Toni Pena is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Toni has compiled the following financial information as of December 31, 20 12. Instructions
Revenues during 2012—camping fees Revenues during 2012—general store Accounts payable
Cash on hand
$140,000 Fair value of equipment 65,000 Notes payable
11,000 Expenses during 2012 23,000 Supplies on hand
105,500
(a) Determine Toni Pena’s net income from Deer Park for 2012.
$140,000 60,000 150,000 17,500
Original cost of equipment
Instructions

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) 56 56 54 revenue ($350.00q) $ 16,500 $ 19,600 $ 18,900 expenses: wages and salaries ($3,300 + $91.00q) 8,354 8,396 8,214 fuel ($31.00q) 1,904 1,736 1,674 airport fees ($870 + $35.00q) 2,730 2,830 2,760 aircraft depreciation ($11.00q) 616 616 594 office expenses ($240 + $1.00q) 464 296 294 total expense 14,068 13,874 13,536 net operating income $ 2,432 $ 5,726 $ 5,364 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.