appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (g) Revenue ($4.10g) Expenses: Raw materials ($2.20g) Wages and salaries ($6,000+ $0.20g) Utilities ($2,100+ $0.05g) Budgeted meals (g) Revenue ($4.10g) Facility rent ($4,000) Insurance ($2,000) Miscellaneous ($400 + $0.10g) Total expense Net operating income In July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Expenses: Raw materials ($2.20g) Wages and salaries ($6,000+ $0.20g) Utilities ($2,100+ $0.05g) 21,000 $ 86,100 Facility rent ($4,000) Insurance ($2,000) Miscellaneous ($400 + $0.10g) Total expense Net operating income 46,200 10,200 3,150 4,000 2,000 2,500 68,050 $ 18,050 22,000 $ 90,200 48,400 10,400 3,200 4,000 2,000 2,600 70,600 $ 19,600

appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (g) Revenue ($4.10g) Expenses: Raw materials ($2.20g) Wages and salaries ($6,000+ $0.20g) Utilities ($2,100+ $0.05g) Budgeted meals (g) Revenue ($4.10g) Facility rent ($4,000) Insurance ($2,000) Miscellaneous ($400 + $0.10g) Total expense Net operating income In July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Expenses: Raw materials ($2.20g) Wages and salaries ($6,000+ $0.20g) Utilities ($2,100+ $0.05g) 21,000 $ 86,100 Facility rent ($4,000) Insurance ($2,000) Miscellaneous ($400 + $0.10g) Total expense Net operating income 46,200 10,200 3,150 4,000 2,000 2,500 68,050 $ 18,050 22,000 $ 90,200 48,400 10,400 3,200 4,000 2,000 2,600 70,600 $ 19,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.309) Expenses: Raw materials ($2.109) Wages and salaries ($6,300 + $0.209) Utilities ($1,900 + $0.059) Facility rent ($3,200) Insurance ($2,500) Miscellaneous ($900 + $0.109) Total expense Net operating income Budgeted meals (q) Revenue ($4.309) In July, 27,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Expenses: Raw materials ($2.109) Wages and salaries ($6,300+ $0.209) Utilities ($1,900 + $0.059) Facility rent ($3,200) Insurance ($2,500) 26,000 $ 111,800 Miscellaneous ($900 + $0.10q) Total expense Net operating income 54,600 11,500 3,200 3,200 2,500 3,500 78,500 $33,300 27,000 $ 116,100 56,700 11,700 3,250 3,200 2,500 3,600 80,950 $…
Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.40q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,100 + $0.20q) Utilities ($2,000 + $0.05q) Facility rent ($3,000) Insurance ($2,300) Miscellaneous ($600 + $0.10q) Total expenses Net operating income Budgeted meals (q) Revenue ($4.40q) 27,000 $ 118,800 Expenses: Raw materials ($2.10q) Wages and salaries ($6,100+ $0.209) Utilities ($2,000+ $0.05q) Facility rent ($3,000) Insurance ($2,300) Miscellaneous ($600 + $0.10q) Total expenses Net operating income 56,700 11,500 In July, 28,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 3,350 3,000 2,300 3,300 80,150 $ 38,650 28,000 $ 123,200 58,800 11,700 3,400 3,000 2,300 3,400 82,600 $ 40,600
Flight Café prepares.in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.50q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,200 + $0.20g) Utilities ($2,000+ $0.05q) Facility rent ($3,600) Insurance ($2,700) Miscellaneous ($700 + $0.10q) Total expenses Net operating income In July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.50q) Expenses: Raw materials ($2.10q) Wages and salaries ($6,200+ $0.20q) Utilities ($2,000+ $0.05q) Facility rent ($3,600) Insurance ($2,700) Miscellaneous ($700 + $0.10q) Total expenses Net operating income 21,000 $ 94,500 44,100 10,400 3,050 3,600 2,700 2,800 66,650 $ 27,850 22,000 $ 99,000 46,200 10,600 3,100 3,600 2,700 2,900 69, 100 $ 29,900
Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.20q) Expenses: Raw materials ($2.209) Wages and salaries ($6,500 + $0.209) Utilities ($1,900 + $0.059) Facility rent ($3,100) Insurance ($2,900) Miscellaneous ($800 + $0.109) Total expenses Net operating income 26,000 $ 109,200 57,200 11,700 3,200 3,100 2,900 3,400 81,500 $ 27,700 In July, 27,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.20q) Expenses: Raw materials ($2.209) Wages and salaries ($6,500+ $0.209) Utilities ($1,900 + $0.059) Facility rent ($3,100) Insurance ($2,900) Miscellaneous ($800+ $0.10q) Total expenses Net operating income Required: 1. Calculate the company's activity variances for July. 27,000 $ 113,400 59,400 11,900 3,250 3,100 2,900 3,500…
Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (g) Revenue ($3.98q) Expenses: Raw materials ($2.289) Wages and salaries ($6,300 + $0.209) Utilities ($1,900 + $0.059) Facility rent ($3,300). Insurance ($2,200) Miscellaneous ($800 +$0.109) Total expenses Net operating income 26,000 $ 101,400 57,200 11,500 3,200 3,300 2,200 3,400 80,800 $ 20,600 In July, 27,000 meals were actually served. The company's flexible budget for this level of activity appears below: Budgeted meals (q) Revenue ($3.90q) Expenses: Flight Café Flexible Budget For the Month Ended July 31 Raw materials ($2.209) Wages and salaries ($6,300+ $0.209) Utilities ($1,900 +$0.059) Facility rent ($3,300) Insurance ($2,200) Miscellaneous ($800 +$0.109) Total expenses Net operating income Required: 1. Calculate the company's activity variances for July. 27,000 $ 105,300 59,400 11,700 3,250 3,300 2,200 3,500…
Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (9) Revenue ($4.28q) Expenses: Raw materials ($2.309) Wages and salaries ($6,200 $0.289) Utilities ($2,100 + $0.05q) Facility rent ($3,300) Insurance ($2,200) Miscellaneous ($400 + $0.10) Total expenses Net operating income 23,000 $ 96,600 52,900 10,800 3,250 3,300 2,200 2,700 75,158 $ 21,450 In July, 24,000 meals were actually served. The company's flexible budget for this level of activity appears below. Budgeted meals (q) Revenue ($4.28q) Expenses: Flight Café Flexible Budget For the Month Ended July 31 Raw materials ($2.389) Wages and salaries ($6,200+ $0.209) Utilities ($2,100 + $0.059) Facility rent ($3,300) Insurance ($2,200) Miscellaneous ($400 +$0.18q) Total expenses Net operating income Required: 1. Calculate the company's activity variances for July. 24,000 $ 100,800 55,200 11,000 3,300 3,300 2,200 2,800…
Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Cafe Planning Budget For the Month Ended July 31 Budgeted meals (g) Revenue $4.200) Raw materials ($2.10g) Wages and salaries ($6,300 + $0.20g) utilities ($2,200 + 50.054) Facility rent ($3,200) Insurance ($2,700) Miscellaneous (58ee-se-167) Total expenses Net operating income In July, 23.000 meals were actually served. The company's flexible budget for this level of activity appears below: Budgeted meals (q) Revenue ($4.20g) Flight Café Flexible Budget For the Month Ended July 31 Expenses: Raw materials ($2.109) Wages and salaries ($6,300+ $0.20g) Utilities ($2,200 se.05q) Facility rent ($3,200) Insurance ($2,700) Miscellaneous ($888 + se.10g) Total expenses Net operating income Revenue Expenses: Raw materials Wages and salaries Utilities Facility rent Insurance Miscellaneous Total expenses Net operating income 22,000 $ 92,400 46,200 10,700 Flight Café Activity Variances For the…
Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company’s planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) 24,000 Revenue ($4.40q) $ 105,600 Expenses: Raw materials ($2.10q) 50,400 Wages and salaries ($6,300 + $0.20q) 11,100 Utilities ($2,100 + $0.05q) 3,300 Facility rent ($3,300) 3,300 Insurance ($2,800) 2,800 Miscellaneous ($600 + $0.10q) 3,000 Total expense 73,900 Net operating income $ 31,700 In July, 25,000 meals were actually served. The company’s flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q) 25,000 Revenue ($4.40q) $ 110,000 Expenses: Raw materials ($2.10q) 52,500 Wages and salaries ($6,300+ $0.20q) 11,300 Utilities ($2,100 + $0.05q) 3,350 Facility rent ($3,300)…
2 Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (g) Revenue ($4.20g) Expenses: Raw materials ($2.10g) Wages and salaries ($6,400 + $0.20g) Utilities ($1,800 + $0.05g) Facility rent ($3,500) Insurance ($2,600) Miscellaneous ($400+ $0.10g) Total expense Net operating income 27,000 $ 113,400 56,700 11,800 3,150 3,500 2,600 3,100 80,850 $ 32,550
Accounting Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (g) 28,000 Revenue ($4.40g) $ 123,200 Expenses: Raw materials ($1.80g) 50,400 Wages and salaries ($6,200 + $0.20g) 11,800 Utilities ($1,900+ $0.05g) 3,300 Facility rent ($3,800) 3,800 Insurance ($2,900) 2,900 Miscellaneous ($800 + $0.10g) 3,600 Total expense 75,800 Net operating income $ 47,400 In July, 29,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (g) 29,000 Revenue ($4.40g) $ 127,600 Expenses: Raw materials ($1.80g) 52, 200 Wages and salaries ($6,200+ $0.20g) 12,000 Utilities ($1,900+ $0.05g) 3,350 Facility rent ($3,800) 3,800 Insurance ($2,900) 2,900 Miscellaneous ($800+ $0.10g) 3,700 Total expense 77,950 Net operating…
Flight Café is a company that prepares in-flight meals for airlines in its kitchen located next to the local airport. The company’s planning budget for July appears below: Flight CaféPlanning BudgetFor the Month Ended July 31 Budgeted meals (q) 30,000 Revenue ($4.10q) $ 123,000 Expenses: Raw materials ($2.10q) 63,000 Wages and salaries ($6,100 + $0.20q) 12,100 Utilities ($2,200 + $0.05q) 3,700 Facility rent ($3,900) 3,900 Insurance ($2,500) 2,500 Miscellaneous ($300 + $0.10q) 3,300 Total expense 88,500 Net operating income $ 34,500 In July, 31,000 meals were actually served. The company’s flexible budget for this level of activity appears below: Flight CaféFlexible BudgetFor the Month Ended July 31 Budgeted meals (q) 31,000 Revenue ($4.10q) $ 127,100 Expenses: Raw materials ($2.10q) 65,100 Wages and salaries ($6,100 + $0.20q) 12,300 Utilities ($2,200 + $0.05q) 3,750 Facility rent ($3,900) 3,900…
Flight Café is a company that prepares in-flight meals for airlines in its kitchen located next to the localairport. The company’s planning budget for July follows:bre27076_ch08_358-395.indd 378 7/23/09 4:11:10 PMConfi rming Pages379Flight CaféPlanning BudgetFor the Month Ended July 31Budgeted meals (q) ................................................ 18,000Revenue ($4.50q) ................................................... $81,000Expenses:Raw materials ($2.40q) ....................................... 43,200Wages and salaries ($5,200 $0.30q) .............. 10,600Utilities ($2,400 $0.05q) .................................. 3,300Facility rent ($4,300) ............................................ 4,300Insurance ($2,300) .............................................. 2,300Miscellaneous ($680 $0.10q) .......................... 2,480Total expense ......................................................... 66,180Net operating income .............................................. $14,820In…