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1 DATA FOR TASK B: 2 2018 BUDGETED DATA Taxation Bookkeeping Advisory Total 3 Billable hours 4400 1200 5200 10800 4 Professional labour hours 4600 1320 5720 11040 5 Char e out rate per billable hour 210.00 180. 00 2l0. 00 6 Professional labour per worked hour 90. 00 75. 00 90. 00 7 Variable overhead l45, 000 Note 1 8 Fixed overhead 610 000 Note 2 9 10 11 2018 ACTUAL COSTS Taxation Bookkeeping Advisory Total 12 Bi11ah1e hours 4200 1400 5900 11500 13 Professional labour hours 4400 1500 5400 12300 14 Char e out rate per billable hour 210. 00 185.00 210. 00 15 Professional salary paid 386, 000 112, 500 586, 000 16 Actual variable overhead paid l62, 000 Note 1 17 Actual fixed overheads paid 597, 000 Note 2 l8 l9 Note 1: Variable overhead varies with the billable hours 20 Note 2: The partners have decided a fair allocation of fixed overheads is as a percentage of floor space. 21 Taxation Bookkeeping Advisory Total 22 Floor Space by service 130 55 195 380 sqm 23 24 25 9F. DATA FOR TASK A: 2017 Prot and Loss Statement for T&K Solutions: Taxation Bookkeeping Advisory Total $ $ $ $ Revenue 880,000 214,500 1,045,000 2,139,50C Less: Costs - - - - - Partner Salary 82,500 82,500 165,000 330,000 * Professional Staff Costs 360,000 112,500 450,000 922,500 - Office Staff 50,000 50,000 50,000 150,000 - Client travel costs 2?,500 15,500 57,200 100,200 I 1 - IT Support 5 500 3 300 9 900 18 700 - Printing & Stationery 9 000 3 520 12 100 24 620 - Advertising 8 800 8 800 8 800 26 400 - Rent 1?,600 1?,600 1?,600 52,800 - Utilities 8,800 8,800 8,800 26,400 * Depreciation 5,500 5,500 5,500 16,500 - Bad debts 2,200 3,300 - 5,500 Net Profit 302,600 -96,820 260,100 465,880 ADDITIONAL INFORHATION: Partner Wages Terry and Kerry are both paid an annual salary of $165,000. Terry's salary is spread between Tax & Bookkeeping. Kerry's salary is charged to Advisory Professional Staff Tax has 4 professional staff , Advisory has 5 professional staff and Bookkeeping has 3 part time staff who each work 0.5 of a FTE. If bookeeping was to close, the bookkeeping staff would no longer be required Office Support Staff The firm has 3 office support staff each paid $50,000 per year. Currently their costs are spread evenly between the 3 service units. It is expected that if bookkeeping was to close there would be no change to the number of total support staff Client Travel Costs Client travel costs vary depending on the service and client needs IT support IT support costs vary with the associated service unit : Printing & Stationery Printing and stationery costs vary depending on the client needs and service performed Advertising Advertising costs are allocated evenly across the firm. However, if bookkeeping was to close it is expected the total advertising costs would reduce by 10%. Rent & Utilities Rent and Utilities are currently spread evenly across the 3 service units. If bookkeeping was to close the additional floor space would be absorbed by the remaining services and there would be no savings in Deprectiation Depreciation relates to shared office equipment and is charged evenly across each service unit. If bookkeeping was to close all existing equipment would remain. Bad debts Bad debts relate specifically to clients within that service unit A l. 2 3 . 4 U1 TASK B SCHEDULE 2: A E C D E acatian of variable overhead: Actual Variabla overhead Into: TAXATION par billable hnur F G H Prepare the Flexible Budgets for each service departnent for the year 2013 Billable hours Pfexrfe nd. '1' Revenue Professional salaries Variable overhead Fixed overheads BOOKIEEPIHG Actual Pierrfe indget Static Bud;et Static Budget Billable hours Revenue Professional salaries Variable overhead Fixed Overhea- ADVISORY Billable hours Static BudLet Revenue Professional salaries Variable overhead Fixed Overhea- All yellow cells are to be entered into blackboard I ED-dGUlthNH TASK A SCHEDULE 1: 2017 Profit & Loss - If T&K Drop Bookkeeping Taxation $ Bookkeeping 3 Business Advisory $ Total Revenue Costs - Partner Salary Less: - Professional Staff Costs - Office Staff - Client travel costs - IT Support - Printing & Stationery - Advertising * Rent - Utilities - Depreciation - Bad debts |:| |:| Net Profit If bookkeeping was closed, the net change in profit for T&K solutions would be : All ellow cells are to he entered into blackboard