Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1] 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 (q) 400 $168,000 Revenue ($420.00g) Expenses: Wages and salaries ($11,600 + $120.00q) Supplies ($4.00g) Equipment rental ($2,100 + $24.00g) Insurance ($4,200) Miscellaneous ($510 + $1.44g) Total expense 59,600 1,600 11,700 4, 200 1,e86 78,186 $ 89,814 Net operating income During May, the company's actual activity was 390 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 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income

Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1] 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 (q) 400 $168,000 Revenue ($420.00g) Expenses: Wages and salaries ($11,600 + $120.00q) Supplies ($4.00g) Equipment rental ($2,100 + $24.00g) Insurance ($4,200) Miscellaneous ($510 + $1.44g) Total expense 59,600 1,600 11,700 4, 200 1,e86 78,186 $ 89,814 Net operating income During May, the company's actual activity was 390 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 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income

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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Exercise 9-7 (Algo) Planning Budget [LO9-1] Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost Cost per Car per Month Washed $ 0.60 $ 1,200 $ 0.05 $ 0.25 $ 4,700 $ 0.40 $ 8,500 $ 2,100 $ 1,600 $ 0.01 For example, electricity costs are $1,200 per month plus $0.05 per car washed. The company expects to wash 8,100 cars in August and to collect an average of $6.80 per car washed. Required: Prepare the company's planning budget for August Lavage Rapide Planning Budget For the Month Ended August 31 Revenue Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 0 $ 0
Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1] 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 ($470.00q) Puget Sound Divers Planning Budget For the Month Ended May 31 Expenses: Wages and salaries ($11,600+ $122.00q) Supplies ($4.00q) Equipment rental ($2,400 + $24.00q) Insurance ($4,100) Miscellaneous ($520+ $1.44q) Total expense Net operating income Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: 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 number.) Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income $ 300 $ 141,000 0 0 48,200 1,200 9,600 4,100 952 64,052 $76,948
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PR 9-37 (Algo) Completion of Budget Schedules (LO 9-3, 9-5, 9-6) Scholastic Furniture, Incorporated, manufactures a variety of desks, chairs, tables, and shelf units that are sold to public school systems throughout the Midwest. The controller of the company's Desk Division is currently preparing a budget for the second quarter of the year. The following sales forecast has been made by the division's sales manager. April May June 13,000 desk-and-chair sets 15,000 desk-and-chair sets 18,000 desk-and-chair sets Each desk-and-chair set requires 12 board feet of pine planks and 1.5 hours of direct labor. Each set sells for $50. Pine planks cost $.50 per board foot, and the division ends each month with enough wood to cover 10 percent of the next month's production requirements. The division incurs a cost of $22 per hour for direct-labor wages and fringe benefits. The division ends each month with enough finished-goods inventory to cover 20 percent of the next month's sales. Required:…
Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company’s operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 53 53 51 Revenue ($355.00q) $ 16,300 $ 18,815 $ 18,105 Expenses: Wages and salaries ($3,600 + $92.00q) 8,432 8,476 8,292 Fuel ($31.00q) 1,811 1,643 1,581 Airport fees ($880 + $34.00q) 2,572 2,682 2,614 Aircraft depreciation ($11.00q) 583 583 561 Office expenses ($200 + $1.00q) 421 253 251 Total expense 13,819 13,637 13,299 Net operating income $ 2,481 $ 5,178 $ 4,806 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and…
Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1] 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 31 400 $ 176,000 Budgeted diving-hours (q) Revenue ($440.004) Expenses: Wages and salaries ($11,600+ $120.00q) Supplies ($4.000) Equipment rental ($2,300 + $25.009) Insurance ($4,000) Miscellaneous ($540 + $1.42q) Total expense Net operating income 59,600 1,600 12,300 4,000 1,108 78,608 $ 97,392 During May, the company's actual activity was 390 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income
Problem 8-30 (Algo) Integration of the Sales, Production, and Direct Materials Budgets [LO8-2, LO8-3, LO8-4] Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation: The Marketing Department has estimated sales as follows for the remainder of the year (in units): July 36,000 October 26,000 August 82,000 November 12,500 September 51,000 December 13,000 The selling price of the beach umbrellas is $15 per unit. All sales are on account. Based on past experience, sales are collected in the following pattern: 30% in the month of sale 65% in the month following sale 5% uncollectible Sales for June totaled $465,000. The company maintains finished goods inventories equal to 15% of the following month’s sales. This requirement will be met at the end of June. Each beach umbrella requires 4 feet of…
August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,300 Revenue ($4.259) $ 31,025 Expenses: Packing supplies ($0.409) 2,920 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,400 + $0.459) 5,685 Shipping ($0.709) 5,110 Utilities ($1,290) 1,290 other ($450 + $0.019) 523 Total expense 18,628 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 $ 12,397 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities other Total expense Net operating income Required: 7,300 $ 26,900 3,090 2,960 6,095 4,840 1,100 1,143 19,228 $ 7,672 Calculate the company's revenue and spending variances for August. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive…
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