FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area.
The company's planning budget for May appears below:
Budgeted diving-hours (q)
Revenue ($430.000)
Puget Sound Divers
Planning Budget
For the Month Ended May 31
Expenses:
Wages and salaries ($11,700 $124.009)
Supplies (55.00g)
Equipment rental ($2,000 $23.000)
Insurance ($4,100)
Puget Sound Divers
Flexible Budget
For the Month Ended May 31
Revenue
Expenses
Miscellaneous ($530+ $1.44g)
Total expense
Net operating income
During May, the company's actual activity was 290 diving-hours.
Required:
Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.)
Wages and salaries
Supplies
Equipment rental
Insurance
Miscellaneous
300
5 129,000
Total expense
Net operating income
48,900
1,500
8,900
4,100
962
64,362
$ 64,638
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Transcribed Image Text:Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Budgeted diving-hours (q) Revenue ($430.000) Puget Sound Divers Planning Budget For the Month Ended May 31 Expenses: Wages and salaries ($11,700 $124.009) Supplies (55.00g) Equipment rental ($2,000 $23.000) Insurance ($4,100) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses Miscellaneous ($530+ $1.44g) Total expense Net operating income During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Wages and salaries Supplies Equipment rental Insurance Miscellaneous 300 5 129,000 Total expense Net operating income 48,900 1,500 8,900 4,100 962 64,362 $ 64,638
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