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Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flexible Planning Budget 50 Actual Results Budget 48 Flights (q) 48 $ 13,650 $15,360 $16, 000 Revenue ($320.00g) Expenses: Wages and salaries ($4,000 + $82.00g) Fuel ($23.00g) Airport fees ($650 + $38.00g) Aircraft depreciation ($7.00g) Office expenses ($190 + $2.00g) Total expense 8,430 1,260 2,350 336 7,936 1,104 2,474 336 8,100 1,150 2,550 350 460 286 290 12,836 12,136 12,440 814 $ 3,224 $ 3,560 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.) 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 Report For the Month Ended July 31 Planning Budget Actual Flexible Results Budget Flights 48 48 50 Revenue 13,650 15,360 16,000 Expenses: Wages and salaries 8,430 7,936 8,100 Fuel 1,260 1,104 1,150 Airport fees 2,350 2,474 2,550 Aircraft depreciation 336 336 350 Office expenses 460 286 290 Total expense 12,836 12,136 12,440 Net operating income $ 814 $ 3,224 3,560 %24

Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flexible Planning Budget 50 Actual Results Budget 48 Flights (q) 48 $ 13,650 $15,360 $16, 000 Revenue ($320.00g) Expenses: Wages and salaries ($4,000 + $82.00g) Fuel ($23.00g) Airport fees ($650 + $38.00g) Aircraft depreciation ($7.00g) Office expenses ($190 + $2.00g) Total expense 8,430 1,260 2,350 336 7,936 1,104 2,474 336 8,100 1,150 2,550 350 460 286 290 12,836 12,136 12,440 814 $ 3,224 $ 3,560 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.) 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 Report For the Month Ended July 31 Planning Budget Actual Flexible Results Budget Flights 48 48 50 Revenue 13,650 15,360 16,000 Expenses: Wages and salaries 8,430 7,936 8,100 Fuel 1,260 1,104 1,150 Airport fees 2,350 2,474 2,550 Aircraft depreciation 336 336 350 Office expenses 460 286 290 Total expense 12,836 12,136 12,440 Net operating income $ 814 $ 3,224 3,560 %24

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter13: Budgeting And Standard Costs
Section: Chapter Questions
Problem 13.6.3P
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Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flexible Planning Budget 50 Actual Results Budget 48 Flights (q) 48 $ 13,650 $15,360 $16, 000 Revenue ($320.00g) Expenses: Wages and salaries ($4,000 + $82.00g) Fuel ($23.00g) Airport fees ($650 + $38.00g) Aircraft depreciation ($7.00g) Office expenses ($190 + $2.00g) Total expense 8,430 1,260 2,350 336 7,936 1,104 2,474 336 8,100 1,150 2,550 350 460 286 290 12,836 12,136 12,440 814 $ 3,224 $ 3,560 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.)
Transcribed Image Text:Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flexible Planning Budget 50 Actual Results Budget 48 Flights (q) 48 $ 13,650 $15,360 $16, 000 Revenue ($320.00g) Expenses: Wages and salaries ($4,000 + $82.00g) Fuel ($23.00g) Airport fees ($650 + $38.00g) Aircraft depreciation ($7.00g) Office expenses ($190 + $2.00g) Total expense 8,430 1,260 2,350 336 7,936 1,104 2,474 336 8,100 1,150 2,550 350 460 286 290 12,836 12,136 12,440 814 $ 3,224 $ 3,560 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.)
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 Report For the Month Ended July 31 Planning Budget Actual Flexible Results Budget Flights 48 48 50 Revenue 13,650 15,360 16,000 Expenses: Wages and salaries 8,430 7,936 8,100 Fuel 1,260 1,104 1,150 Airport fees 2,350 2,474 2,550 Aircraft depreciation 336 336 350 Office expenses 460 286 290 Total expense 12,836 12,136 12,440 Net operating income $ 814 $ 3,224 3,560 %24
Transcribed Image Text: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 Report For the Month Ended July 31 Planning Budget Actual Flexible Results Budget Flights 48 48 50 Revenue 13,650 15,360 16,000 Expenses: Wages and salaries 8,430 7,936 8,100 Fuel 1,260 1,104 1,150 Airport fees 2,350 2,474 2,550 Aircraft depreciation 336 336 350 Office expenses 460 286 290 Total expense 12,836 12,136 12,440 Net operating income $ 814 $ 3,224 3,560 %24
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