The average billing rate for staff is $125 per hour, and the average billing rate for partners is $245 per hour. Prepare a professional fees earned budget for Rollins and Cohen, CPAS, for the year ending December 31, 20Y7. ROLLINS AND COHEN, CPAS Professional Fees Earned Budget For the Year Ending December 31, 20Y7 Audit Department: Staff Partners Total Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total Total professional fees earned Billable Hourly Rate Hours 000 000 00 00 00 00 Total Revenue 188 888 I

The average billing rate for staff is $125 per hour, and the average billing rate for partners is $245 per hour. Prepare a professional fees earned budget for Rollins and Cohen, CPAS, for the year ending December 31, 20Y7. ROLLINS AND COHEN, CPAS Professional Fees Earned Budget For the Year Ending December 31, 20Y7 Audit Department: Staff Partners Total Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total Total professional fees earned Billable Hourly Rate Hours 000 000 00 00 00 00 Total Revenue 188 888 I

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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3.) Tusca National Bank has two service departments, the Human Resources Department and the Computing Department. The Bank has two other departments that directly service customers, the Deposit department and the Loan Department. The usage of the two service departments' output for the year is as follows: www.mw User of Service HR Computing Deposit Loan Provider of Service HR 30% 40% 30% Computing 10% 50% 40% The budgeted costs in the two service departments for the year as follows: HR: $ 300,000 Computing: $ 160, Use a.) direct method, b.) step-down method and c.) reciprocal services method to allocate the budgeted costs of HR and Computing departments.
Direct and step methods Salado Inc. provides cleaning services through its Residential and Commercial divisions. Support services of the company are provided by Personnel and Administration areas. Costs of these two areas are allocated to the revenue producing departments. Personnel costs are allocated using number of employees; administration costs are allocated using direct department costs. The following annual budgeted information (presented in a benefits- provided ranking) is available: Personnel Administration Residential Commercial Direct costs $420,000 Number of employees 36 Direct labor hours Square feet cleaned $540,000 $1,440,000 $2,400,000 90 216 180,000 1,350,000 144 270,000 1,710,000 a. Using the direct method, allocate the costs of Personnel and Administration to the Residential and Commercial divisions. Note: Do not round proportions; round your final answer to the nearest whole dollar. Total support costs allocated to Residential = $ Total support costs allocated to…
Burwell Manufacturing is organized into two divisions (Agriculture and Mining) and a corporate headquarters. The financial group of the corporate staff prepared financial operating plans (budgets) for the two divisions for the upcoming year (year 1). Selected information from the plans is as follows: Employees (full-time equivalent, or FTE) Revenues ($000) Direct division costs ($000) Operating profit before allocation ($000) Agriculture 23 $ 8,000 5,200 $ 2,800 Mining 52 $ 17,000 13,300 $ 3,700 Corporate overhead costs are expected to be $3.5 million in year 1. Of the $3.5 million, $1.25 million is fixed and the remainder is variable. Two-thirds of the variable cost is variable with respect to revenue. The other third is variable with respect to the number of full-time equivalent (FTE) employees. Division managers are evaluated and compensated in part on division operating profit (including any allocated corporate costs) relative to the budget. Corporate overhead at Burwell is…
Prepare "budgeted income statement" for May. 3.) Salsa has two service departments, the Maintenance Department and the IT Department. Salsa has also two production departments, the Cutting department and the Mixing Department. The usage of the two service departments' output for the year is as follows: User of Service Maintenance Maintenance IT 25% 40 % 35 % Provider of Service Maintenance: $ 200,000 IT: $ 120,000 15% IT Cutting Mixing The budgeted costs in the two service departments for the year as follows: 45% 40% Use a.) direct method, b.) step-down method and c.) reciprocal services method to allocate the budgeted costs of Maintenance and IT departments.
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The Document Creation Center (DCC) for Arlington Corp. provides photocopying and document services for three departments in the Minneapolis office. The following budget has been prepared for the year. Available capacity 8,030,000 pages Budgeted usage: Software Development 1,630,000 pages Training 3,333,000 pages Management 2,127,000 pages Cost equation $310,000 + $0.02 per page If DCC uses a dual-rate for allocating its costs, how much cost will be allocated to the Management Department, assuming the Management Department actually made 2,130,000 copies during the year? Multiple Choice $84,670. $86,790. $86,275. $135,600.
National company has two support departments A&B and two operating departments X&Y. for the first quarter 2021, Budgeted overhead costs before any interdepartmental costs allocations were: A $800,000, B $1,500,000, X $5,000,000 and Y $11,000,000. Support work supplied by A to B 20%, to X 50% and to Y 30%. Support work supplied by B to A 25%, to X 35% and to Y 40%. Using direct method, out of department :A cost, amount allocated to department Y is .a .$0 .b $500,000 .C .$800,000 .d .$300,000
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Professional Labor Cost Budget for a Service Company Rollins and Cohen, 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 December 31, 20Y7: Billable Hours Audit Department: Staff 37,500 Partners 5,600 Tax Department: Staff 27,400 Partners 3,400 Small Business Accounting Department: Staff 4,900 Partners 700 Based on the data provided above and assuming that the average compensation per hour for staff is $45 and for partners is $140, prepare a professional labor cost budget for each department for Rollins and Cohen, CPAS, for the year ending December 31, 20Y7. Rollins and Cohen, CPAS Professional Labor Cost Budget For the Year Ending December 31, 20Y7 Staff Partners Audit department hours Tax department hours Small business accounting department hours Total hours Average compensation per hour X $ Total professional labor cost $
Budgeted information relating to two departments in Blair's Chairs Limited for the next period is as follows: Production Department overhead 1 2 £ 270,000 18,000 Direct material cost £ Direct Direct Machine labour cost labour hours hours £ 67,500 13,500 36,000 100,000 2,700 45,000 25,000 300 Individual direct labour workers within each department earn differing rates of pay according to their skills, grade and experience. What is the most appropriate production overhead absorption method for Department 1? A) $ per machine hour B) $ per direct labour hour C) Per cent of direct material cost D) Per cent of direct labour cost What is the most appropriate production overhead absorption method for Department 2? A) Per cent of direct material cost B) $ per machine hour C) Per cent of direct labour cost D) $ per direct labour hour
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 28,200 Partners 4,200 Tax Department: Staff 20,600 Partners 2,600 Small Business Accounting Department: Staff 3,400 Partners 500 Assume that the average compensation per hour for staff is $65 and for partners is $160. 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 Accounting…