Kentford Associates is a small professional services firm. Last month, Kentford billed more hours than expected and profits reflected this. Billable hoursa Revenue Professional salaries (all variable) Other variable costs (e.g., supplies, computer services) Fixed costs Profit Reported Income Statement 5,829 $ 1,172,000 524,000 170,400 260,000 $ 217,600 Master Budget 5,424 $ 1,128,000 512,000 152,000 287,000 $ 177,000 *These are hours billed to clients. They are fewer than the number of hours worked because there is nonbillable time (e.g., slack periods, time in training sessions) and because some time worked for clients is not charged to them.

Kentford Associates is a small professional services firm. Last month, Kentford billed more hours than expected and profits reflected this. Billable hoursa Revenue Professional salaries (all variable) Other variable costs (e.g., supplies, computer services) Fixed costs Profit Reported Income Statement 5,829 $ 1,172,000 524,000 170,400 260,000 $ 217,600 Master Budget 5,424 $ 1,128,000 512,000 152,000 287,000 $ 177,000 *These are hours billed to clients. They are fewer than the number of hours worked because there is nonbillable time (e.g., slack periods, time in training sessions) and because some time worked for clients is not charged to them.

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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