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 (9) Revenue ($460.00q) Expenses: Wages and salaries ($11,900 + $124.00q) Supplies ($4.00q) Equipment rental ($2,400+ $24.009) Insurance ($3,800) Puget Sound Divers Planning Budget For the Month Ended May 31 Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Miscellaneous ($510+ $1.44q) Total expense Net operating income 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 number.) Wages and salaries Supplies Equipment rental Insurance. Miscellaneous Total expense Net operating income 250 $ 115,000 42,900 1,000 8,400 3,800 870 56,970 $ 58,030

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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.