Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The company's planning budget for Mayappears below:Budgeted diving-hours (q)Revenue ($390.00q)Puget Sound DiversPlanning BudgetFor the Month Ended May 31Expenses:Wages and salaries ($12,000+ $130.00g)RevenueExpenses:Supplies ($4.00q)Equipment rental ($2,200 + $25.00g)Insurance ($4,000)Miscellaneous ($520+ $1.48q)Total expensesNet operating incomeDuring May, the company's actual activity was 340 diving-hours.Required:Prepare a flexible budget for May.Note: Round your answers to the nearest whole number.MiscellaneousTotal expensesPuget Sound DiversFlexible BudgetFor the Month Ended May 31Wages and salariesSuppliesEquipment rentalInsurance350$ 136,50057,5001,40010,9504,0001,03874,888$ 61,612

The flexible budget is prepared for actual level of production on the basis of the standard rate of…

Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($390.00q) Expenses: Wages and salaries ($12,000+ $130.00q) Supplies ($4.00q) Equipment rental ($2,200 + $25.00g) Insurance ($4,000) Miscellaneous ($520+ $1.48g) Total expenses Net operating income 350 $ 136,500 57,500 1,400 10,950 4,000 1,038 74,888 $ 61,612 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.

Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($390.00q) Expenses: Wages and salaries ($12,000+ $130.00q) Supplies ($4.00q) Equipment rental ($2,200 + $25.00g) Insurance ($4,000) Miscellaneous ($520+ $1.48g) Total expenses Net operating income 350 $ 136,500 57,500 1,400 10,950 4,000 1,038 74,888 $ 61,612 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($460.00q) Expenses: Wages and salaries ($11,200 +$126.00q) Supplies ($5.00q) Equipment rental ($2,400 + $20.00q) Insurance ($4,000) Miscellaneous ($540 + $1.50q) Total expenses Net operating income. 250 $ 115,000 42,700 1,250 7,400 4,000 915 56,265 $ 58,735 During May, the company's actual activity was 240 diving-hours. Required: Prepare a flexible budget for May. Note: Round your answers to the nearest whole number.
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