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 ($420.00q)	$	147,000
Expenses:
Wages and salaries ($11,700 + $128.00q)		56,500
Supplies ($5.00q)		1,750
Equipment rental ($2,400 + $24.00q)		10,800
Insurance ($3,800)		3,800
Miscellaneous ($510 + $1.46q)		1,021
Total expense		73,871
Net operating income	$	73,129

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 (340*420)	142,800
Expenses
Wages and salaries (128*340)+11700	55,220
Supplies (5*340)	1,700
Equipment (24*340)+2400	10,560
Insurance	3,800
Miscellaneous	1,006
Totak	72,286

Net operating income	70,514

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Answer 2

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