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 (a) Revenue ($430.000) Expenses: Wages and salaries ($11,100+ $122.00g) Supplies ($6.00g) Equipment rental ($2,300 $24.009) Insurance ($3,800) Miscellaneous ($510+ $1.469) Total expense Net operating income 300 $129,000 47,700 1,800 9,500 3,800 948 63,748 $ 65,252 During May, the company's actual activity was 290 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 (a) Revenue ($430.000) Expenses: Wages and salaries ($11,100+ $122.00g) Supplies ($6.00g) Equipment rental ($2,300 $24.009) Insurance ($3,800) Miscellaneous ($510+ $1.469) Total expense Net operating income 300 $129,000 47,700 1,800 9,500 3,800 948 63,748 $ 65,252 During May, the company's actual activity was 290 diving-hours.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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![Exercise 9-1 Prepare a Flexible Budget [LO9-1]
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 (a)
Puget Sound Divers
Planning Budget
For the Month Ended May 31
Revenue ($430.00g)
Expenses:
Wages and salaries ($11,100+ $122.00g)
Supplies ($6.00g)
Equipment rental ($2,300+ $24.00g)
Insurance ($3,800)
Miscellaneous ($510+ $1.46g)
Total expense
Net operating income
Puget Sound Divers
Flexible Budget
For the Month Ended May 31
Revenue
Expenses:
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 number.)
Wages and salaries
Supplies
Equipment rental
Insurance
300
$129,000
47,700
1,800
9,500
3,800
948
63,748
$.65,252](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F12a70b2a-1ff9-4e3b-a60f-3e24497bf33c%2Fb6dde69f-90a3-499b-b303-15aa282fdf95%2Fudjk5x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 9-1 Prepare a Flexible Budget [LO9-1]
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 (a)
Puget Sound Divers
Planning Budget
For the Month Ended May 31
Revenue ($430.00g)
Expenses:
Wages and salaries ($11,100+ $122.00g)
Supplies ($6.00g)
Equipment rental ($2,300+ $24.00g)
Insurance ($3,800)
Miscellaneous ($510+ $1.46g)
Total expense
Net operating income
Puget Sound Divers
Flexible Budget
For the Month Ended May 31
Revenue
Expenses:
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 number.)
Wages and salaries
Supplies
Equipment rental
Insurance
300
$129,000
47,700
1,800
9,500
3,800
948
63,748
$.65,252
Transcribed Image Text:Equipment
Insurance ($3,800)
Miscellaneous ($510 + $1.469)
Total expense
Net operating income
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 number.)
Puget Sound Divers
Flexible Budget
For the Month Ended May 31
Revenue
Expenses:
Wages and salaries
Supplies
Equipment rental
Insurance
Miscellaneous
3,800
948
63,748
$ 65,252
Total expense
Net operating income
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