Waterway and Crede, CPAS, are preparing their service revenue (sales) budget for the coming year (2022). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Department Quarter 1 Auditing Tax Consulting 3,040 3,840 1,920 Quarter 2 2,000 2,720 1,920 Quarter 3 Quarter 4 2,560 2,560 1,920 3,120 3,200 1,920 Average hourly billing rates are auditing $70, tax $80, and consulting $100.

Waterway and Crede, CPAS, are preparing their service revenue (sales) budget for the coming year (2022). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Department Quarter 1 Auditing Tax Consulting 3,040 3,840 1,920 Quarter 2 2,000 2,720 1,920 Quarter 3 Quarter 4 2,560 2,560 1,920 3,120 3,200 1,920 Average hourly billing rates are auditing $70, tax $80, and consulting $100.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2020). 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 2,330 1,870 2,120 2,730 Tax 3,150 2,660 2,330 2,790 Consulting 1,830 1,830 1,830 1,830 Average hourly billing rates are auditing $81, tax $91, and consulting $104. Prepare the service revenue (sales) budget for 2020 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue. THOME AND CREDE, CPAsService Revenue Budgetchoose the accounting period For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020 Quarter 1 Quarter 2 Dept. Billable Hours…
E9-3 Garza and Neely, CPAS, are preparing their service revenue (sales) budget for the coming year (2014). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Quarter 1 Quarter 2 Quarter 4 Department Auditing Tax Consulting Quarter 3 2,300 3,000 1,500 1,600 2,200 1,500 2,000 2,000 1,500 2,400 2,500 1,500 Average hourly billing rates are auditing $80, tax $90, and consulting $100. Instructions Prepare the service revenue (sales) budget for 2014 by listing the departments and show- ing for each quarter and the year in total, billable hours, billable rate, and total revenue.
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