The managing partner at Mina's Accounting Service typically hires one part-time intern to complete her client's basic tax returns. Mina expects her intern to complete 280 of these basic returns, estimating each one to take 30 minutes of the intern's time. Mina pays her intern $25/hr and incurs additional variable overhead costs of $20/hr associated with the resources that are needed behind the scenes for these jobs. What cost of services should Mina budget for all basic tax returns this season, and how much should she charge each client if she wants to earn a 60% gross margin on each of these returns?
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- Brenda Sheldon, CPA, pays her new staff accountant, Abby , a salary equivalent to $21 per hour while Brenda receives a salary equivalent to $37 per hour. The firm's predetermined indirect cost allocation rate for the year is $11 per hour. Sheldon bills for the firm's services at 34% over cost. Assume Brenda works 6 hours and Abby works 8 hours preparing a tax return for Mikayla Touchstone. 1. What is the total cost of preparing Touchstone's tax return? 2. How much will Brenda bill Touchstone for the tax work?Amy Andrews is a CPA who works as a managerial accounting consultant for a variety of firms. To determine her hourly rate, Amy uses a cost-plus pricing system, which she updates each year. The hourly cost of her assistant (including taxes and benefits) is $18, the hourly cost of her office space is $3, the hourly cost of her marketing and other overhead materials is $5, and Amy's own hourly salary (again, including taxes and benefits) is $84. Amy adds a 30% premium to her costs. What is her hourly rate using a cost-plus pricing strategy?Amy Andrews is a CPA who works as a managerial accounting consultant for a variety of firms. To determine her hourly rate, Amy uses a cost-plus pricing system, which she updates each year. The hourly cost of her assistant (including taxes and benefits) is $18, the hourly cost of her office space is $3, the hourly cost of her marketing and other overhead materials is $5, and Amy's own hourly salary (again, including taxes and benefits) is $84. Amy adds a 30% premium to her costs. What is her hourly rate using a cost-plus pricing strategy? 1:02 Multiple Choice $115 $143 $110 $140 Mc Graw MacBook Pro %23 %24 & 2 3 4 6 7 8. R. Y P D H J K V N mmand command option O O O
- Lisa Claussen, CPA, pays her new staff accountant, Gina, a salary equivalent to $27 per hour while Lisa receives a salary equivalent to $39 per hour. The firm's predetermined indirect cost allocation rate for the year is $16 per hour. Claussen bills for the firm's services at 25% over cost. Assume Lisa works 1 hours and Gina works 16 hours preparing a tax return for Mikayla Jones. 1. What is the total cost of preparing Jones's tax return? 2. How much will Lisa bill Jones for the tax work? 1. What is the total cost of preparing Jones's tax return? Enter the direct and indirect costs for preparing Jones's tax return. Direct Cost: Lisa's time Direct Cost: Gina's time Total Direct Cost: Indirect Cost: Total cost of preparing tax return hrs. hrs. hrs.Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with the external auditors about payroll accounting. This year, the auditors suggest that Tan consider outsourcing Duck Associates' payroll accounting to a company specializing in payroll processing services. This would allow Tan and her staff to focus on their primary responsibility: accounting for the properties under management. At present, payroll requires 1.5 employee positions—payroll clerk Toby Stock and a bookkeeper who spends half her time entering payroll data in the system. Tan considers this suggestion, and she lists the following items relating to outsourcing payroll accounting: The current payroll software that was purchased for $4,000 three years ago would not be needed if payroll processing were outsourced. Duck Associates' bookkeeper would spend half her time preparing the weekly payroll input form that is given to the…Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with the external auditors about payroll accounting. This year, the auditors suggest that Tan consider outsourcing Duck Associates’ payroll accounting to a company specializing in payroll processing services. This would allow Tan and her staff to focus on their primary responsibility: accounting for the properties under management. At present, payroll requires 1.5 employee positions: payroll clerk Toby Stock and a bookkeeper who spends half her time entering payroll data in the system. Tan considers this suggestion, and she lists the following items relating to outsourcing payroll accounting: a. The current payroll software that was purchased for $4,000 three years ago would not be needed if payroll processing were outsourced. b. Duck Associates’ bookkeeper would spend half her time preparing the weekly payroll input form that is…
- Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with the external auditors about payroll accounting. This year, the auditors suggest that Tan consider outsourcing Duck Associates’s payroll accounting to a company specializing in payroll processing services. This would allow Tan and her staff to focus on their primary responsibility: accounting for the properties under management. At present, payroll requires 1.5 employee positions—payroll clerk Toby Stock and a bookkeeper who spends half her time entering payroll data in the system. Tan considers this suggestion, and she lists the following items relating to outsourcing payroll accounting: The current payroll software that was purchased for $4,000 three years ago would not be needed if payroll processing were outsourced. Duck Associates’s bookkeeper would spend half her time preparing the weekly payroll input form that is given to the…Pinnacle Consulting employs two CPAs, each having a different area of specialization. Judy specializes in tax consulting and Steve specializes in management consulting. Pinnacle expects to incur total overhead costs of $419,400 during the year and applies overhead based on annual salary costs. Judy is a senior partner, her annual salary is $225,000, and she is expected to bill 2,200 hours during the year. Steve is a senior associate, his annual salary is $124,500, and he is expected to bill 1,500 hours during the year. Required: Calculate the predetermined overhead rate. Assuming that the hourly billing rate should be set to cover the total cost of services plus a 25% markup, compute the hourly billing rates for Judy and Steve.> Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with the external auditors about payroll accounting. This year, the auditors suggest that Tan consider outsourcing Duck Associates's payroll accounting to a company specializing in payroll processing services. This would allow Tan and her staff to focus on their primary responsibility: accounting for the properties under management. At present, payroll requires 1.5 employee positions-payroll clerk Toby Stock and a bookkeeper who spends half her time entering payroll data in the system. meniups/l Tan considers this suggestion, and she lists the following items relating to out- sourcing payroll accounting: a. The current payroll software that was purchased for $4,000 three years ago would not be needed if payroll processing were outsourced. b. uck Associates's bookkeeper would spend half her time preparing the weekly payroll input form that…
- A company employees two consultants who each have a different specialization. Caitlin specializes in industrial commercial construction and Zachary specializes in residential construction. The company expects to incur total overhead costs of $573,540 during the year and applies overhead based on annual salary costs. Caitlin's annual salary is $168,300, and she is expected to bill 2,400 hours during the year. Zachary's annual salary is $92,400, and he is expected to bill 2,200 hours during the year. Required: a. Calculate the predetermined overhead rate. b. Assuming that the hourly billing rate should be set to cover the total cost of services plus a 25% markup, compute the hourly billing rates for Caitlin and Zachary Complete this question by entering your answers in the tabs below. Required A Required B Calculate the predetermined overhead rate. Predetermined overhead rate %Frank Flynn is the payroll manager for Powlus Supply Company. During the budgeting process, Sam Kinder, director of finance, asked Flynn to arrive at a set percentage that could be applied to each budgeted salary figure to cover the additional cost that will be incurred by Powlus Supply for each employee. After some discussion, it was determined that the best way to compute this percentage would be to base these additional costs of payroll on the average salary paid by the company. Kinder wants this additional payroll cost percentage to cover payroll taxes (FICA, FUTA, and SUTA) and other payroll costs covered by the company (workers compensation expense, health insurance costs, and vacation pay). Flynn gathers the following information in order to complete the analysis: Compute the percentage that can be used in the budget.The HIM director, Linda, has been given $15,000.00 for the overtime needed to catch up on the loose filing. If the average salary of the HIM clerical staff is $15.75, how many hours of overtime can be worked??