Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Garcia and Lewis, CPAs, are preparing their service revenue (sales) budget for the coming year (2022). The practice is divided into three departments: auditing, tax,

Garcia and Lewis, 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 here. Department Quarter 1 Quarter 2 Quarter 3 Quarter 4 Auditing 2,622 1,824 2,280 2,736 Tax 3,420 2,508 2,280 2,850 Consulting 1,710 1,710 1,710 1,710 Average hourly billing rates are auditing $98, tax $106, and consulting $122. Prepare the service revenue (sales) budget for 2022 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue. Quarter 1 Dept. Billable Hours Billable Rate Auditing $ Tax Consulting Totals $ $ GARCIA AND LEWIS, CPAS Service Revenue Budget Total Rev. Billable Hours $ Quarter 3 Dept. Billable Hours Billable Rate Auditing Tax Consulting Totals $ GARCIA AND LEWIS, CPAS Service Revenue Budget Year Dept. Billable Hours Billable Rate Auditing $ Tax Consulting Totals $ $ $ $ GARCIA AND LEWIS, CPAS Service Revenue Budget Total Rev. Billable Hours Total Rev

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley Gaap Interpretation And Application Of Generally Accepted Accounting Principles 2009

Authors: Barry J. Epstein, Ralph Nach, Steven M. Bragg

1st Edition

0470286067, 978-0470286067

More Books

Students also viewed these Accounting questions