Thome and Crede, CPAs, are preparing their service revenue (sales) budget for th
ID: 2518211 • 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 DepartmentQuarter1 Quarter 2 Quarter 3 Quarter 4 Auditing Tax Consulting 2,390 3,160 1,670 1,870 2,550 1,670 2,390 2,280 1,670 2,730 2,750 1,670 Average hourly billing rates are auditing $82, tax $95, and consulting $102. 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. THOME AND CREDE, CPAS Sales Revenue Budget Quarter 1 Quarter 2 Dept. Billable Hours Billable Rate Total Rev. Billable Hours Billable Rate Total Rev Auditing ?? TotalsExplanation / Answer
THOME AND CREDE, CPAs Sales Revenue Budget For the Year 2017 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Dept. Billable Hours Billable Rate Total Rev. Billable Hours Billable Rate Total Rev. Billable Hours Billable Rate Total Rev. Billable Hours Billable Rate Total Rev. Billable Hours Billable Rate Total Rev. Auditing 2,390 82 1,95,980 1,870 82 1,53,340 2,390 82 1,95,980 2,730 82 2,23,860 9,380 82 7,69,160 Tax 3,160 95 3,00,200 2,550 95 2,42,250 2,280 95 2,16,600 2,750 95 2,61,250 10,740 95 10,20,300 Consulting 1,670 102 1,70,340 1,670 102 1,70,340 1,670 102 1,70,340 1,670 102 1,70,340 6,680 102 6,81,360 Totals 6,66,520 5,65,930 5,82,920 6,55,450 24,70,820
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