Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2020). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Department Auditing Tax Consulting Dept. Auditing Tax Consulting Quarter 1 Totals 2,300 3,000 1,500 Quarter 2 1,600 Billable Hours 2,200 1,500 Average hourly billing rates are auditing $80, tax $90, and consulting $110. Prepare the service revenue (sales) budget for 2020 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue. Quarter 3 $ 2,000 2,000 1.500 Quarter 4 Quarter 1 2,400 2,500 1,500 Billable Rate $ $ THOME AND CREDE, CPAS Service Revenue Budget Total Rev. Billable Hours $ Quarter 2 Billable Rate $ Total Rev.
Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2020). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Department Auditing Tax Consulting Dept. Auditing Tax Consulting Quarter 1 Totals 2,300 3,000 1,500 Quarter 2 1,600 Billable Hours 2,200 1,500 Average hourly billing rates are auditing $80, tax $90, and consulting $110. Prepare the service revenue (sales) budget for 2020 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue. Quarter 3 $ 2,000 2,000 1.500 Quarter 4 Quarter 1 2,400 2,500 1,500 Billable Rate $ $ THOME AND CREDE, CPAS Service Revenue Budget Total Rev. Billable Hours $ Quarter 2 Billable Rate $ Total Rev.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
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.
Question
please help me solve for all 4 service renevue budgets
Transcribed Image Text:Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2020). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided
below.
D
Department
Auditing
Tax
Consulting
Dept.
Auditing
Tax
Consulting
Quarter 1
Totals
2,300
3,000
1,500
Quarter 2 Quarter 3
Average hourly billing rates are auditing $80, tax $90, and consulting $110.
Prepare the service revenue (sales) budget for 2020 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.
1,600
2,200
1,500
Billable Hours
2,000
$
2,000
1,500
Quarter 4
Quarter 1
2,400
2,500
1,500
Billable Rate
$
THOME AND CREDE, CPAS
Service Revenue Budget
Total Rev.
Billable Hours
$
Quarter 2
Billable Rate
$
Total Rev.
Transcribed Image Text:Dept.
Auditing
Tax
Consulting
Totals
Dept.
Auditing
Tax
Consulting
Totals
Billable Hours
Billable Hours
$
Quarter 3
$
Billable Rate
THOME AND CREDE, CPAS
Service Revenue Budget
Year
Billable Rate
$
$
$
$
THOME AND CREDE, CPAS
Service Revenue Budget
Total Rev.
Total Rev.
Billable Hours
$
Quarter 4
Billable Rate
$
$
Total Rev.
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