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Exercise 9-4 Prepare a Flexible Budget Performance Report [LO9-4] 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: 58 Vulcan Flyovers Operating Data For the Month Ended July 31 Actual FlexiblePlanning Results Budget Budget Flights (9) 60 60 Revenue ($345.00) $16,400 $20,700 $20,010 Expenses: Wages and salaries ($3,800 + $89.00) 9,102 9,140 8,962 Fuel ($33.009) 2,144 1,980 1,914 Airport fees ($820 + $33.009) 2,655 2,800 2,734 Aircraft depreciation ($10.00) 600 600 580 Office expenses ($210 + $1.000) 438 270268 Total expense 14,939 14,790 14,458 Net operating income $ 1,461 $ 5,910 $ 5,552 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 Actual Flexible Results Budget 60 60 Planning Budget 58 Flights | $ 16,4001 $ 20,700 $ 20,010 8,962 9,102 2,144 2,655 9,140 1,980 2,800 1,914 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 600 600 438 14,939 1,461 2701 14,790 5,910 2,734 580 268 14,458 5,552 $ $ $

Answer 1

A F G H I B C D E Vulcan Flyovers Flexible Budget Peformance Report For the Month Ended July 31 Actual Flexible Results Budget 60 4. 5 6 Planning Budget Flights 60 2 F 58 1 $ 20,700 $ 690 F $ 20,010 F U 8 Revenue $ 16,400 $ 4,300 9 Expenses: 10 Wages and Salaries $ 9,102 $ 38 11 Fuel | $ 2,144 | $ (164) 12 Airport fees $ 2,655 $ 145 13 Aircraft depreciation $ 600 $ - 14 Office Expenses $ 438 $ (168) 15 Total expense $ 14,939 $ (149) 16 Net Operating Income $ 1,461 $ 4,449 F $ 9,140 $ | $ 1,980 | $ $ 2,800 $ $ 600 $ $ 270 $ $ 14,790 $ $ 5,910 $ (178) (66) (66) (20) (2) (332) 358 U U U U U U F $ 8,962 | $ 1,914 | $ 2,734 $ 580 $ 268 $ 14,458 $ 5,552 U U 17

G H Planning Budget 60 60 F 58 F 20010 A B C D E F Vulcan Flyovers 2 Flexible Budget Peformance Report For the Month Ended July 31 Actual Flexible 5 Results Budget 6 Flights =B6-E6 E6-H6 7 8 Revenue 16400 =E8-B8 U 20700 =E8-H8 9 Expenses: 10 Wages and Salaries 9102 =E10-B10 F 9140 =H10-E10 11 Fuel 2144 =E11-B11 U 1980 =H11-E11 Airport fees 2655 =E12-B12 2800 =H12-E12 13 Aircraft depreciation 600 =E13-B13 600 =H13-E13 14 Office Expenses 438 =E14-B14 U 270 =H14-E14 15 Total expense =SUM(B10:B14) |=SUM(C10:C14) =SUM(E10:E14) =SUM(F10:F14) 16 Net Operating Income =B8-B15 =C8-C15 U =E8-E15 =F8+F15 17 | 12 U U U U U U F 8962 1914 2734 580 268 =SUM(H10:H14) =H8-H15

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