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
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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: Budgeted diving-hours (9) Revenue ($450.00q) Expenses: Wages and salaries ($11,300 + $126.009) Supplies ($4.009) Equipment rental ($2,400 + $25.00g) Insurance ($4,000) Puget Sound Divers Planning Budget For the Month Ended May 31 Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Miscellaneous ($530+ $1.489) 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.) Total expense Net operating income 250 $ 112,500 42,800 1,000 8,650 4,000 900 57,350 $ 55,150
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