SeyeExercise 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 areaThe company's planning budget for May appears belowPuget Sound DlversPlanning BudgetFor the Honth Ended Hay 31Budgeted diving-hours (9)Bevenue (5440.00)ExpensesMages and salaries ($11.000+ $122.0ng)Supplies (54.0og)Equipnent rental (52,300 525.00)Insurance (54,000)Miscellaneous (5520 $1.449)Total expense2501 110,00041,5001,000,5504,00055,930Net operating InconeDuring May, the company's actual activity was 240 diving-hoursRequired:Prepare a flexitble budget for May. (Round your answers to the neerest whole dollar.)Puget Sound DiversFlesible BudgetFor the Month Ended May 31ReverueExpensesWages and salariesSuppliesEquipment rentalInsuranceMiscellaneounTotal expenseNet operating income

Puget Sound Diver ++: Flexible Budget for the month ended may 31st Particulars Amount Revenue…

Answered: Exercise 9-1 (Algo) Prepare a Flexible…

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 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] 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: Flights (q) Revenue ($345.00q) Expenses: Wages and salaries ($3,500 + $90.00q) Fuel ($33.00q) Airport fees ($830 + $30.00q) Aircraft depreciation ($8.00q) Office expenses ($240 + $1.00g) Total expense Net operating income Flights Revenue Expenses: Vulcan Flyovers Operating Data For the Month Ended July 31 Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ Actual Results 57 $ 16,100 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. 57 16,100 8,590 2,045 2,395 456 465 13,951 $ 2,149 Required: 1. Prepare a flexible budget performance…
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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 30,500 October 20,500 August 71,000 November 7,000 September 40,000 December 7,500 The selling price of the beach umbrellas is $10 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 $200,000. 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 Gilden, a material that is…
h
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…
provide A and B both answer with explanation
Exercise 9-3 (Algo) Revenue and Spending Varlances [LO9-3] Quilcene Oysterla farms and sells oysters In the Pacific Northwest. The company harvested and sold 7,500 pounds of oysters In August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) 7,500 $ 30,75e Revenue ($4.10g) Expenses: Packing supplies ($0.25q) Oyster bed naintenance ($3,000) Wages and salaries ($2,6G00 + se.309) Shipping ($e.55g) Utilities ($1,270) other ($460 + se.014) Total expernse 1,875 3,000 4,85e 4,125 1,270 535 15,655 $ 15,095 Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statenent For the Month Ended August 31 Actual pournds 7.500 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Uulities $27,400 2, 045 2,860 5,260 3,855 1, 080 1,155 16, 255 other Total expense Net operating incone $ 11,145 Required: Calculate the company's revenue and spending…
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…
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