Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2020)....

Department	Quarter 1	Quarter 2	Quarter 3	Quarter 4
Auditing	2,500	1,730	2,400	2,690
Tax	3,250	2,750	2,400	2,720
Consulting	1,780	1,780	1,780	1,780

Average hourly billing rates are auditing $85, tax $94, and consulting $105.

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.

Solutions

Expert Solution

Particulars	DEPARTMENTS
Auditing	Tax	Consulting
Quarter 1 :
Billable Hours	2500	3250	1780
Hourly Billing rate	85	94	105
Quarter 1 Revenue	$212,500	305,500	186,900

Quarter 2 :
Billable Hours	1730	2750	1780
Hourly Billing rate	85	94	105
Quarter 2 Revenue	147,050	258,500	186,900

Quarter 3 :
Billable Hours	2400	2400	1780
Hourly Billing rate	85	94	105
Quarter 3 Revenue	204,000	225,600	186,900

Quarter 4 :
Billable Hours	2690	2690	1780
Hourly Billing rate	85	94	105
Quarter 4 Revenue	228,650	252,860	186,900

Total Billing Hours for the year	9320	11090	7120
Hourly Billing rate	85	94	105
Total Yearly Revenue	792,200	1,042,460	747,600

ekkarill92 answered 1 year ago

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