Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31
Actual Results Flexible Budget Planning Budget
Flights (q) 62 62 60
Revenue ($355.00q) $ 16,100 $ 22,010 $ 21,300
Expenses:
Wages and salaries ($3,000 + $89.00q) 8,480 8,518 8,340
Fuel ($30.00q) 2,030 1,860 1,800
Airport fees ($880 + $32.00q) 2,759 2,864 2,800
Aircraft depreciation ($10.00q) 620 620 600
Office expenses ($200 + $1.00q) 430 262 260
Total expense 14,319 14,124 13,800
Net operating income $ 1,781 $ 7,886 $ 7,500
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. Complete the flexible budget performance report abstract for July. (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.)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
