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 (q) Revenue ($410.00q) Expenses: Wages and salaries ($12,000+ $128.00g) Puget Sound Divers Planning Budget For the Month Ended May 31 Supplies ($4.00g) Equipment rental ($2,200 + $23.00q) Insurance ($4,000) Miscellaneous ($540+ $1.50g) Total expense Net operating income During May, the company's actual activity was 290 diving-hours Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar) Wages and salaries Supplies Equipment rental Insurance Miscellaneous 300 $ 123,000 Total expense Net operating income 50,400 1,200 9,100 4,000 990 65,690 $ 57,310

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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.