,722 580 436 14,028 2,172 580 436 14,028 $ 2,172 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. Flexible Budget Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. 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 positive values. 58 $ 20,300 8,246 1,914 2,852 580 268 $ 13,860 $ 6,440 $ Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Planning Budget 58 20,300 56 $ 19,600 8,246 1,914 2,852 580 268 13,860 6,440 8,072 1,848 2,784 560 266 13,530 $ 6,070 $ $ Planning Budget 56 19,600 8,072 1,848 2,784 560 266 13,530 6,070
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education