appears below: Lessons Revenue Actual Results 185 $ 42,360 TipTop Flight School Variance Report For the Month Ended July 31 Planning Budget 180 Variances $ 960 F $ 41,400 10,960 10,800 160 U 7,400 7,200 200 U 3,620 3,060 560 U 2,690 2,530 160 U 2,130 2,178 40 F 3,720 3,840 120 F 30,520 29,600 920 U $ 11,840 $ 11,800 $ 40 F Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Administration Total expenses Ground facility expenses Net operating income After several months of using these reports, the owner has become frustrated. For example, she is confident instructor wages were very tightly controlled in July, but the report shows an unfavorable variance. She developed the planning budget using the following formulas, where q is the number of lessons sold: Cost Formulas Revenue Instructor wages $230q $60q Aircraft depreciation $40q Fuel $17q $550 +$11q Ground facility expenses $1,450 + $4q $3,300+ $3q Maintenance Administration Required: 2. Complete the flexible budget performance report for the school for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.

appears below: Lessons Revenue Actual Results 185 $ 42,360 TipTop Flight School Variance Report For the Month Ended July 31 Planning Budget 180 Variances $ 960 F $ 41,400 10,960 10,800 160 U 7,400 7,200 200 U 3,620 3,060 560 U 2,690 2,530 160 U 2,130 2,178 40 F 3,720 3,840 120 F 30,520 29,600 920 U $ 11,840 $ 11,800 $ 40 F Expenses: Instructor wages Aircraft depreciation Fuel Maintenance Administration Total expenses Ground facility expenses Net operating income After several months of using these reports, the owner has become frustrated. For example, she is confident instructor wages were very tightly controlled in July, but the report shows an unfavorable variance. She developed the planning budget using the following formulas, where q is the number of lessons sold: Cost Formulas Revenue Instructor wages $230q $60q Aircraft depreciation $40q Fuel $17q $550 +$11q Ground facility expenses $1,450 + $4q $3,300+ $3q Maintenance Administration Required: 2. Complete the flexible budget performance report for the school for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.

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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