Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the PugetSound area. The company's planning budget for May appears below:Budgeted diving-hours (g)Revenue ($365.00g)Puget Sound DiversPlanning BudgetFor the Month Ended May 31Expenses:Wages and salaries ($8,000+ $125.00g)Supplies ($3.00g)Equipment rental ($1,800+ $32.00g)Insurance ($3,400)Miscellaneous ($630+ $1.80g)Total expenseNet operating income.Puget Sound DiversFlexible BudgetFor the Month Ended May 31Actual diving-hoursRevenueExpenses:During May, the company's actual activity was 105 diving-hours.Required:Prepare a flexible budget for May.Wages and salariesSuppliesEquipment rentalInsuranceMiscellaneousTotal expenseNet operating income$$105✔38,32521,125315✓5,250 x3,400819100$ 36,50030,9097,41620,5003005,0003,40081030,010$ 6,490

Flexible Budget= It is the budget that adjust to the company's actual capacity. All the income and…

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 (g) Revenue ($365.00g) Expenses: Wages and salaries ($8,000 + $125.00g) Supplies ($3.00g) Equipment rental ($1,800+ $32.00g) Insurance ($3,400) Miscellaneous ($630+ $1.80g) Total expense Net operating income 100 $ 36,500 20,500 300 5,000 3,400 810 30,010 $ 6,490 During May, the company's actual activity was 105 diving-hours. Required: Prepare a flexible budget for May.

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 (g) Revenue ($365.00g) Expenses: Wages and salaries ($8,000 + $125.00g) Supplies ($3.00g) Equipment rental ($1,800+ $32.00g) Insurance ($3,400) Miscellaneous ($630+ $1.80g) Total expense Net operating income 100 $ 36,500 20,500 300 5,000 3,400 810 30,010 $ 6,490 During May, the company's actual activity was 105 diving-hours. Required: Prepare a flexible budget for May.

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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