Exercise 21-3 Thome and Crede, CPAs, are preparing their service revenue (sales)

Question

Exercise 21-3 Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2017). 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 Tax Consulting 2,520 3,240 1,670 1,780 2,770 1,670 2,180 2,250 1,670 2,650 2,660 1,670 Average hourly billing rates are auditing $82, tax $92, and consulting $103 Prepare the service revenue (sales) budget for 2017 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 Sales Revenue Budget Quarter1 Quarter2 Dept. Billable Hours Billable Rate Total Rev. Billable Hours Billable Rate Total Rev Auditing Tax Consulting Totals

Explanation / Answer

Sales Revenue Budget For the Year Ending December 31, 2017 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Billable hours Billable rate Total rev. Auditing 2520 82 206640 1780 82 145960 2180 82 178760 2650 82 217300 9130 82 748660 Tax 3240 92 298080 2770 92 254840 2250 92 207000 2660 92 244720 10920 92 1004640 Consulting 1670 103 172010 1670 103 172010 1670 103 172010 1670 103 172010 6680 103 688040 Total 676730 572810 557770 634030 2441340

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