Information Henry and Jones, partners in a sports management consulting firm, budgeted the following professional labor hours for the year ended December 31, 20--: Partners 4,000 Associates 7,000 Staff 11,000 Partners have a billing rate of $200 per hour and actually earn $100 per hour. Associates bill out at $120 per hour and earn $60 per hour. Staff has a billing rate of $80 an hour and earns $40 per hour. Budgeted overhead and other expenses are as follows: Overhead: Depreciation—Equipment $ 40,000 Depreciation—Building 90,000 Fringe Benefits 190,000 Photocopying 22,000 Secretarial Support 230,000 Telephone/Fax 31,000 Utilities 43,000 Other Direct Expenses: Travel $ 54,000 Meals 18,000 Directions: 1. Using the schedule below, prepare a revenue budget for the year ended December 31, 20--. Henry and Jones Revenue Budget For the Year Ended December 31, 20-- Item Professional Hours Billing Rate Total Revenues Partners $ $ Associates Staf
Information Henry and Jones, partners in a sports management consulting firm, budgeted the following professional labor hours for the year ended December 31, 20--: Partners 4,000 Associates 7,000 Staff 11,000 Partners have a billing rate of $200 per hour and actually earn $100 per hour. Associates bill out at $120 per hour and earn $60 per hour. Staff has a billing rate of $80 an hour and earns $40 per hour. Budgeted overhead and other expenses are as follows: Overhead: Depreciation—Equipment $ 40,000 Depreciation—Building 90,000 Fringe Benefits 190,000 Photocopying 22,000 Secretarial Support 230,000 Telephone/Fax 31,000 Utilities 43,000 Other Direct Expenses: Travel $ 54,000 Meals 18,000 Directions: 1. Using the schedule below, prepare a revenue budget for the year ended December 31, 20--. Henry and Jones Revenue Budget For the Year Ended December 31, 20-- Item Professional Hours Billing Rate Total Revenues Partners $ $ Associates Staf
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Henry and Jones, partners in a sports management consulting firm, budgeted the following professional labor hours for the year ended December 31, 20--:
Partners 4,000
Associates 7,000
Staff 11,000
Partners have a billing rate of $200 per hour and actually earn $100 per hour. Associates bill out at $120 per hour and earn $60 per hour. Staff has a billing rate of $80 an hour and earns $40 per hour.
Budgeted overhead and other expenses are as follows:
Overhead:
Depreciation —Equipment $ 40,000
Depreciation—Building 90,000
Fringe Benefits 190,000
Photocopying 22,000
Secretarial Support 230,000
Telephone/Fax 31,000
Utilities 43,000
Other Direct Expenses:
Travel $ 54,000
Meals 18,000
Directions:
1. Using the schedule below, prepare a revenue budget for the year ended December 31, 20--.
Henry and Jones
Revenue Budget
For the Year Ended December 31, 20--
Item Professional
Hours Billing
Rate Total
Revenues
Partners $ $
Associates
Staff
Total $
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A revenue budget refers to the estimation of revenue that will be earned by the government in the form of receipts, taxes, other sources,etc and expenses.
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