Crede and Rensing, CPAs, are preparing their service revenue (sales) budget for
ID: 2390258 • Letter: C
Question
Crede and Rensing, CPAs, are preparing their service revenue (sales) budget for the coming year (2011). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below.Department Quarter 1 Quarter 2 Quarter 3 Quarter 4
Auditing 2,256 1,607 2,089 2,456
Tax 2,974 2,539 2,082 2,470
Consulting 1,494 1,494 1,494 1,494
Average hourly billing rates are: auditing $80, tax $93, and consulting $101.
Complete the service revenue (sales) budget for 2011 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.
CREDE AND RENSING, CPA's
Sales Revenue Budget
For the Year Ending December 31, 2011
Quarter 1:
Dept Billable Hours Billable Rate Total Rev.
Auditing ___________ $___________ $_________
Tax ___________ ___________ ___________
Consulting ___________ ___________ ___________
________________
Totals: $__________
Quarter 2:
Dept Billable Hours Billable Rate Total Rev.
Auditing ___________ $___________ $_________
Tax ___________ ___________ ___________
Consulting ___________ ___________ ___________
________________
Totals: $__________
Quarter 3:
Dept Billable Hours Billable Rate Total Rev.
Auditing ___________ $___________ $_________
Tax ___________ ___________ ___________
Consulting ___________ ___________ ___________
________________
Totals: $__________
Quarter 4:
Dept Billable Hours Billable Rate Total Rev.
Auditing ___________ $___________ $_________
Tax ___________ ___________ ___________
Consulting ___________ ___________ ___________
________________
Totals: $__________
TOTALS:
Dept Billable Hours Billable Rate Total Rev.
Auditing ___________ $___________ $_________
Tax ___________ ___________ ___________
Consulting ___________ ___________ ___________
________________
Totals: $__________
Explanation / Answer
dept
hours
rate
total rev
quarter 1
audit
2256
80
180480
tax
2974
93
276582
consul
1494
101
150894
6724
607956
quarter 2
audit
1607
80
128560
tax
2539
93
236127
consul
1494
101
150894
5640
515581
quarter 3
audit
2089
80
167120
tax
2082
93
193626
consul
1494
101
150894
5665
511640
quarter 4
audit
2456
80
196480
tax
2470
93
229710
consul
1494
101
150894
6420
577084
totals
audit
8408
80
672640
tax
10065
93
936045
consul
5976
101
603576
24449
2212261
dept
hours
rate
total rev
quarter 1
audit
2256
80
180480
tax
2974
93
276582
consul
1494
101
150894
6724
607956
quarter 2
audit
1607
80
128560
tax
2539
93
236127
consul
1494
101
150894
5640
515581
quarter 3
audit
2089
80
167120
tax
2082
93
193626
consul
1494
101
150894
5665
511640
quarter 4
audit
2456
80
196480
tax
2470
93
229710
consul
1494
101
150894
6420
577084
totals
audit
8408
80
672640
tax
10065
93
936045
consul
5976
101
603576
24449
2212261
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