Puget Sound Divers is a company that provides diving services such as underwater ship repairs to...

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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 ($390.00q)	$	136,500
Expenses:
Wages and salaries ($11,600 + $126.00q)		55,700
Supplies ($5.00q)		1,750
Equipment rental ($2,000 + $23.00q)		10,050
Insurance ($4,200)		4,200
Miscellaneous ($520 + $1.46q)		1,031
Total expense		72,731
Net operating income	$	63,769

During May, the company’s actual activity was 340 diving-hours.

Required:

Prepare a flexible budget for May.

business accounting

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Answer 1

Answer #1

Actual diving hours	340

Revenue (390*340)	132,600
Expenses
Wages (126*340)+11600	54,440
Supplies	1700
Equipment	9820
Insurance	4200
Miscellaneous	1016
Total expense	71,176

Net operating income	61,424

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Answer 2

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