Exercise 13-3 Bridgeport, CPAs, are preparing their service revenue (sales) budg

Question

Exercise 13-3 Bridgeport, 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 Department Quarter 1 Quarter 2 Quarter 3 Quarter 4 Auditing Tax Consulting 2,520 3,150 1,770 1,870 2,790 1,770 2,100 2,310 1,770 2,620 2,680 1,770 Average hourly billing rates are auditing $82, tax $93, 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

Explanation / Answer

Sales revenue budget For the year ending 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 2520 82 206640 1870 82 153340 2100 82 172200 2620 82 214840 9110 82 747020 Tax 3150 93 292950 2790 93 259470 2310 93 214830 2680 93 249240 10930 93 1016490 Consulting 1770 102 180540 1770 102 180540 1770 102 180540 1770 102 180540 7080 102 722160 Totals 680130 593350 567570 644620 2485670

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