Selected balance sheet information for the wolf company at november 30, and december 31, 2018, is presented below. the company uses the perpetual inventory system and all sales to customers are made on credit. nov. 30 debits credits dec. 31 debits credits accounts receivable prepaid insurance inventory accounts payable salaries and wages payable 9, 400 4,400 6, 400 2,400 6,900 5,400 11,400 4,400 14,400 2,400.

the following cash flow information also is available:

a. cash collected from credit customers, $74,000

b. cash paid for insurance, $4,400

c. cash paid to suppliers of inventory, $54,000 (the entire accounts payable amounts relate to inventory purchases)

d. cash paid to employees for salaries and wages, $9,400

required: determine the following for the month of december 2. prepare summary journal entries to record the month's sales and cost of those sales.

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.