Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 Actual Flexible Planning Results Budget Budget 54 Flights (9) 54 52 Fook $ 16,300 $ 18,900 $ 18,200 8,084 rint 2,596 Revenue ($350.000) Expenses : Wages and salaries ($3,300 + $92.00) Fuel ($31.00) Airport fees ($880 + $33.009) Aircraft depreciation ($9.009) Office expenses ($240 + $1.00g) Total expense Net operating income Fences 8,224 8,268 1,842 1,674 2,562 2,662 486 486 462 294 13,576 13,384 $ 2,724 $ 5,516 13,052 $ 5,148 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 Report For the Month Ended July 31 16 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.) n oints Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget eBook Hint Actual Results 54 Planning Budget 52 Flights Print References Revenue $ 16,300 $ 18,900 $ 18,200 8,224 8,084 8,268 1,674 1,612 2,596 2,662 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 468 1,842 2,562 486 462 13,576 2,724 486 294 13,384 5,516 292 13,052 5,148 $ $ $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started