Exercises 303 d Crede, CPAs, are preparing their service revenue (sales) budget

Question

Exercises 303 d Crede, CPAs, are preparing their service revenue (sales) budget for the 2017). The practice is divided into three departments: auditing, tax, E9-3 Thome and Crede, CPAs, are E9-3 Thome ( Prepare a sales budge for Billable hours for each department, by quarter, are provided below. (LO 2), AP Quarter 1 2,300 3,000 1,500 Quarter 2Quarter 3 Department Auditing Tax Consulting 1,600 2,200 1,500 2,000 2,000 1,500 Quarter 4 2,400 2,500 1,500 Average hourly billing rates are auditing $80, tax $90, and consulting $110. Instructions Prepare the service revenue (sales) budget for 2017 by listing the departments and show ing for each quarter and the year in total, billable hours, billable rate, and total revenue

Explanation / Answer

Service Revenue Budget for 2017

Particulars

A

B

C=A*B

D

E

F=D*E

G

H

I=G*H

J

K

L=J*K

A+D+G+J

C+F+I+L

Department

Quarter 1 HOUR WORKED

Rate/ billable hour

Quarter 1 SERVICE REVENUE ($)

Quarter 2 HOUR WORKED

Rate/ billable hour

Quarter 2 SERVICE REVENUE ($)

Quarter 3 HOUR WORKED

Rate/ billable hour

Quarter 3 SERVICE REVENUE ($)

Quarter 4 HOUR WORKED

Rate/ billable hour

Quarter 4 SERVICE REVENUE ($)

Year total billable hours

Year total service revenue($)

Auditing

2300

80

184000

1600

80

128000

2000

80

160000

2400

80

192000

8300

664000

Tax

3000

90

270000

2200

90

198000

2000

90

180000

2500

90

225000

9700

873000

Consulting

1500

110

165000

1500

110

165000

1500

110

165000

1500

110

165000

6000

660000

Quarter wise total

6800

280

619000

5300

280

491000

5500

280

505000

6400

280

582000

24000

2197000

Service Revenue Budget for 2017

Particulars

A

B

C=A*B

D

E

F=D*E

G

H

I=G*H

J

K

L=J*K

A+D+G+J

C+F+I+L

Department

Quarter 1 HOUR WORKED

Rate/ billable hour

Quarter 1 SERVICE REVENUE ($)

Quarter 2 HOUR WORKED

Rate/ billable hour

Quarter 2 SERVICE REVENUE ($)

Quarter 3 HOUR WORKED

Rate/ billable hour

Quarter 3 SERVICE REVENUE ($)

Quarter 4 HOUR WORKED

Rate/ billable hour

Quarter 4 SERVICE REVENUE ($)

Year total billable hours

Year total service revenue($)

Auditing

2300

80

184000

1600

80

128000

2000

80

160000

2400

80

192000

8300

664000

Tax

3000

90

270000

2200

90

198000

2000

90

180000

2500

90

225000

9700

873000

Consulting

1500

110

165000

1500

110

165000

1500

110

165000

1500

110

165000

6000

660000

Quarter wise total

6800

280

619000

5300

280

491000

5500

280

505000

6400

280

582000

24000

2197000

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