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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 31Budgeted diving-hours (9)300Revenue ($410.00q)$ 123,000Expenses: Wages and salaries $11,700+ $124.00q)48,900Supplies ($3.00q)900Equipment rental ($2,500 + $23.00q)9,400Insurance $4,000)4,000Miscellaneous ($530+ $1.46g)968 Total expense64,168Net operating income$ 58,832 During May, the company's actual activity was 290 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 31Budgeted diving-hours (9)300Revenue ($410.00q)$ 123,000Expenses: Wages and salaries $11,700+ $124.00q)48,900Supplies ($3.00q)900Equipment rental ($2,500 + $23.00q)9,400Insurance $4,000)4,000Miscellaneous ($530+ $1.46g)968 Total expense64,168Net operating income$ 58,832 During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May.

FINANCIAL ACCOUNTING
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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Vaibhav 

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 31Budgeted diving-hours (9)300Revenue ($410.00q)$ 123,000 Expenses: Wages and salaries ($11,700 + $124.00q)48,900Supplies ($3.00q)900Equipment rental ($2,500 + $23.00q)9,400Insurance ($4,000)4,000Miscellaneous ($530 + $1.46g)968 Total expense64,168 Net operating income$ 58,832 During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. Note: Round your answers to the nearest whole number. Budgeted diving-hours Revenue Expenses: Puget Sound Divers Flexible Budget For the Month Ended May 31 Wages and salaries Supplies Equipment rental Insurance Miscellaneous 3 Total expense Net operating income $ 0 0
Transcribed Image Text: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 31Budgeted diving-hours (9)300Revenue ($410.00q)$ 123,000 Expenses: Wages and salaries ($11,700 + $124.00q)48,900Supplies ($3.00q)900Equipment rental ($2,500 + $23.00q)9,400Insurance ($4,000)4,000Miscellaneous ($530 + $1.46g)968 Total expense64,168 Net operating income$ 58,832 During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. Note: Round your answers to the nearest whole number. Budgeted diving-hours Revenue Expenses: Puget Sound Divers Flexible Budget For the Month Ended May 31 Wages and salaries Supplies Equipment rental Insurance Miscellaneous 3 Total expense Net operating income $ 0 0
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