Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($470.009) Expenses: Wages and salaries ($11,800 + $124.009) Supplies ($4.009) Equipment rental ($2,200 + $26.009) Insurance ($4,000) Miscellaneous ($540 + $1.46g) Total expense Net operating income 300 $ 141,000 49,000 1,200 10,000 4,000 978 65,178 $ 75,822 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 0 Net operating income $ 0

Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($470.009) Expenses: Wages and salaries ($11,800 + $124.009) Supplies ($4.009) Equipment rental ($2,200 + $26.009) Insurance ($4,000) Miscellaneous ($540 + $1.46g) Total expense Net operating income 300 $ 141,000 49,000 1,200 10,000 4,000 978 65,178 $ 75,822 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 0 Net operating income $ 0

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 6PB: Relevant data from the operating budget of The Framers are: Other data: Capital assets were sold in...

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Relevant data from the Poster Companys operating budgets are: Additional data: Capital assets were sold in January for $10,000 and $4,500 in May. Dividends of $4,500 were paid in February. The beginning cash balance was $60,359 and a required minimum cash balance is $59,000. Use this information to prepare a cash budget for the first two quarters of the year
Relevant data from the operating budget of The Framers are: Other data: Capital assets were sold in quarter 1 and $8,000 was collected in quarter 1 and $500 collected in quarter 2. Dividends of $500 will be paid in May The beginning cash balance was $50,000 and a required minimum cash balance is $10,000. Prepare a cash budget for the first two quarters of the year.
Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($430.009) Expenses: Wages and salaries ($12,000 + $124.00q) Supplies ($5.00q) Equipment rental ($2,000 + $25.00q) Insurance ($4,100) Miscellaneous ($520 + $1.48q) Total expense Net operating income 350 $ 150,500 55,400 1,750 10,750 4,100 1,038 73,038 $ 77,462 During May, the company's actual activity was 340 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) 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
Budgeted diving-hours (q) Revenue ($400.00q) Puget Sound Divers Planning Budget For the Month Ended May 31 Expenses: Wages and salaries ($11,300 + $126.00g) Supplies ($3.00q) Equipment rental ($2,100 + $21.009) Insurance ($4,200) Miscellaneous ($510+ $1.50q) Total expenses Net operating income Revenue Expenses: Puget Sound Divers Flexible Budget For the Month Ended May 31 During May, the company's actual activity was 240 diving-hours. Required: Prepare a flexible budget for May. Note: Round your answers to the nearest whole number. Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expenses Net operating income 250 $ 100,000 42,800 750 7,350 4,200 885 55,985 $ 44,015
Relevant data from Picta Company’s operating budgets are presented below. The company’s financial year ends on 30 June. Quarter 1Quarter 2Sales$248,470$251,539Direct material purchases120,295128,832Direct labor76,55374,289Manufacturing overhead26,00024,400Selling and administration expenses33,50033,500Depreciation included in selling and administration expenses 2,000 2,500 Collection from customers230,524220,116Cash payments for purchases114,345118,346 Additional data:Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank. Required: a) Use this information to prepare a cash budget for the first two quarters of the year. bi) Briefly comment on Picta Company’s expected cashflow position in the first two quarters of the year.
Budgeted Income Statement and Balance SheetAs a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Mesa Publishing Co.: Cash$ 26,000Accounts Receivable23,800Finished Goods16,900Work in Process4,200Materials6,400Prepaid Expenses600Plant and Equipment82,000Accumulated Depreciation—Plant and Equipment$ 32,000Accounts Payable14,800Common Stock, $1.50 par30,000Retained Earnings83,100$159,900$159,900Factory output and sales for 20Y9 are expected to total 3,800 units of product, which are to be sold at $120 per unit. The quantities and costs of the inventories at December 31, 20Y9, are expected to remain unchanged from the balances at the beginning of the year.Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows:Estimated Costs and ExpensesFixed(Total for…
Required Information TES-417 Inc. is a retaller. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. TES-417 Inc. Balance Sheet March 31 Assets Accounts receivable Inventory 129,880 52, see 217,000 Plant and equipment, net of depreciation. Total assets $ 480.500 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings 55, see Total liabilities and stockholders' equity $ 480.500 TES-417 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $280,000, $300,000, $290,000, and $310,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for…
8 eBook Hint References Budgeted diving-hours (9) Revenue ($390.000) Expenses! Hages and salaries ($11,300+ $126.00g) Supplies ($5.00g) Equipment rental ($2,100 $22.00g) Insurance ($3,900) Planning Budget for the Month Ended May 311 Revenue Expenses Puget Sound Divers Flexible Budget For the Month Ended May 31 Miscellaneous ($520+ $1.449) Total expense Net operating Income During May, the company's actual activity was 340 diving-hours. Required: Prepare a flexible budget for May Note: Round your answers to the nearest whole number. Wages and salaries Supplies Equipment rental insurance Miscellaneous 350 $ 136,500 Total expense Net operating income 55,400 1,750 9,500 3,900 1,024 71,874
Planning and actual budgets for the month ended December 31st, 2020 PLANNING ACTUAL Budgeted meals quantity (q) 20 000 18 000 Revenues (£5.00q) £100 000 £90 000 Expenses: Raw material (£2.50q) 50 000 45 000 10 000 Wages and salaries (£5 500+£0.25q) Utilities (£2 500 + £0.05q) Facility rent 10 500 3 500 3 400 5 000 5 500 Insurance 2 800 3 200 Fuel 2 500 2 800 Net Operating Income £25 700 £20 100 Required: a) Outline the objectives of budgeting and explain how London Docks Café benefits from engaging in robust budgetary processes? b) Prepare a report showing London Docks Cafe's revenue and spending variance for December? c) Based on the variances report you prepared in (b) above, which area/s of activity should be of concern to the management of London Docks Café? Explain d) Explain the terms profitability and sustainability. Assess and advise the London Docks Café on the measures they should adopt to ensure the attainment of both mandates.
es w Exercise 9-1 (Algo) 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) Revenue ($390.00q) Expenses: Wages and salaries ($11,200 + $126.00q) Supplies ($4.00q) Equipment rental ($2,300 + $22.00q) Insurance ($4,200) Miscellaneous ($500+ $1.46q) Total expense Net operating income During May, the company's actual activity was 340 diving-hours. 350 $ 136,500 Puget Sound Divers Flexible Budget For the Month Ended May 31
2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentS... A Estimated cash payments budget Grow Inc. was organized on February 28. Budgeted selling and administrative expenses for each of the first three months of operations are as follows: March April May $101,500 93,400 85,000 Depreciation, insurance, and property taxes represent $21,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in November. The remainder of the expenses are expected to be paid 71% in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers. 4 0 GROW INC. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 Line Item Description March March expenses: Paid in…
Graded HW i Fixed Budget For Year Ended December 31 $ Sales 3,171,000 Costs Direct materials 996,600 Direct labor 226,500 Sales staff commissions 60,400 Depreciation-Machinery 295,000 Supervisory salaries 203,000 Shipping 226,500 Sales staff salaries (fixed annual 250,000 amount) Administrative salaries 556,450 Depreciation-Office equipment 198,000 Income $ 158,550 Saved Required: 1&2. Prepare flexible budgets at sales volumes of 14,100 and 16,100 units. 3. The company's business conditions are improving. One possible result is a sales volume of 18,100 units. Prepare a simple budgeted income statement if 18,100 units are sold. Complete this question by entering your answers in the tabs below. Req 1 Req 3 and 2 Prepare flexible budgets at sales volumes of 14,100 and 16,100 units. Sales Variable costs Direct materials Direct labor Sales staff commissions Shipping Total variable costs Contribution margin Fixed costs PHOENIX COMPANY Flexible Budgets For Year Ended December 31 Flexible…