concerning the company's operations in July appear below.Vulcan FlyoversOperating DataFor the Month Ended July 31Actual Plexible PlanningBudget58Budget56ResultsFlights (9)58Revenue ($345.00g)$16,100 $ 20,010 5 19,320Expenses:Wages and salaries ($3,700 + $88.00g)Fuel ($34.00g)Airport fees ($880 + $34.00g)Aircraft depreciation ($9. 00g)ottice expenses ($220 + $1.00g)Total expense8,7682,1342,7075228,8041,9722,8525222788,6281,9042,78450444627614,428$ 1,523 $ 5,582 $ 5,22414,57714,096Net operating inconeThe company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for anoverflight at a discount.Required:1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicatethe 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.)Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31FlexibleBudgetPlanningBudgetActual ResultsFlights585856Revenue2$16,10020,010%2419,320Expenses:Winnon and ealaine0 769< Prev15 of 15Next HeSavednabled: Chapter 9 Quiz2,1342,7075221,9722,8525221,9042,784504Fuel ($34.00g)Airport fees ($880 + $34.00g)Aircraft depreciation ($9.00g)Office expenses ($220 + $1.00g)Total expense44627827614,09614,577$1,523 $ 5,582 $ 5,22414,428Net operating incomeThe company measures its activity in terms of fights. Customers can buy Individual tickets for overflights or hire an entire plane for anoverflight at a discount.Required:1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicatethe effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Inputall amounts as positive values.)Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31PlanningBudget56FlexibleActual ResultsBudgetFlights5858Revenue%2420,010%2419,32016,100Expenses:Wages and salaries8,7688,8048,628Fuel2,1341,9721,904Airport fees2,7072,8522,784Aircraft depreciation522522504Office expenses446278276Total expense14,57714,42814,096Net operating income1,523%245,582%245,224

A flexible budget also called a variable budget is a budget that adjusts to the activity or volume…

concerning the company's operations in July appear below. Vulcan Flyovere Operating Data For the Month Ended July 31 Actual Plexible Planning Budget 58 Budget 56 Results Flights (9) 58 $16,100 $ 20,010 5 19,320 Revenue ($345.00g) Expenses Wages and salaries ($3,700 + $88.00g) Fuel ($34.00g) Airport fees ($880 + $34.00g) Aireraft depreciation ($9.00g) orrice expenes ($220 + $1.00g) Total expense 8,768 2,134 2,707 522 446 14,577 8,004 1,972 2,852 522 278 14,428 $ 1,523 $ 5,582 $ 5,224 0,620 1,904 2,784 504 276 14,096 Net operating income 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. (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 Roport For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights 58 58 56 Revenue %24 16,100 2$ 20,010 %24 19,320 Expenses: Mnnan nnd enladne

concerning the company's operations in July appear below. Vulcan Flyovere Operating Data For the Month Ended July 31 Actual Plexible Planning Budget 58 Budget 56 Results Flights (9) 58 $16,100 $ 20,010 5 19,320 Revenue ($345.00g) Expenses Wages and salaries ($3,700 + $88.00g) Fuel ($34.00g) Airport fees ($880 + $34.00g) Aireraft depreciation ($9.00g) orrice expenes ($220 + $1.00g) Total expense 8,768 2,134 2,707 522 446 14,577 8,004 1,972 2,852 522 278 14,428 $ 1,523 $ 5,582 $ 5,224 0,620 1,904 2,784 504 276 14,096 Net operating income 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. (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 Roport For the Month Ended July 31 Flexible Planning Budget Actual Results Budget Flights 58 58 56 Revenue %24 16,100 2$ 20,010 %24 19,320 Expenses: Mnnan nnd enladne

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter6: Work Sheet And Adjusting Entries For A Service Business

Section: Chapter Questions

Problem 1MP

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