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 Results Flexible Budget Planning Budget
Flights (q) 57 57 55
Revenue ($340.00q) $16,400 $19,380 $18,700
Expenses:
Wages and salaries ($3,600 + $87.00q) 8,525 8,559 8,385
Fuel ($34.00q) 2,100 1,938 1,870
Airport fees ($870 + $34.00q) 2,693 2,808 2,740
Aircraft depreciation ($9.00q) 513 513 495
Office expenses ($230 + $1.00q) 455 287 285
Total expense 14,286 14,105 13,775
Net operating income $2,114 $5,275 $4,925

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:
Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances.

1. Revenue and Spending Variance

Revenue  = (19,380 - 16,400) = 2980 U

Expenses

Wages & Salaries = 8,559 - 8,525 = 34 U

Fuel  =  1,870 - 1,938 = 68 F

Airport Fees =  2,808 - 2,693 = 115 U

Aircraft Depreciation = 0 None

Office Expenses =  287 - 455 = 168 F

Total Expenses = 87 F

Net Operating Income = 5,275 - 2,114 = 3161 U

2. Activity Variances  

Activity Variances are used to compare revenue and cost item between the planning budget and flexible budget of the company.

Revenue = 18,700 - 19,380 = 680 U

Expenses

Wages and salaries = 8,385 - 8,559 = 174 U

Fuel = 1,870 - 1,938 = 68 U

Airport fees = 2,740 - 2,808 = 68 U

Aircraft depreciation = 495 - 513 = 18 U

Office expenses = 285 - 287 = 2 U

Total expense = 330 U

Net operating income = 4,925 - 5,275  = 350 U

both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.

answer; im, thinking it should be (7yrs)///plz check first.good luck