Question
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,
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 | 2,460 | 1,870 | 2,320 | 2,660 | ||||
Tax | 3,150 | 2,750 | 2,340 | 2,620 | ||||
Consulting | 1,890 | 1,890 | 1,890 | 1,890 |
Average hourly billing rates are auditing $85, tax $91, and consulting $101. 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, CPAs Service Revenue Budget choose the accounting period December 31, 2020For the Quarter Ending December 31, 2020For the Year Ending December 31, 2020 | ||||||
---|---|---|---|---|---|---|
Quarter 1 | Quarter 2 | |||||
Dept. | Billable Hours | Billable Rate | Total Rev. | Billable Hours | Billable Rate | Total Rev. |
Auditing | enter a number of hours | $enter a dollar amount | $enter a dollar amount | enter a number of hours | $enter a dollar amount | $enter a dollar amount |
Tax | enter a number of hours | enter a dollar amount | enter a dollar amount | enter a number of hours | enter a dollar amount | enter a dollar amount |
Consulting | enter a number of hours | enter a dollar amount | enter a dollar amount | enter a number of hours | enter a dollar amount | enter a dollar amount |
Totals | $enter a total dollar amount | $enter a total dollar amount |
THOME AND CREDE, CPAs Service Revenue Budget choose the accounting period For the Year Ending December 31, 2020For the Quarter Ending December 31, 2020December 31, 2020 | ||||||
---|---|---|---|---|---|---|
Quarter 3 | Quarter 4 | |||||
Dept. | Billable Hours | Billable Rate | Total Rev. | Billable Hours | Billable Rate | Total Rev. |
Auditing | enter a number of hours | $enter a dollar amount | $enter a dollar amount | enter a number of hours | $enter a dollar amount | $enter a dollar amount |
Tax | enter a number of hours | enter a dollar amount | enter a dollar amount | enter a number of hours | enter a dollar amount | enter a dollar amount |
Consulting | enter a number of hours | enter a dollar amount | enter a dollar amount | enter a number of hours | enter a dollar amount | enter a dollar amount |
Totals | $enter a total dollar amount | $enter a total dollar amount |
THOME AND CREDE, CPAs Service Revenue Budget choose the accounting period December 31, 2020For the Year Ending December 31, 2020For the Quarter Ending December 31, 2020 | |||
---|---|---|---|
Year | |||
Dept. | Billable Hours | Billable Rate | Total Rev. |
Auditing | enter a number of hours | $enter a dollar amount | $enter a dollar amount |
Tax | enter a number of hours | enter a dollar amount | enter a dollar amount |
Consulting | enter a number of hours | enter a dollar amount | enter a dollar amount |
Totals | $enter a total dollar amount |
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