FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The company's planning budget for May
appears below:
Budgeted diving-hours (q)
Revenue ($390.00q)
Puget Sound Divers
Planning Budget
For the Month Ended May 31
Expenses:
Wages and salaries ($12,000+ $130.00g)
Revenue
Expenses:
Supplies ($4.00q)
Equipment rental ($2,200 + $25.00g)
Insurance ($4,000)
Miscellaneous ($520+ $1.48q)
Total expenses
Net operating income
During May, the company's actual activity was 340 diving-hours.
Required:
Prepare a flexible budget for May.
Note: Round your answers to the nearest whole number.
Miscellaneous
Total expenses
Puget Sound Divers
Flexible Budget
For the Month Ended May 31
Wages and salaries
Supplies
Equipment rental
Insurance
350
$ 136,500
57,500
1,400
10,950
4,000
1,038
74,888
$ 61,612
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Transcribed Image Text:Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The company's planning budget for May appears below: Budgeted diving-hours (q) Revenue ($390.00q) Puget Sound Divers Planning Budget For the Month Ended May 31 Expenses: Wages and salaries ($12,000+ $130.00g) Revenue Expenses: Supplies ($4.00q) Equipment rental ($2,200 + $25.00g) Insurance ($4,000) Miscellaneous ($520+ $1.48q) Total expenses Net operating income During May, the company's actual activity was 340 diving-hours. Required: Prepare a flexible budget for May. Note: Round your answers to the nearest whole number. Miscellaneous Total expenses Puget Sound Divers Flexible Budget For the Month Ended May 31 Wages and salaries Supplies Equipment rental Insurance 350 $ 136,500 57,500 1,400 10,950 4,000 1,038 74,888 $ 61,612
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