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 Flights (q) Revenue ($345.009) Expenses: Wages and salaries ($3,500 + $90.009) Fuel ($33.009) Airport fees ($830 +$30.009) Aircraft depreciation ($8.009) Office expenses ($220 + $1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,000 $ 19,320 $ 18,630 8,500 8,540 8,360 2,012 1,848 1,782 2,400 2,510 2,450 448 448 432 444 276 274 13,804 13,622 13,298 $ 2,196 $ 5,698 $ 5,332 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 positive values. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flights Revenue Actual Results 56 $ 16,000 Flexible Budget Planning Budget 56 54 $ 19,320 $ 18,630 Expenses: Wages and salaries 8,500 8,540 8,360 Fuel 2,012 1,848 1,782 Airport fees 2,400 2,510 2,450 Aircraft depreciation 448 448 432 Office expenses 444 276 274 Total expenses 13,804 13,622 13,298 Net operating income $ 2,196 $ 5,698 $ 5,332

Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter1: Introduction To Managerial Accounting
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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
Flights (q)
Revenue ($345.009)
Expenses:
Wages and salaries ($3,500 + $90.009)
Fuel ($33.009)
Airport fees ($830 +$30.009)
Aircraft depreciation ($8.009)
Office expenses ($220 + $1.009)
Total expenses
Net operating income
Actual
Results
Flexible
Budget
Planning
Budget
56
56
54
$ 16,000
$ 19,320
$ 18,630
8,500
8,540
8,360
2,012
1,848
1,782
2,400
2,510
2,450
448
448
432
444
276
274
13,804
13,622
13,298
$ 2,196
$ 5,698
$ 5,332
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 positive values.
Vulcan Flyovers
Flexible Budget Performance Report
For the Month Ended July 31
Flights
Revenue
Actual Results
56
$
16,000
Flexible
Budget
Planning
Budget
56
54
$
19,320
$
18,630
Expenses:
Wages and salaries
8,500
8,540
8,360
Fuel
2,012
1,848
1,782
Airport fees
2,400
2,510
2,450
Aircraft depreciation
448
448
432
Office expenses
444
276
274
Total expenses
13,804
13,622
13,298
Net operating income
$
2,196
$
5,698
$
5,332
Transcribed Image Text: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 Flights (q) Revenue ($345.009) Expenses: Wages and salaries ($3,500 + $90.009) Fuel ($33.009) Airport fees ($830 +$30.009) Aircraft depreciation ($8.009) Office expenses ($220 + $1.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget 56 56 54 $ 16,000 $ 19,320 $ 18,630 8,500 8,540 8,360 2,012 1,848 1,782 2,400 2,510 2,450 448 448 432 444 276 274 13,804 13,622 13,298 $ 2,196 $ 5,698 $ 5,332 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 positive values. Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flights Revenue Actual Results 56 $ 16,000 Flexible Budget Planning Budget 56 54 $ 19,320 $ 18,630 Expenses: Wages and salaries 8,500 8,540 8,360 Fuel 2,012 1,848 1,782 Airport fees 2,400 2,510 2,450 Aircraft depreciation 448 448 432 Office expenses 444 276 274 Total expenses 13,804 13,622 13,298 Net operating income $ 2,196 $ 5,698 $ 5,332
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