### Crable and Tesch Revenue Budget#### For the Year Ended December 31, 2016**Table 1: Revenue Budget**- **Columns:** - Item - Professional Hours - Billing Rate - Total Revenues- **Rows:** - Partners - Associates - Staff - TotalThis table is formatted to calculate total revenues based on the professional hours and billing rates of partners, associates, and staff. Each category has designated input cells for quantifying the professional hours worked and the corresponding billing rate. The Total Revenues column is intended to be calculated based on these inputs.**Table 2: Professional Labor Budget**#### For the Year Ended December 31, 2016- **Columns:** - Item - Professional Hours - Wage Rate - Total Labor- **Rows:** - Partners - Associates - Staff - TotalThis table focuses on budgeting for labor costs. It includes columns for recording professional hours and the wage rate for each category of employees, namely partners, associates, and staff. The Total Labor column is intended to display the calculated labor costs for each category.Both tables are structured to provide a detailed view of financial planning for the firm, helping in assessing revenue and labor cost projections. **Crable and Tesch**, partners in a systems consulting firm, budgeted the following professional labor hours for the year ended December 31, 2016:- **Partners**: 4,000 hours- **Associates**: 14,000 hours- **Staff**: 22,000 hoursPartners have a billing rate of $225 per hour and actually earn $110 per hour. Associates bill out at $140 per hour and earn $85 per hour. Staff bill out at a rate of $75 per hour and earn $35 per hour.**REQUIRED:**1. Prepare a revenue budget.2. Prepare a professional labor budget.

Crable and Tesch, partners in a systems consulting firm, budgeted the following professional labor hours for the year ended December 31, 2016: Partners 4,000 Associates 14,000 Staff....... 22,000 Partners have a billing rate of $225 per hour and actually earn $110 per hour. Associates bill out at $140 per hour and earn $85 per hour. Staff bill out at a rate of $75 per hour and earn $35 per hour. REQUIRED: 1. Prepare a revenue budget. 2. Prepare a professional labor budget.

Crable and Tesch, partners in a systems consulting firm, budgeted the following professional labor hours for the year ended December 31, 2016: Partners 4,000 Associates 14,000 Staff....... 22,000 Partners have a billing rate of $225 per hour and actually earn $110 per hour. Associates bill out at $140 per hour and earn $85 per hour. Staff bill out at a rate of $75 per hour and earn $35 per hour. REQUIRED: 1. Prepare a revenue budget. 2. Prepare a professional labor budget.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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