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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) 300
Revenue ($470.00q) $ 141,000
Expenses:
Wages and salaries ($11,800 + $122.00q) 48,400
Supplies ($5.00q) 1,500
Equipment rental ($2,300 + $21.00q) 8,600
Insurance ($4,000) 4,000
Miscellaneous ($520 + $1.46q) 958
Total expense 63,458
Net operating income $ 77,542

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.)

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
0 0
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Answer #1
Puget Sound Drivers
Flexible Budget
For the month ended May 31
290 hours
Revenue($470*290) $1,36,300
Expenses:
Wages & Salaries($11,800+ $122*290) $47,180
Supplies($5*290) $1,450
Equipment Rental($2,300+ $21*290) $8,390
Insurance $4,000
Miscellaneous($520+ $1.46*290) $943
Total Expenses $61,963
Net Operating Income $74,337
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