Machine-hoursDirect labor wagesSuppliesMaintenanceUtilitiesSupervisionDepreciationTotalFreemont Corporation-Machining DepartmentFlexible Budget Performance ReportFor the Month Ended June 30ActualResults42,000$ 75,30022,80022,80020,50044,00073,000$258,400Revenue andSpending Variances$ 1,9805401,940FUUU680 X0None0✔ None$ 1,180 X U>>✓$wer is not333333FlexibleBudget42,000✔77,280$22,26020,86019,820 X44,000✔73,000✔lete.3,6801,060360520 X0None0✔ None|2|כ|כ|כ|כUUUU$257,220 $ 5,620 X UPlanningBudget40,000$ 73,600✓21,200✓20,500✓19,300✓44,00073,000✓✓$ 251,600 Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4]Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano inWashington State that explosively erupted in 1982. Data concerning the company'soperations in July appear below:Flights (q)Revenue ($345.00q)Expenses:Wages and salaries ($3,500 + $90.00q)Fuel ($33.00q)Airport fees ($830 + $30.00q)Aircraft depreciation ($8.00q)Office expenses ($240 + $1.00g)Total expenseNet operating incomeFlightsRevenueExpenses:Vulcan FlyoversOperating DataFor the Month Ended July 31Wages and salariesFuelAirport feesAircraft depreciationOffice expensesTotal expenseNet operating incomeActual Results$$Actual Results57$ 16,100The company measures its activity in terms of flights. Customers can buy individualtickets for overflights or hire an entire plane for an overflight at a discount.5716,1008,5902,0452,39545646513,951$ 2,149Required:1. Prepare a flexible budget performance report for July that includes revenue andspending variances and activity variances. (Indicate the effect of each variance byselecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance). Input all amounts as positive values.)8.5902,0452,39545646513,9512,149FlexibleBudget57$ 19,665$8,6301,8812,54045629713,804$ 5,861$Vulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31FlexibleBudgetPlanningBudget5719,66555$ 18,9758,6301,8812,54045629713,8045,8618,4501,8152,48044029513,480$ 5,495PlanningBudget$$5518,9758,4501,8152,48044029513,4805,495

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Description: Machine-hoursDirect labor wagesSuppliesMaintenanceUtilitiesSupervisionDepreciationTotalFreemont Corporation-Machining DepartmentFlexible Budget Performance ReportFor the Month Ended June 30ActualResults42,000$ 75,30022,80022,80020,50044,00073,000$25

Introduction Flexible budget or variable budget is a financial plan of estimated revenue and…

Business

Accounting

Machine-hours Direct labor wages Supplies Maintenance Utilities Supervision Depreciation Total Freemont Corporation-Machining Actual Results 42,000 $75,300 22,800 22,800 20,500 44,000 73,000 $ 258,400 Flexible Budget Performance Report For the Month Ended June 30 Revenue and Spending Variances $ 1,980 540 1,940 F כככ 680 X U 0 0 $ 1,180 X U None None ✓ ✓ ✓ Department Flexible Budget $ 42,000✔ 77,280 $ 3,680 U 22,260✔ 1,060 U 20,860 360 U 19,820 X 520 X U 44,000✔ 73,000✔ $257,220 3033 0 None 0 None $ 5,620 U Planning Budget 40,000 $ 73,600 21,200 20,500 19,300 ✓ ✓ ✓ ✓ 44,000 ✓ 73,000 ✓$ 251,600

Machine-hours Direct labor wages Supplies Maintenance Utilities Supervision Depreciation Total Freemont Corporation-Machining Actual Results 42,000 $75,300 22,800 22,800 20,500 44,000 73,000 $ 258,400 Flexible Budget Performance Report For the Month Ended June 30 Revenue and Spending Variances $ 1,980 540 1,940 F כככ 680 X U 0 0 $ 1,180 X U None None ✓ ✓ ✓ Department Flexible Budget $ 42,000✔ 77,280 $ 3,680 U 22,260✔ 1,060 U 20,860 360 U 19,820 X 520 X U 44,000✔ 73,000✔ $257,220 3033 0 None 0 None $ 5,620 U Planning Budget 40,000 $ 73,600 21,200 20,500 19,300 ✓ ✓ ✓ ✓ 44,000 ✓ 73,000 ✓$ 251,600

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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Vulcan Flyovers offers scenic overflights of Mount Saint Helens. 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 Flights (q) 58 $ Revenue ($350.009) 16,300 58 $ 20,300 56 $ 19,600 Expenses: Wages and salaries ($3,200 + $88.00q) 8,268 8,304 8,128 Fuel ($34.00q) 2,134 1,972 1,904 2,533 2,678 2,616 522 522 504 446 278 276 13,903 13,754 13,428 Airport fees ($880 + $31.009) Aircraft depreciation ($9.009) Office expenses ($220 +$1.009). Total expenses Net operating income $ 2,397 $ 6,546 $ 6,172 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. Note: 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…
Vulcan Flyovers offers scenic overflights of Mount Saint 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 Results Flexible Budget Planning Budget Flights (q) Revenue ($320.00q) Expenses: Wages and salaries ($4,000+ $82.009) Fuel ($23.00q) Airport fees ($650 + $38.009) Aircraft depreciation ($7.009) Office expenses ($190 + $2.00q) Total expense Net operating income 48 48 50 $ 13,650 $ 15,360 $ 16,000 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 336 350 460 286 290 12,836 12,136 12,440 $ 814 $ 3,224 $ 3,560 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. Note: Indicate the…
Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($345.00q) Expenses: Wages and salaries ($3,600 + $91.00g) Fuel ($30.00q) Airport fees ($860 + $32.009) Aircraft depreciation ($11.00q) Office expenses ($230 + $1.00g) Total expenses Net operating income Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expenses Net operating income Actual Results $ $ Actual Results 54 16,200 54 $ 16, 200 8,472 1,790 2,478 594 452 13,786 2,414 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Flexible Budget 8,472 1,790 2,478 594 452 13,786 13,600 $ 2,414 $ 5,030 Required: 1. Prepare a flexible budget performance report for…
Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($355.00g) Expenses: Wages and salaries ($3,100 +$88.00g) Fuel ($33.00q) Airport fees ($880 +$34.00g) Aircraft depreciation ($10.00q) Office expenses ($240 + $1.00q) Total expenses Net operating income. Actual Results Flexible Budget Planning Budget 62 62 60 $ 16,000 $ 22,010 $ 21,300 8,520 8,556 8,380 2,210 2,046 1,980 2,878 2,988 2,920 620 620 600 470 302 300 14,698 14,512 14,180 $ 1,302 $ 7,498 $ 7,120 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable,…
Vulcan Flyovers offers scenic overflights of Mount Saint 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 Planning Budget Actual Flexible Results Budget 48 48 50 Flights (q) Revenue ($320.00g) Expenses: Wages and salaries ($4,000 + $82.00q) Fuel ($23.00q) Airport fees ($650 + $38.00q) Aircraft depreciation ($7.00q) Office expenses ($190 + $2.00q) Total expense $ 13,650 $ 15,360 $ 16,000 k 8,430 1,260 2,350 7,936 1,104 2,474 8,100 1,150 2,550 nt 336 336 350 ences 460 286 290 12,836 $ 814 12,136 12,440 Net operating income $ 3,224 $ 3,560 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:
Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($355.00g) Expenses: Wages and salaries ($3,200+ $89.00q) Fuel ($32.000) Airport fees ($820 +$32.009) Office expenses ($250 + $1.00q) Aircraft depreciation ($10.009) Total expenses Net operating income Actual Results Flexible Budget Planning Budget. 56 56 54 $ 16,000 $ 19,880 $ 19,170 8,146 8,184 8,006 1,958 1,792 1,728 2,502 2,612 2,548 560 560 540 474 306 304 13,640 13,454 13,126 $ 2,360 $ 6,426 $ 6,044 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane at a discount. Required: 1. Prepare a flexible budget performance report for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable,…
Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint 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 Flights (q) Revenue ($355.009) Expenses: Wages and salaries ($3,700 +$91.009) Fuel ($32.009) Airport fees ($880 + $35.009) Aircraft depreciation ($9.009) Office expenses ($210 +$1.009) Total expense Net operating income Actual Results Flexible Budget Planning Budget 53 53 51 $ 16,400 $ 18,815 $ 18,105 8,481 8,523 8,341 1,862 1,696 1,632 2,595 2,735 2,665 477 477 459 431 263 261 13,846 13,694 13,358 $ 2,554 $ 5,121 $ 4,747 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…
Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Flights (q) Revenue ($345.00q) Expenses: Wages and salaries ($3,500 + $90.00q) Fuel ($33.00q) Airport fees ($830 + $30.00q) Aircraft depreciation ($8.00q) Office expenses ($240 + $1.00g) Total expense Net operating income Flights Revenue Expenses: Vulcan Flyovers Operating Data For the Month Ended July 31 Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ Actual Results 57 $ 16,100 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. 57 16,100 8,590 2,045 2,395 456 465 13,951 $ 2,149 Required: 1. Prepare a flexible budget performance…
Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Flights (g) Revenue ($345.00g) Vulcan Flyovers Operating Data For the Month Ended July 31 Expenses: Wages and salaries ($3,500 + $87.00g) Fuel ($32.00g) Airport fees ($860 + $31.00g) Aircraft depreciation ($9.00g) Office expenses ($230 + $1.00g) Total expense Net operating income Actual Results 61 $ 16,400 $ 8,773 2,118 2,636 549 459 14,535 1,865 Flexible Budget 61 $ 21,045 8,807 1,952 2,751 549 291 14,350 $ 6,695 Planning Budget 59 $ 20,355 8,633 1,888 2,689 531 289 14,030 $ 6,325 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…
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 Actual Results Budget Flights (q) 54 54 52 Revenue ($340.00q) $ 16, 200 $ 18,360 $17,680 Expenses: Wages and salaries ($3,400 + $86.00q) Fuel ($33.00q) Airport fees ($820 + $34.00q) Aircraft depreciation ($11.00q) Office expenses ($220 + $1.00q) Total expense 8,012 1,946 2,506 8,044 1,782 2,656 7,872 1,716 2,588 594 594 572 442 274 272 13,350 $ 2,700 $ 5,010 $ 4,660 13,500 13,020 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…
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 Budget Budget Results Flights (q) 48 48 50 $ 13,650 $ 15,360 $ 16,000 Revenue ($320.00g) Expenses: Wages and salaries ($4,000 + $82.00g) Fuel ($23.00q) Airport fees ($650 + $38.00q) 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 12,440 814 $ 3,224 $ 3,560 12,836 12,136 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…
Vulcan Flyovers offers scenic overflights of Mount Saint 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 Results Flexible Budget Planning Budget Flights (q) 53 53 51 Revenue ($340.00q) $ 16,100 $ 18,020 $ 17,340 Expenses: Wages and salaries ($3,500 + $86.00q) 8,026 8,058 7,886 Fuel ($34.00q) 1,964 1,802 1,734 Airport fees ($830 + $33.00q) 2,479 2,579 2,513 Aircraft depreciation ($10.00q) 530 530 510 Office expenses ($220 + $1.00q) 441 273 271 Total expense 13,440 13,242 12,914 Net operating income $ 2,660 $ 4,778 $ 4,426 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…