Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1]Puget Sound Divers is a company that provides diving services such as underwater shiprepairs to clients in the Puget Sound area. The company's planning budget for May appearsbelow:Budgeted diving-hours (q)Revenue ($470.00q)Puget Sound DiversPlanning BudgetFor the Month Ended May 31Expenses:Wages and salaries ($11,600+ $122.00q)Supplies ($4.00q)Equipment rental ($2,400 + $24.00q)Insurance ($4,100)Miscellaneous ($520+ $1.44q)Total expenseNet operating incomePuget Sound DiversFlexible BudgetFor the Month Ended May 31RevenueExpenses:During May, the company's actual activity was 290 diving-hours.Required:Prepare a flexible budget for May. (Round your answers to the nearest whole number.)Wages and salariesSuppliesEquipment rentalInsuranceMiscellaneousTotal expenseNet operating income$300$ 141,0000048,2001,2009,6004,10095264,052$76,948

Flexible budget or variable budget is a financial plan of estimated revenue and expenditure which…

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: Budgeted diving-hours (q) Revenue ($470.00q) Expenses: Wages and salaries ($11,600+ $122.00q) Supplies ($4.00q) Equipment rental ($2,400 + $24.00q) Insurance ($4,100) Puget Sound Divers Planning Budget For the Month Ended May 31 Miscellaneous ($520+ $1.44q) Total expense Net operating income Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income $ 300 $ 141,000 0 0 48,200 1,200 9,600 4,100 952 64,052 $76,948

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: Budgeted diving-hours (q) Revenue ($470.00q) Expenses: Wages and salaries ($11,600+ $122.00q) Supplies ($4.00q) Equipment rental ($2,400 + $24.00q) Insurance ($4,100) Puget Sound Divers Planning Budget For the Month Ended May 31 Miscellaneous ($520+ $1.44q) Total expense Net operating income Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income $ 300 $ 141,000 0 0 48,200 1,200 9,600 4,100 952 64,052 $76,948

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter13: Budgeting And Standard Costs

Section: Chapter Questions

Problem 13.2.6P: Budgeted income statement and supporting budgets The budget director of Jupiter Helmets Inc., with...

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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.
Exercise 9-1 (Static) 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 DiversPlanning BudgetFor the Month Ended May 31 Budgeted diving-hours (q) 100 Revenue ($365.00q) $ 36,500 Expenses: Wages and salaries ($8,000 + $125.00q) 20,500 Supplies ($3.00q) 300 Equipment rental ($1,800 + $32.00q) 5,000 Insurance ($3,400) 3,400 Miscellaneous ($630 + $1.80q) 810 Total expense 30,010 Net operating income $ 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 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) 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 income
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…
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) 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 ($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 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…
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