Week 5: Homework 2
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Flights (q)
Revenue ($355.00q)
Expenses:
Wages and salaries ($3,200 +
$91.00q)
Fuel ($33.00q)
Airport fees ($810 + $33.00q)
Aircraft depreciation ($9.00q)
Office expenses ($230 + $1.00q)
Total expense
Net operating income
Actual Flexible Planning
Results Budget Budget
59
59
57
$
$
$
16,000 20,945 20,235
8,527
8,569
8,387
2,111
1,947
1,881
2,652
2,757
2,691
531
531
513
457
289
287
14,278 14,093 13,759
$
1,722 $ 6,852 $ 6,476
…
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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.)
Flights
Revenue
Expenses:
Wages and
salaries
Fuel
Airport fees
Aircraft
depreciation
Office expenses
Total expense
Net operating
income
Vulcan Flyovers
Flexible Budget Performance Report
For the Month Ended July 31
Actual
Flexible
Results
Budget
59
59
$ 16,000
$ 20,945
$
Planning
Budget
57
$ 20,235
8,527
8,569
8,387
2,111
2,652
1,947
2,757
1,881
2,691
531
531
513
457
14,278
289
14,093
287
13,759
1,722
$
6,852
$
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