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 ($440.00g) Expenses: Wages and salaries ($11,300+ $126.00q) Supplies ($4.00g) Puget Sound Divers Planning Budget For the Month Ended May 31 Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours Revenue Expenses Equipment rental ($2,100+ $23.00g) Insurance ($4,100) 11,300 4,100 Miscellaneous ($510+ $1.44g) 1,086 79,786 Total expense Net operating income $ 96,214 During May, the company's actual activity was 390 diving-hours. Required: Prepare a flexible budget for May. Note: Round your answers to the nearest whole number. Wages and salaries Supplies Equipment rental Insurance Miscellaneous 400 $ 176,000 61,700 1,600

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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. 

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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.