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 Revenue ($450.00q) Expenses: Wages and salaries ($11,600 + $124.009) Supplies ($3.009) For the Month Ended May 31 Budgeted diving-hours (q) 350 $ 157,500 55,000 1,050 10,150 4,000 1,065 71,265 $ 86,235 Equipment rental ($2,100 + $23.00q) Insurance ($4,000) Miscellaneous ($540 + $1.50q) Total expense Net operating income During May, the company's actual activity was 340 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
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 Revenue ($450.00q) Expenses: Wages and salaries ($11,600 + $124.009) Supplies ($3.009) For the Month Ended May 31 Budgeted diving-hours (q) 350 $ 157,500 55,000 1,050 10,150 4,000 1,065 71,265 $ 86,235 Equipment rental ($2,100 + $23.00q) Insurance ($4,000) Miscellaneous ($540 + $1.50q) Total expense Net operating income During May, the company's actual activity was 340 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
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter8: Budgeting
Section: Chapter Questions
Problem 2PB: Sales, production, direct materials purchases, and direct labor cost budgets The budget director of...
Related questions
Question
![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
Budgeted diving-hours (q)
Revenue ($450.00q)
Expenses:
Wages and salaries ($11,600 + $124.009)
Supplies ($3.009)
For the Month Ended May 31
350
$ 157,500
55,000
1,050
10,150
4,000
1,065
71,265
$ 86,235
Equipment rental ($2,100 + $23.00q)
Insurance ($4,000)
Miscellaneous ($540 + $1.50q)
Total expense
Net operating income
During May, the company's actual activity was 340 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
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F421c70df-29ce-498b-93d0-17ef4f3de625%2F42ffb65c-7bdd-42d7-8b9e-aac4e9cf08ba%2Fwfz2iet_processed.png&w=3840&q=75)
Transcribed Image Text: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
Budgeted diving-hours (q)
Revenue ($450.00q)
Expenses:
Wages and salaries ($11,600 + $124.009)
Supplies ($3.009)
For the Month Ended May 31
350
$ 157,500
55,000
1,050
10,150
4,000
1,065
71,265
$ 86,235
Equipment rental ($2,100 + $23.00q)
Insurance ($4,000)
Miscellaneous ($540 + $1.50q)
Total expense
Net operating income
During May, the company's actual activity was 340 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
0
0
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning