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 S company's planning budget for May appears below: For Budgeted diving-hours (9) Revenue ($430.009) Expenses: Wages and salaries ($11,400 + $124.009) Supplies ($6.009) Equipment rental ($2,200 + $22.009) Insurance ($4,100) Puget Sound Divers Planning Budget the Month Ended May 31 Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Miscellaneous ($530+ $1.489) Total expense 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.) Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income. 400 $ 172,000 61,000 2,400 11,000 4,100 1,122 79,622 $92,378

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Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.