Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($470.009) Expenses: Wages and salaries ($11,800 + $124.009) Supplies ($4.009) Equipment rental ($2,200 + $26.009) Insurance ($4,000) Miscellaneous ($540 + $1.46g) Total expense Net operating income 300 $ 141,000 49,000 1,200 10,000 4,000 978 65,178 $ 75,822 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.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $ 0

Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($470.009) Expenses: Wages and salaries ($11,800 + $124.009) Supplies ($4.009) Equipment rental ($2,200 + $26.009) Insurance ($4,000) Miscellaneous ($540 + $1.46g) Total expense Net operating income 300 $ 141,000 49,000 1,200 10,000 4,000 978 65,178 $ 75,822 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.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $ 0

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 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 DiversPlanning BudgetFor the Month Ended May 31 Budgeted diving-hours (q) 250 Revenue ($410.00q) $ 102,500 Expenses: Wages and salaries ($11,100 + $124.00q) 42,100 Supplies ($6.00q) 1,500 Equipment rental ($2,500 + $23.00q) 8,250 Insurance ($4,000) 4,000 Miscellaneous ($520 + $1.44q) 880 Total expense 56,730 Net operating income $ 45,770 During May, the company’s actual activity was 240 diving-hours. Required: Prepare a flexible budget for May.
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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 DiversPlanning BudgetFor the Month Ended May 31 Budgeted diving-hours (q) 250 Revenue ($390.00q) $ 97,500 Expenses: Wages and salaries ($11,900 + $126.00q) 43,400 Supplies ($5.00q) 1,250 Equipment rental ($2,200 + $21.00q) 7,450 Insurance ($4,000) 4,000 Miscellaneous ($500 + $1.48q) 870 Total expense 56,970 Net operating income $ 40,530 During May, the company’s actual activity was 240 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.)
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Schedule of Cash Payments Select Physical Therapy Inc. is planning its cash payments for operations for the third quarter (July-September), 2017. The Accrued Expenses Payable balance on July 1 is $31,700. The budgeted expenses for the next three months are as follows: July August September Salaries $72,900 $88,800 $98,300 Utilities 6,000 6,700 7,900 Other operating expenses 55,400 60,400 66,500 Total $134,300 $155,900 $172,700 Other operating expenses include $4,000 of monthly depreciation expense and $900 of monthly insurance expense that was prepaid for the year on March 1 of the current year. Of the remaining expenses, 75% are paid in the month in which they are incurred, with the remainder paid in the following month. The Accrued Expenses Payable balance on July 1 relates to the expenses incurred in June. Prepare a schedule of cash payments for operations for July, August, and September. Select Physical Therapy Inc. Schedule of Cash Payments for Operations For the Three Months…
es w 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) Revenue ($390.00q) Expenses: Wages and salaries ($11,200 + $126.00q) Supplies ($4.00q) Equipment rental ($2,300 + $22.00q) Insurance ($4,200) Miscellaneous ($500+ $1.46q) Total expense Net operating income During May, the company's actual activity was 340 diving-hours. 350 $ 136,500 Puget Sound Divers Flexible Budget For the Month Ended May 31
The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities and Equity Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation $ 1,680,000 420,000 Total assets $ 112,000 964,320 275,800 Liabilities Accounts payable Loan payable 911,512 Long-term note payable Equity 1,260,000 Common stock Retained earnings $ 3,523,632 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information. $ 562,800 12,000 1,400,000 938,000 610,832 $ 1,974,800 1,548,832 $ 3,523,632 a. Sales for March total 57,400 units. Budgeted sales in units follow: April, 57,400; May, 54,600; June, 56,000; and July, 57,400. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company…
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