Exercise 9-1 (Algo) 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 Puget Sound Dliers Planning Budget for the onth Ended Hay 3 Budgeted divine-hours (9) Revenue (5440.0og) Expenses Mages and salaries (S11.000+ $122.0ng) Supplies (54.0eg) Equipnent rental ($2,300 525.00) Insurance (54,0o00) Miscellaneous (1520 1.440) Total expense 250 3130,000 41,500 1,000 ,550 4,000 55.930 Net operating Incone During May, the company's actual activity was 240 diving-hours Required: Prepare a flekitble budget for May (Round your answers to the nearest whole doller.)
Q: PART 1. COMPOUND INTEREST a. Accumulate 15,000 for 10 years at 7% compounded. Quarterly and semi-an...
A: a) Given that: Principal = 15,000 Rate = 7% Period = 10 years Compound interest = Compound Amount -...
Q: An 8-year project is estimated to cost $528,000 and have no residual value. If the straight-line dep...
A:
Q: In practice, we can find a firm's operating profit margin by dividing the firm's EV/Capital ratio by...
A: The question is related to Operating Margin. Operating Margin is calculated with the help of followi...
Q: Weston Corporation manufactures a product that is available in both a deluxe and a regular model. Th...
A: OH amount as per part 1 =3080000 Basis is direct labour hours
Q: Assume you are the department B manager for Marley's Manufacturing. Marley's operates under a cost-b...
A: In the given question Marley's operates under a cost-based transfer structure and receive the majori...
Q: Sadat Oman Company started the year with total assets of RO 360,000 and total liabilities of RO 240,...
A: Equity is the total amount attributable to the owners and shareholders. Total Equity = Total Assets...
Q: Use the following information (image) to answer these questions about Macy Inc. for 2017. 1. Start ...
A: Net realizable value of the company’s accounts receivable = accounts receivable - Allowance for unco...
Q: Analysis of Information. Presented below are possible advantages and disadvantages. You are to deter...
A: Sole Proprietorship Partnership Corporation Limited Liability Corporation Co-operative
Q: On January 1, 2020, Adams acquires 100% of Baker in a transaction accounted for using the acquisitio...
A: Two methods of goodwill recognition:- partial method Full goodwill method
Q: Salaries owed but not yet paid is an example of which of the following? deferred expense or prepaid ...
A: Accrued expenses are those expenses which are incurred for the particular period of time, but has no...
Q: %24 Kesterson Corporation has provided the following information: Cost Cost per Period per Unit $7.2...
A: Direct costs are the cost that directly related in manufacturing of goods and services. Indirect cos...
Q: Recycle Industries of Toronto recycles galvanized steel from automobile bodies in two processes: shr...
A: Process costing Process costing is a concept in which the cost of each product cannot be differentia...
Q: 4. Entity A acquired 20% interest in Entity B on March 31, 20 for P500,000. Entity B reports profit ...
A: Solution : Given Interest of A in B =20% Acquisition amount =500,000 For year 20X...
Q: A small consulting firm has an overhead rate of 200% of direct labor charged to each job. The materi...
A: Overhead cost = 200% of Direct labor = $20,000 x 200% = $40,000
Q: As of December 31, 2018, Sadaf Oman Company reported assets of RO 1,700,000. share capital of RO 990...
A: As per accounting equation, assets equals to sum of liabilities and shareholders equity.
Q: If an asset account is credited, it indicates O An error. O An increase in the asset. O A decrease i...
A: Increase in liabilities should be credited and decrease in liabilities should be debited.
Q: The following information was taken from Tyson Company’s balance sheet: Fixed assets (net) $774,000...
A: Ratio of fixed assets to long term liabilities = Fixed assets (net) / Long term liabilities Ratio o...
Q: On January 1, 2021, the Montgomery Company agreed to purchase a building by making six payments. The...
A: Cost of building: Annual payment PV Factor at 9% Present Value Year 1 $44,000 0.91743 $4...
Q: Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Curr...
A: Comparative balance sheets are used to compare data of one or more years. It is also helpful in deci...
Q: Due to the pandemic, you and your four other family members decided to order food online. As you scr...
A: Calculation of Senior Citizen Discount: Particulars Senior Citizen Share Value of Pizza Famil...
Q: 4. Foster Supplies is considering a contract to sell merchandise to a hair salon chain for $49,000. ...
A: Gross profit means the difference between the sale revenue and cost of goods sold where as operating...
Q: 13,5 Tukwila Company uses activity-based costing system and has the following activity cost pools: A...
A: Activity overhead Cost Producing Units Processing Units Customer Support Other Indirect Factory Wa...
Q: An urn contains three red marbles and four blue marbles. One marble is selected at random, its color...
A: Probability means the chances of getting the favorable outcome . It can be calculated by dividing th...
Q: E6-17 Part 2 2-a. What was the amount of gross profit? 2-b. What was the gross profit percentage? (R...
A: Gross profit is the amount of sales revenue over and above cost of goods sold. Gross Profit = Net S...
Q: Find Investment Balance 12/31/21 B. Consolidation Worksheet Entries -Prepare Entry *G -Prepare Entry...
A: Acqusition While in the process of Acqusition more than 50% of shares which are acquired by the pare...
Q: If value erosion is expected, would we still continue to produce integrated report? Why?
A: Integrated report is the report which shows the concise communication regarding how the prospects, s...
Q: a public company listed on the Australian Securities Exchange (ASX). It complies with the requiremen...
A: Journal entries refer to the systematic documentation of the financial transactions of a company in ...
Q: Morganton Company makes one product and it provided the following information to help prepare the ma...
A: Variable manufacturing overhead = Direct labor hours x Variable manufacturing overhead rate = 2 hour...
Q: Kenzie Company purchased a 3-D printer for $591,000. Although this printer is expected to last for t...
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or chang...
Q: Exercise 10-41 (Algo) Resources Used versus Resources Supplied (LO 10-5, 6) Tri-State Mill uses a sp...
A: Traditional costing system and activity based costing system are two methods used in cost accounting...
Q: Corporation Leo V. Mysels was the president of Florida Fashions of Interior Design, Inc. ( Florida F...
A: The corporation was a validly existing corporate entity, and with respect to business transacted in ...
Q: . An item listed for Php 4 000 has been given trade discounts of 30%, 20%, and 10% by the manufactur...
A: As per guidelines, we are asked to answer 1 question; which is first or mentioned specifically. For ...
Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period ...
A: Calculation of weighted average cost per unit : Date Particulars Calculation Cost per unit ...
Q: T accounts are given in the Working Papers. Your instructor will guide you through the following exa...
A: In double-entry bookkeeping, a T Account is the graphic structure used to keep debits and credits se...
Q: B. Trade Discount 1. The net price of a keyring lightstick is Php 2 676. What is the suggested retai...
A: Trade Discount Trade discount can be defined as the discount which the manufacturer to a reseller on...
Q: balance sheet lists v
A: First option is wrong because revenues, expenses, gains and distributions to owners are listed in th...
Q: 1.Balance prepaid rent account at the month end? 2.Balance prepaid insurance account the month end?...
A: The balance sheet represents the financial position of the business with assets and liabilities on a...
Q: Bramble Company sells one product. Presented below is information for January for Bramble Company. J...
A: In the periodic method, all inventory is physically counted at the end of the accounting period and ...
Q: cost of P500,000. Required: Compute the cost charged to cost of goods sold. a. b.
A: Cost of goods sold refers to the amount that is incurred in the production of goods that are sold in...
Q: Purchase Company recently acquired several businesses and recognized goodwill in each acquisition. P...
A: Identifiable assets of RU-1 = Tangible assets + Trademark + Customer list - Liabilities = $180,000 ...
Q: Which of these accounts is not included in the post closing trial balance? notes payable owner's dra...
A: Post closing trial balance prepared after closing of all revenue, expense, dividend, drawing account...
Q: The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2...
A: Accounts receivables turnover ratio = Credit sales / Average accounts receivables number of days sa...
Q: Situation: The operation of Isabel’s Bar, a small food and beverage service operation, are becoming ...
A: The question is related to Cash Flow Statement. The Balance Sheet of 2019 and 2020 is given.
Q: Identify the financial statement on which each of the following accounts would appear: the income st...
A: Financial statement means the trading and profit and loss account and balance sheet of the company w...
Q: Company's December 31 year-end financial statements contained the following errors: 20x1 20x2 Ending...
A: Requirement 1 Effect on Net income for 20x1 Effect amount Ending inventory understated...
Q: The three heading lines of financial statements typically include which of the following? O company ...
A: Financial statement means the trading and profit and loss account and balance sheet of the company w...
Q: On April 2, 2020 Happy Company purchased MDSE from Enjoy Corporation with a list price of P450,000; ...
A: Discount on payment = (Purchase - purchase return) x discount rate = (415000 - 9000) x 2% = P8,120
Q: Larkspur, Inc. uses a perpetual inventory system. Its beginning inventory consists of 210 units that...
A: Given that, Company has beginning units = 210 @ $210 Each. During August, the company purchased 310 ...
Q: 3peints There is a variation in the structure and the scope when users make their decisions. Because...
A: MANAGEMENT ACCOUNTING: The accounting by which the both financial and non-financial information are ...
Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applie...
A: 1) Calculation the number and cost of goods available for sale Particulars Date Units Un...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Budgeted income statement and supporting budgets The budget director of Jupiter Helmets Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for May: Prepare a cost of goods sold budget for May. Work in process at the beginning of May is estimated to be $4200. and work in process at the end of May is desired to be $3800.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) 250 Revenue ($410.00q) $ 102,500 Expenses: Wages and salaries ($11,100 + $124.00q) 42,100 Supplies ($6.00q) 1,500 Equipment rental ($2,500 + $23.00q) 8,250 Insurance ($4,000) 4,000 Miscellaneous ($520 + $1.44q) 880 Total expense 56,730 Net operating income $ 45,770 During May, the company’s actual activity was 240 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 DiversPlanning BudgetFor the Month Ended May 31 Budgeted diving-hours (q) 350 Revenue ($420.00q) $ 147,000 Expenses: Wages and salaries ($11,700 + $124.00q) 55,100 Supplies ($6.00q) 2,100 Equipment rental ($2,400 + $25.00q) 11,150 Insurance ($4,000) 4,000 Miscellaneous ($500 + $1.42q) 997 Total expense 73,347 Net operating income $ 73,653 During May, the company’s actual activity was 340 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.)
- 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 ($420.00q) $ 168,000 Expenses: Wages and salaries ($11,500 + $122.00q) 60,300 Supplies ($5.00q) 2,000 Equipment rental ($2,300 + $21.00q) 10,700 Insurance ($4,000) 4,000 Miscellaneous ($540 + $1.46q) 1,124 Total expense 78,124 Net operating income $ 89,876 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 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 DiversPlanning BudgetFor the Month Ended May 31 Budgeted diving-hours (q) 300 Revenue ($460.00q) $ 138,000 Expenses: Wages and salaries ($11,600 + $120.00q) 47,600 Supplies ($4.00q) 1,200 Equipment rental ($2,200 + $21.00q) 8,500 Insurance ($4,000) 4,000 Miscellaneous ($510 + $1.48q) 954 Total expense 62,254 Net operating income $ 75,746 During May, the company’s actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. ( 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 incomePuget 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.)
- Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clientsin the Puget Sound area. The company’s planning budget for May appears below:Puget Sound DiversPlanning BudgetFor the Month Ended May 31Budgeted diving-hours (q) ........................................... 100Revenue ($365.00q) .................................................... $36,500Expenses:Wages and salaries ($8,000 $125.00q) ............... 20,500Supplies ($3.00q) ..................................................... 300Equipment rental ($1,800 $32.00q) ..................... 5,000Insurance ($3,400) ................................................... 3,400Miscellaneous ($630 $1.80q) ............................... 810Total expense .............................................................. 30,010Net operating income .................................................. $ 6,490Required:During May, the company’s activity was actually 105 diving-hours. Prepare a flexible budget…At the beginning of the period, the Cutting Department budgeted direct labor of P155,000, direct material of P165,000 and fixed factory overhead of P15,000 for 9,000 hours of production. The department actually completed 10,000 hours of production. What is the appropriate total budget for the department, assuming it uses flexible budgeting? * A. P416,000 B. P370,556 C. P368,889 D. P335,000P22-1A Prepare budgeted income statement and supporting budgets. Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2020. 1. Sales: quarter 1, 40,000 bags; quarter 2, 56,000 bags. Selling price is $60 per bag. 2. Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.80 per pound and 6 pounds of Tarr at $1.50 per pound. 3. Desired inventory levels: Type of Inventory January 1 April 1 July 1 Snare (bags) 8,000 15,000 18,000 Gumm (pounds) 9,000 10,000 13,000 Tarr (pounds) 14,000 20,000 25,000 4. Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. 5. Selling and administrative expenses are expected to be 15% of sales plus $175,000 per quarter. 6. Interest Expense…
- 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) 350 Revenue ($450.00q) $ 157,500 Expenses: Wages and salaries ($11,400 + $126.00q) 55,500 Supplies ($6.00q) 2,100 Equipment rental ($2,100 + $21.00q) 9,450 Insurance ($4,100) 4,100 Miscellaneous ($520 + $1.42q) 1,017 Total expense 72,167 Net operating income $ 85,333 During May, the company’s actual activity was 340 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 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net…At the beginning of the period, the Cutting Department budgeted direct labor of $138,000, direct materials of $154,000 and fixed factory overhead of $14,000 for 7,300 hours of production. The department actually completed 11,700 hours of production. What is the appropriate total budget for the department, assuming it uses flexible budgeting? Round your final answer to the nearest dollar. Do not round interim calculations. a. $490,438 b. $482,000 c. $306,000 d. $314,438At the beginning of the period, the Cutting Department budgeted direct labor of $136,000, direct materials of $157,000 and fixed factory overhead of $13,000 for 7,300 hours of production. The department actually completed 10,500 hours of production. What is the appropriate total budget for the department, assuming it uses flexible budgeting? Round interim calculations to two decimal places. Round your final answer to the nearest dollar. a. $311,699 b. $306,000 c. $434,470 d. $440,137