Professional Labor Cost Budget for a Service Company Lundquist & Fretwell, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending May 31, 20Y8: Audit Department: Staff Partners Tax Department: Staff Partners Small Business Accounting Department: Staff Partners Billable Hours Audit Department hours Tax Department hours. Small Business Accounting Department hours Total hours Average compensation per hour Total professional labor cost 25,000 6,000 Based on the data provided above and assuming that the average compensation per hour for staff is $40 and for partners is $175, prepare a professional labor cost budget for each department for Lundquist & Fretwell, CPAS, for the year ending May 31, 20Y8. 40,000 8,500 Lundquist & Fretwell, CPAS Professional Labor Cost Budget For the Year Ending December 31, 20Y8 Partners X $ 5,000 500 Staff X $

Professional Labor Cost Budget for a Service Company Lundquist & Fretwell, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending May 31, 20Y8: Audit Department: Staff Partners Tax Department: Staff Partners Small Business Accounting Department: Staff Partners Billable Hours Audit Department hours Tax Department hours. Small Business Accounting Department hours Total hours Average compensation per hour Total professional labor cost 25,000 6,000 Based on the data provided above and assuming that the average compensation per hour for staff is $40 and for partners is $175, prepare a professional labor cost budget for each department for Lundquist & Fretwell, CPAS, for the year ending May 31, 20Y8. 40,000 8,500 Lundquist & Fretwell, CPAS Professional Labor Cost Budget For the Year Ending December 31, 20Y8 Partners X $ 5,000 500 Staff X $

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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Coronado Consulting provides weekly payroll processing for a number of small businesses. Gia Coronado, the company's owner, has been using an activity-based costing system for several years. She used the following information in preparing this year's budget. Activity Cost Pool Total Cost Cost Driver Expected Driver Volume Setting up new employees $ 91,250 Number of new employees 500 Processing weekly payroll $ 950,000 Number of paychecks printed 2,500,000 Weekly reporting $ 374,000 Number of clients 200 Annual tax reporting $ 280,000 Number of W-2s printed 80,000 (a) Your answer is correct. Calculate the cost rates for each activity cost pool. (Round answers to 2 decimal places, e.g. 15.25.) Cost Pool Activity Rate 182.5 /new employee Setting up new employees $ .38 /check Processing weekly payroll 1870 /client Weekly reporting $ 3.5 | /W-2 Annual tax reporting %24 %24 %24 %24
es Required information [The following information applies to the questions displayed below.] Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates for budgeting purposes and the actual results for May as shown below. Revenue Employee salaries and wages Travel expenses Other expenses Fixed Element per Month $ 50,000 $ 36,000 Variable Element per Customer Served $ 5,000 $ 1,100 Actual Total for May $ 160,000 $ 88,000 $ 600 $ 19,000 $ 34,500 When preparing its planning budget, the company estimated it would serve 30 customers per month; however, during May the company actually served 35 customers. Required: 1. What amount of revenue would be included in Adger's flexible budget for May?
Relevant data from the Poster Company’s operating budgets are: Quarter 1 Quarter 2 Sales $208,480 $211,540 Direct material purchases 115,300 120,832 Direct labor 75,205 73,298 Manufacturing overhead 25,300 25,400 Selling and administrative expenses 33,400 33,500 Depreciation included in selling and administrative 1,500 900 Collections from customers 215,392 240,154 Cash payments for purchases 114,290 119,254 Additional data:Capital assets were sold in January for $10,000 and $4,400 in May.Dividends of $4,600 were paid in February. The beginning cash balance was $60,360 and a required minimum cash balance is $59,000. Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank. The Poster CompanyCash BudgetFor the First Two Quarters Quarter 1 Quarter 2 $Beginning Cash Balance $Beginning Cash Balance Add: Cash Receipts Collections from Customers…
d. Prepare the direct labor budget for the quarter ended March 31, 20X1. e. Prepare the manufacturing overhead budget for the quarter ended March 31, 20X1. f . Prepare the selling and administrative expense budget for the quarter ended March 31, 20X1.
eBook Print Item Professional Fees Earned Budget Day & Spieth, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending March 31, 20Y6: Billable Hours Audit Department: Staff 27,300 Partners 4,100 Tax Department: Staff 21,000 Partners 2,600 Small Business Accounting Department: Staff 3,500 Partners 500 The average billing rate for staff is $105 per hour, and the average billing rate for partners is $225 per hour. Prepare a professional fees earned budget for Day & Spieth, CPAS, for the year ending March 31, 20Y6. DAY & SPIETH, CPAS Professional Fees Earned Budget For the Year Ending March 31, 20Y6 Sign out O 11:09
Professional Labor Cost Budget Day & Spieth, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending March 31, 20Y6: Billable Hours Audit Department: Staff 50,000 Partners 10,000 Tax Department: Staff 75,000 Partners 16,000 Small Business Accounting Department: Staff 20,000 Partners 4,000 Assume that the average compensation per hour for staff is $36 and for partners is $300. Prepare a professional labor cost budget for Day & Spieth, CPAs, for the year ending March 31, 20Y6. Enter all amounts as positive numbers. DAY & SPIETH, CPAs Professional Labor Cost Budget For the Year Ending March 31, 20Y6 Staff Partners Audit Department hours fill in the blank 1 fill in the blank 2 Tax Department hours fill in the blank 3 fill in the blank 4 Small Business…
Activity-Based Budget
Assume that a merchandising company provided the following beginning and ending budgeted balance sheets for a forthcoming month: Beginning Balances Ending Balances Cash $30,000 $38,000 Accounts Receivable $13,000 $16,000 Inventory $20,000 $18,000 Buildings and equipment $100,000 $100,000 Accumulated depreciation (25,000) (30,000) Total Assets From above: 138,000 $142,000 Accounts payable $4,000 $5,000 Common stock $60,000 $60,000 Retained earnings $74,000 $ 77,000 Total liabilities and stockholders' equity $138,000 $142,000 Assume that all of the company's sales are on account and it has no uncollectible accounts. If the cash collected from customers during the period is $120,000, then how much sales must be shown on the company's budgeted income statement?
Service Department Charges and Activity Bases Middler Corporation, a manufacturer of electronics and communications systems, uses a service department charge system to charge profit centers with Computing and Communications Services (CCS) service department costs. The following table identifies an abbreviated list of service categories and activity bases used by the CCS department. The table also includes some assumed cost and activity base quantity information for each service for October. CCS ServiceCategory Activity Base Budgeted Cost Budgeted ActivityBase Quantity Help desk Number of calls $133,760 3,200 Network center Number of devices monitored 748,250 10,250 Electronic mail Number of user accounts 70,950 6,450 Handheld technology support Number of handheld devices issued 168,960 9,600 One of the profit centers for Middler Corporation is the Communication Systems (COMM) sector. Assume the following information for the COMM sector: The sector has…
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Astroll Mahato Company has provided the following report for the most recent period. Astroli Mahato Company For the Period Ended March 31 Actual Results Planning Budget Machine-hours Direct labor wages Supplies Maintenance Utilities Supervision Depreciation Total 42,000 $ 74,000 40,000 $ 72,400 22,300 20,800 22,500 20,500 20,200 19,100 43,000 43,000 71,000 $ 253,000 71,000 $ 246,800 Direct labor wages and supplies are variable costs; supervision and depreciation are fixed costs; and maintenance and utilities are mixed costs. The fixed component of the budgeted maintenance cost is $12,900; the fixed component of the budgeted utilities cost is $13,000. Required: 2. Complete the performance report below to calculate the spending variances for the period. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Astroli Mahato…
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