Vulcan FlyoversOperating DataFor the Month Ended July 31PlanningBudgetActualFlexibleResultsBudgetFlights (q)Revenue ($345.00q)545452$ 16,100$ 18,630$ 17,940Expenses:Wages and salaries ($3,100 + $91.00q)Fuel ($30.00qAirport fees ($830 + $33.00q)Aircraft depreciation ($10.0eq)Office expenses ($240 + $1.00q)Total expense7,9721,7902,4928,0141,6202,6127,8321,5602,54654054052046229429213,25613,08012,750Net operating income$ 2,844$ 5,550$ 5,190The 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.) of%24%24%24Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31FlexibleBudgetPlanningBudgetActual ResultsFlights545452Revenue$416,10018,63017,940Expenses:Wages and salaries7,9728,0147,832Fuel1,7901,6201,560Airport fees2,4922,6122,546Aircraft depreciation540540520Office expenses462294292Total expense13,25613,08012,750Net operating income2$2,8445,5505,190

A Flexible budget is called variable budget and adjust to change in actual revenue level.

Answered: The company m overflight at ac…

Business

Accounting

The company m overflight at ac Required: 1. Prepare a fle the effect of ea all amounts as

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 2MC

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