10.00 points For the Daring is a helicopter company that offers daring flights i

Question

10.00 points For the Daring is a helicopter company that offers daring flights inside the walls of the Grand Canyon. You have been given the following data about the company's operations in July: Operating Data For the Month Ended July 31 Actual Flexible Planning 53 $16100 $18975 $18.285 Resuits Budget Revenue ($345 00q) Expenses Wages and salaries ($3,100+$89.00a) Fuel ($30.00q) Airport fees ($870 $31.00q) Aircraft depreciation (58 Office expenses ($210 $1.00q) 7957 7,995 7,817 1,820 1,650 1,590 2,460 2,575 2513 424 263 440 2575 440 433 265 Total expense Net operating income 2990 6050 5678 The helicopter company measures its activity in terms of flights. Two options are available for customers. They can buy individual tickets for helicopter flights or, if they have a large party or like solitude, they can hire an entire chopper for a flight at a discount. Required: 1. Complete the flexible budget performance report abstract for July. (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.) Flexible Budget Performance Report For the Mooth Ended July 31 Expenses Wages and salaries Fuel Airport fees Office expenses Total expense Net operating income

Explanation / Answer

Flexible budget performance Actual Revenue & spending Flexible Activity variance planning variance budget budget Revenue 16,100 2,875 U 18,975 690 F 18,285 expenses Wages and salaries 7,957 38 F 7,995 178 U 7,817 Fuel 1,820 170 U 1,650 60 U 1,590 Airport fees 2,460 115 F 2,575 62 U 2,513 Aircraft depreciation 440 0 N 440 16 U 424 office expenses 433 168 U 265 2 U 263 total expense 13,110 185 U 12,925 318 U 12,607 net operating income 2,990 3,060 U 6,050 372 F 5,678

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