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TipTop Flight School offers flying lessons at a small municipal airport. The schools owner and manager has been attempting t
Required: 2. Complete the flexible budget performance report for the school for July (Indicate the effect of each variance by
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Tiptop Flight School
Flexible Budget Performance Report
For the Month Ended July 31
Actual Results Revenue & Spending Variances Flexible Budget Activity Variances Planning Budget
Lessons 180 180 175
Revenue          41,290.00                                                 110.00 U            41,400.00                   1,150.00 F             40,250.00
Expenses:
Instructor wages          10,645.00                                                 155.00 F            10,800.00                      300.00 U             10,500.00
Aircraft Depreciation            6,840.00                                                           -                6,840.00                      190.00 U                6,650.00
Fuel            3,090.00                                                 570.00 U              2,520.00                         70.00 U                2,450.00
Maintenance            2,700.00                                                    90.00 U              2,610.00                         55.00 U                2,555.00
Ground Facility Expenses            2,470.00                                                 100.00 F              2,570.00                         20.00 U                2,550.00
Administration            3,885.00                                                 115.00 F              4,000.00                         15.00 U                3,985.00
Total expense          29,630.00                                                 290.00 U            29,340.00                      650.00 U             28,690.00
Net operating income          11,660.00                                                 400.00 U            12,060.00                      500.00 U             11,560.00
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