Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The company's planning budget for Mayappears below:Puget Sound DiversPlanning BudgetFor the Month Ended May 31Budgeted diving-hours (a)Revenue ($450.00g)Expenses:Wages and salaries (511,500+ $122.00g)Supplies ($6.00g)Equipment rental ($2,100 $21.000)Insurance ($4,200)Miscellaneous (5500 $1.48g)Total expensesNet operating incomeRevenueExpenses:Puget Sound DiversFlexible BudgetFor the Month Ended May 31300$ 135,000During May, the company's actual activity was 290 diving-hours.Required:Prepare a flexible budget for MayNote: Round your answers to the nearest whole number.Wages and salariesSuppliesEquipment rental48,1001,8005,4004,20094463,444$ 71,556

Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 311 Budgeted diving-hours (a) Revenue (5450.000) 300 $ 135,000 Expenses: Wages and salaries ($11,500 $122.00g) Supplies ($6.00g) Equipment rental ($2,100 $21.00g) Insurance ($4,200) Miscellaneous ($500 $1.48g) Total expenses Net operating incone 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. 48,100 1,000 8,400 4,200 944 63,444 $ 71,556

Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 311 Budgeted diving-hours (a) Revenue (5450.000) 300 $ 135,000 Expenses: Wages and salaries ($11,500 $122.00g) Supplies ($6.00g) Equipment rental ($2,100 $21.00g) Insurance ($4,200) Miscellaneous ($500 $1.48g) Total expenses Net operating incone 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. 48,100 1,000 8,400 4,200 944 63,444 $ 71,556

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 Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($460.00q) Expenses: Wages and salaries ($11,700 + $122.009) Supplies ($4.009) Equipment rental ($2,500 + $23.00q) Insurance ($4,100) Miscellaneous ($510 + $1.44q) Total expense Net operating income 400 $ 184,000 60,500 1,600 11,700 4,100 1,086 78,986 $ 105,014 During May, the company's actual activity was 390 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $ 0
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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S ABC Company's raw materials purchases for June, July, and August are budgeted at $39,000, $29,000, and $54,000, respectively. Based on past experience, ABC expects that 70% of a month's raw material purchases will be paid in the month of purchase and 30% in the month following the purchase. Required: Prepare an analysis of cash disbursements from raw materials purchases for ABC Company for August. Budgeted raw material purchases August cash payments: Current month's purchases Prior month's purchases Total cash payments June July August $ 0
Prepare a flexible budget for May. (Round your answers to the nearest whole number.)
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) 250 Revenue ($470.00q) $117,500 Expenses: Wages and salaries ($11,100 + $120.00q) Supplies ($5.00q) Equipment rental ($2,300 + $25.00q) Insurance ($4,000) Miscellaneous ($530 + $1.50q) Total expense 41,100 1,250 8,550 4,000 905 55,805 Net operating income $ 61,695 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.) 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
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances: Debits Credits Cash $ 44,000 Accounts receivable 203,200 Inventory 58,350 Buildings and equipment (net) 354,000 Accounts payable $ 86,325 Common stock 500,000 Retained earnings 73,225 $ 659,550 $ 659,550 Actual sales for December and budgeted sales for the next four months are as follows: December(actual) $ 254,000 January $ 389,000 February $ 586,000 March $ 300,000 April $ 197,000 Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. The…
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances: Cash $ 43,000 Accounts receivable 202,400 Inventory 58,200 Buildings and equipment (net) 353,000 Accounts payable $ 86,025 Common stock 500,000 Retained earnings 70,575 $ 656,600 $ 656,600 Actual sales for December and budgeted sales for the next four months are as follows: December(actual) $ 253,000 January $ 388,000 February $ 585,000 March $ 299,000 April $ 196,000 Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. The company’s gross margin is…