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) 200 Revenue ($450.00q) $90,000 Expenses: 36,700 Wages and salaries ($11,100+ $128.00q) Supplies ($6.00q) 1,200 7,400 Equipment rental ($2,400+ $25.00q) Insurance ($3,800) 3,800 Miscellaneous ($510+ $1.46q) 802 Total expense 49,902 $40,098 Net operating income During May, the company's actual activity was 190 diving-hours.

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) 200 Revenue ($450.00q) $90,000 Expenses: 36,700 Wages and salaries ($11,100+ $128.00q) Supplies ($6.00q) 1,200 7,400 Equipment rental ($2,400+ $25.00q) Insurance ($3,800) 3,800 Miscellaneous ($510+ $1.46q) 802 Total expense 49,902 $40,098 Net operating income During May, the company's actual activity was 190 diving-hours.

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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Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company’s operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 53 53 51 Revenue ($340.00q) $ 16,100 $ 18,020 $ 17,340 Expenses: Wages and salaries ($3,500 + $86.00q) 8,026 8,058 7,886 Fuel ($34.00q) 1,964 1,802 1,734 Airport fees ($830 + $33.00q) 2,479 2,579 2,513 Aircraft depreciation ($10.00q) 530 530 510 Office expenses ($220 + $1.00q) 441 273 271 Total expense 13,440 13,242 12,914 Net operating income $ 2,660 $ 4,778 $ 4,426 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending…
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) 100 Revenue ($365.00q) $ 36,500 Expenses: Wages and salaries ($8,000 +$125.009) 20,500 Supplies ($3.009) 300 Equipment rental ($1,800+ $32.009) 5,000 3,400 Miscellaneous ($630 +$1.809) 810 30,010 $ 6,490 Insurance ($3,400) Total expense Net operating income During May, the company's actual activity was 105 diving-hours. Required: Prepare a flexible budget for May. 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
Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (g) Revenue (1440.000) Expenses: Wages and salaries ($11,300 $130.00g) Supplies ($5.00g) Revenue Expenses Equipment rental ($2,500+ $25.00g) Insurance (14,000) Miscellaneous ($510 $1.500) Total expenses Net operating income During May, the company's actual activity was 190 diving-hours. Required: Prepare a flexible budget for May Note: Round your answers to the nearest whole number. Puget Sound Divers Flexible Budget For the Month Ended May 31 Wages and salaries Supplies Equipment rental insurance Total expenses Net operating income 200 $ 88,000 0 37,300 1,000 7,500 4,000 810 50,610 $ 37,390
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) 300 Revenue ($400.00g) $ 120,000 Expenses: Wages and salaries ($11,800 + $126.00q) 49,600 Supplies ($5.00q) 1,500 Equipment rental ($2,200 + $21.00g) 8,500 Insurance ($3,800) 3,800 Miscellaneous ($540 + $1.46q) 978 Total expense 64,378 Net operating income $ 55,622 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 dollar.)
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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 Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($460.00q) Expenses: Wages and salaries ($11,700 + $122.009) Supplies ($4.009) Equipment rental ($2,500 + $23.00q) Insurance ($4,100) Miscellaneous ($510 + $1.44q) Total expense Net operating income 400 $ 184,000 60,500 1,600 11,700 4,100 1,086 78,986 $ 105,014 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 dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours 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 DiversPlanning BudgetFor the Month Ended May 31 Budgeted diving-hours (q) 400 Revenue ($460.00q) $ 184,000 Expenses: Wages and salaries ($11,200 + $128.00q) 62,400 Supplies ($5.00q) 2,000 Equipment rental ($2,300 + $21.00q) 10,700 Insurance ($4,100) 4,100 Miscellaneous ($520 + $1.50q) 1,120 Total expense 80,320 Net operating income $ 103,680 During May, the company’s actual activity was 390 diving-hours. DO NOT GIVE SOLUTION IN IMAGE FORMAT Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.)
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S ABC Company's raw materials purchases for June, July, and August are budgeted at $39,000, $29,000, and $54,000, respectively. Based on past experience, ABC expects that 70% of a month's raw material purchases will be paid in the month of purchase and 30% in the month following the purchase. Required: Prepare an analysis of cash disbursements from raw materials purchases for ABC Company for August. Budgeted raw material purchases August cash payments: Current month's purchases Prior month's purchases Total cash payments June July August $ 0
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