Thome and Crede, CPAs, are preparing their service revenue (sales) budget for th
ID: 2478500 • Letter: T
Question
Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2017). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Average hourly billing rates are auditing $82, tax $92, and consulting $103. Prepare the service revenue (sales) budget for 2017 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.Explanation / Answer
Statement showing computations Q1 Q2 Department Billable Hours Billable Rate Total Revenue Billable Hours Billable Rate Total Revenue Auditing 2,400.00 82 196,800.00 1,970.00 82 161,540.00 Tax 3,360.00 92 309,120.00 2,660.00 92 244,720.00 Consulting 1,860.00 103 191,580.00 1,860.00 103 191,580.00 697,500.00 597,840.00 Q3 Q4 Department Billable Hours Billable Rate Total Revenue Billable Hours Billable Rate Total Revenue Auditing 2,390.00 82 195,980.00 2,640.00 82 216,480.00 Tax 2,400.00 92 220,800.00 2,840.00 92 261,280.00 Consulting 1,860.00 103 191,580.00 1,860.00 103 191,580.00 608,360.00 669,340.00 Year Department Billable Hours Billable Rate Total Revenue Auditing 9,400.00 82 770,800.00 Tax 11,260.00 92 1,035,920.00 Consulting 7,440.00 103 766,320.00 2,573,040.00
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