FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Give me answer within 45 min please I will give you upvotes its ver urgent ......thankyou...
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:
Puget Sound Divers.
Planning Budget
For the Month Ended May 31
Budgeted diving-hours (4)
350
Revenue ($400.00 g)
$ 140,000
Expenses:
54, 200
Wages and salaries ($11,500 + $122.00 g)
Supplies ($4.00g)
1, 400
Equipment rental ($2,500 + $21.00g)
9,850
Insurance ($3,900)
3,900
Miscellaneous ($500+ $1.50g)
1,025
Total expense
70, 375
Net operating income
$ 69, 625
During May, the company's actual activity was 340 diving-hours.
Required:
Prepare a flexible budget for May. (Round your answers to the nearest whole number.)
Puget Sound Divers
Flexible Budget
For the Month Ended May 31
Actual diving-hours
340
Revenue
Expenses:
0
Wages and salaries
Supplies
Equipment rental
Insurance
Miscellaneous
Total expense
Net operating income
$
0
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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: Puget Sound Divers. Planning Budget For the Month Ended May 31 Budgeted diving-hours (4) 350 Revenue ($400.00 g) $ 140,000 Expenses: 54, 200 Wages and salaries ($11,500 + $122.00 g) Supplies ($4.00g) 1, 400 Equipment rental ($2,500 + $21.00g) 9,850 Insurance ($3,900) 3,900 Miscellaneous ($500+ $1.50g) 1,025 Total expense 70, 375 Net operating income $ 69, 625 During May, the company's actual activity was 340 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours 340 Revenue Expenses: 0 Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income $ 0
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