Lisogar, Philip, & Walters (LPW) is a regional accounting firm with four offices. Summary data from the partnership’s annual report follow:

Required

1. What percentages of total revenues did LPW earn by performing assurance services similar to auditing, consulting services, and tax services during 2016? What were the percentages in 2020? Which type of service grew the most from 2016 to 2020?

2. Compute the average revenue per partner in 2020. Assume each partner works 1,900 hours per year. On average, how much does each partner charge a client for one hour of time?

3. How much net income did each LPW partner earn, on average, in 2020?

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Years Ended June 30 (dollars in thousands, except where indicated) 2020 2019 2018 2017 2016 Revenues Assurance services $1,234 $1,122 $1,064 $1,093 $1,070 Consulting services 1,007 775 658 473 349 Tax services 743 628 567 515 557 Total Revenues $2,984 $2,525 $2,289 $2,081 $1,976 Operating Summary Revenues $2,984 $2,525 $2,289 $2,081 $1,976 Personnel costs 1,215 1,004 887 805 726 Other costs 712 630 517 458 415 Income to Partners $1,057 $ 891 $ 885 $ 818 $ 835 Statistical Data Average number of partners 9 9 9. 8 8