Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the PugetSound area. The company's planning budget for May appears below:Budgeted diving-hours (g)Revenue ($365.00g)Puget Sound DiversPlanning BudgetFor the Month Ended May 31Expenses:Wages and salaries ($8,000+ $125.00g)Supplies ($3.00g)Equipment rental ($1,800+ $32.00g)Insurance ($3,400)Miscellaneous ($630+ $1.80g)Total expenseNet operating income.Puget Sound DiversFlexible BudgetFor the Month Ended May 31Actual diving-hoursRevenueExpenses:During May, the company's actual activity was 105 diving-hours.Required:Prepare a flexible budget for May.Wages and salariesSuppliesEquipment rentalInsuranceMiscellaneousTotal expenseNet operating income$$105✔38,32521,125315✓5,250 x3,400819100$ 36,50030,9097,41620,5003005,0003,40081030,010$ 6,490

Flexible Budget= It is the budget that adjust to the company's actual capacity. All the income and…

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 (g) Revenue ($365.00g) Expenses: Wages and salaries ($8,000 + $125.00g) Supplies ($3.00g) Equipment rental ($1,800+ $32.00g) Insurance ($3,400) Miscellaneous ($630+ $1.80g) Total expense Net operating income 100 $ 36,500 20,500 300 5,000 3,400 810 30,010 $ 6,490 During May, the company's actual activity was 105 diving-hours. Required: Prepare a flexible budget for May.

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 (g) Revenue ($365.00g) Expenses: Wages and salaries ($8,000 + $125.00g) Supplies ($3.00g) Equipment rental ($1,800+ $32.00g) Insurance ($3,400) Miscellaneous ($630+ $1.80g) Total expense Net operating income 100 $ 36,500 20,500 300 5,000 3,400 810 30,010 $ 6,490 During May, the company's actual activity was 105 diving-hours. Required: Prepare a flexible budget for May.

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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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.)
Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company’s planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) 27,000 Revenue ($4.00q) $ 108,000 Expenses: Raw materials ($2.00q) 54,000 Wages and salaries ($6,200 + $0.20q) 11,600 Utilities ($2,100 + $0.05q) 3,450 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous ($700 + $0.10q) 3,400 Total expense 77,950 Net operating income $ 30,050 In July, 28,000 meals were actually served. The company’s flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q) 28,000 Revenue ($4.00q) $ 112,000 Expenses: Raw materials ($2.00q) 56,000 Wages and salaries ($6,200+ $0.20q) 11,800 Utilities ($2,100 + $0.05q) 3,500 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous…
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am. 103.
Clarks Company's master budget includes $360,000 for equipment depreciation. The master budget was prepared for an annual volume of 120,000 chargeable hours. This volume is expected to occur uniformly throughout the year. During September Clark performed 9,000 chargeable hours and recorded $28,000 of depreciation. Determine the flexible budget amount for equipment depreciation in September?
Mayo Clinic uses patient-visits as its measure of activity. During September, the clinic budgeted for 3,000 patient-visits, but its actual level of activity was 2,900 patient-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for September: Data used in budgeting: Revenue Personnel expenses Medical supplies. Occupancy expenses. Administrative expenses.. Actual results for September: Revenue Personnel expenses. Medical supplies. Occupancy expenses. Administrative expenses..... Fixed element per month $27,600 $1,500 $6,200 $3,600 $105,010 $61,020 $22,120 $10,930 $4,570 Variable element per patient-visit $37.20 $11.30 $6.80 $1.70 $0.30 Compute the total Revenue variance (due to a difference in the actual amount collected per customer from expected). State answer as a positive.
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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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