Puget Sound Divers is a company that provides diving services such as underwater ship repairs...
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Accounting
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The companys planning budget for May appears below:
| Puget Sound Divers Planning Budget For the Month Ended May 31 | |
| Budgeted diving-hours (q) | 250 |
|---|---|
| Revenue ($400.00q) | $ 100,000 |
| Expenses: | |
| Wages and salaries ($11,000 + $124.00q) | 42,000 |
| Supplies ($5.00q) | 1,250 |
| Equipment rental ($2,100 + $21.00q) | 7,350 |
| Insurance ($3,800) | 3,800 |
| Miscellaneous ($510 + $1.48q) | 880 |
| Total expense | 55,280 |
| Net operating income | $ 44,720 |
During May, the companys actual activity was 240 diving-hours.
Required:
Prepare a flexible budget for May
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