Question
In: Accounting
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to...
|
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) | 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 |
| Required: |
|
During May, the company’s activity was actually 105 diving-hours. Complete the following flexible budget for that level of activity. |
Solutions
Expert Solution
Solution:
| Puget Sound Drivers | |
| Flexible Budget | |
| For the month ended May 31 | |
| Actual Diving Hours | 105 |
| Revenue | $38,325 |
| Expenses: | |
| Wages and Salaries | $21,125 |
| Supplies | $315 |
| Equipment Rental | $5,160 |
| Insurance | $3,400 |
| Miscellaneous | $819 |
| Total Expenses | $30,819 |
| Net Operating Income | $7,506 |
ekkarill92 answered 1 year agoRelated Solutions
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to...
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
($440.00q)
$
110,000
Expenses:
Wages and salaries
($11,800 + $128.00q)
43,800
Supplies
($3.00q)
750
Equipment rental ($2,100
+ $22.00q)
7,600
Insurance
($4,000)
4,000
Miscellaneous ($530 +
$1.48q)
900
Total expense
57,050
Net operating...
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to...
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)
350
Revenue ($430.00q)
$
150,500
Expenses:
Wages and salaries ($11,900 + $124.00q)
55,300
Supplies ($6.00q)
2,100
Equipment rental ($2,400 + $22.00q)
10,100
Insurance ($4,100)
4,100
Miscellaneous ($520 + $1.50q)
1,045
Total expense
72,645
Net operating income...
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to...
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 ($430.00q)
$
107,500
Expenses:
Wages and salaries ($11,900 + $120.00q)
41,900
Supplies ($5.00q)
1,250
Equipment rental ($2,000 + $22.00q)
7,500
Insurance ($3,800)
3,800
Miscellaneous ($510 + $1.46q)
875
Total expense
55,325
Net operating income...
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to...
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)
300
Revenue
($460.00q)
$
138,000
Expenses:
Wages and salaries
($11,800 + $128.00q)
50,200
Supplies
($6.00q)
1,800
Equipment rental ($2,500
+ $21.00q)
8,800
Insurance
($3,900)
3,900
Miscellaneous ($530 +
$1.44q)
962
Total expense
65,662
Net operating
income...
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to...
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)
300
Revenue ($480.00q)
$
144,000
Expenses:
Wages and salaries
($11,100 + $124.00q)
48,300
Supplies
($5.00q)
1,500
Equipment rental
($2,100 + $26.00q)
9,900
Insurance
($4,100)
4,100
Miscellaneous ($520 +
$1.46q)
958
Total expense
64,758
Net operating...
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to...
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)
300
Revenue ($400.00q)
$
120,000
Expenses:
Wages and salaries ($11,700 +
$124.00q)
48,900
Supplies ($6.00q)
1,800
Equipment rental ($2,100 +
$22.00q)
8,700
Insurance ($4,100)
4,100
Miscellaneous ($540 +
$1.46q)
978
Total expense
64,478
Net operating income...
Exercise 9-1 Prepare a Flexible Budget [LO9-1] Puget Sound Divers is a company that provides diving...
Exercise 9-1 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 Divers
Planning Budget
For the Month Ended May 31
Budgeted
diving-hours (q)
250
Revenue
($390.00q)
$
97,500
Expenses:
Wages and
salaries ($11,000 + $126.00q)
42,500
Supplies
($5.00q)
1,250
Equipment rental
($2,100 + $26.00q)
8,600
Insurance
($3,800)
3,800
Miscellaneous
($540 + $1.48q)...
Exercise 8-1 Prepare a Flexible Budget [LO8-1] Puget Sound Divers is a company that provides diving...
Exercise 8-1 Prepare a Flexible Budget [LO8-1]
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 Divers
Planning Budget
For the Month Ended May 31
Budgeted
diving-hours (q)
350
Revenue
($420.00q)
$
147,000
Expenses:
Wages and salaries
($11,400 + $130.00q)
56,900
Supplies
($4.00q)
1,400
Equipment rental ($2,200
+ $22.00q)
9,900
Insurance
($4,000)
4,000
Miscellaneous ($510 +...
Suppose the Ajax Insurance Company provides insurance for skydivers whose wealth before diving is $400. An...
Suppose the Ajax Insurance Company provides insurance for
skydivers whose wealth before diving is $400. An accident will
leave divers with a wealth of $100. The company divides the divers
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1.1) The utility of wealth for all...
SAFE PLC is an unlisted company that provides a range of services to the medical and...
SAFE PLC is an unlisted company that
provides a range of services to the medical and healthcare
industry. Last year, it made a profit of £500,000 and had a
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is 9. The company’s balance sheet shows Shareholder funds of £2.25m
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