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 Quarter 1 Quarter 2 Quarter 3 Quarter 4Auditing 2,330 1,870 2,120 2,730Tax 3,150 2,660 2,330 2,790Consulting 1,830 1,830 1,830 1,830Average hourly billing rates are auditing $81, tax $91, and consulting $104.Prepare the service revenue (sales) budget for 2020 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.THOME AND CREDE, CPAsService Revenue Budgetchoose the accounting period For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020 Quarter 1Quarter 2Dept.Billable HoursBillable RateTotal Rev.Billable HoursBillable RateTotal Rev.Auditingenter a number of hours$enter a dollar amount $enter a dollar amount enter a number of hours$enter a dollar amount $enter a dollar amount Taxenter a number of hoursenter a dollar amountenter a dollar amountenter a number of hoursenter a dollar amountenter a dollar amountConsultingenter a number of hoursenter a dollar amountenter a dollar amountenter a number of hoursenter a dollar amountenter a dollar amount Totals $enter a total dollar amount $enter a total dollar amount THOME AND CREDE, CPAsService Revenue Budgetchoose the accounting period For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020Quarter 3Quarter 4Dept.Billable HoursBillable RateTotal Rev.Billable HoursBillable RateTotal Rev.Auditingenter a number of hours$enter a dollar amount $enter a dollar amount enter a number of hours$enter a dollar amount $enter a dollar amount Taxenter a number of hoursenter a dollar amountenter a dollar amountenter a number of hoursenter a dollar amountenter a dollar amountConsultingenter a number of hoursenter a dollar amountenter a dollar amountenter a number of hoursenter a dollar amountenter a dollar amount Totals $enter a total dollar amount $enter a total dollar amount THOME AND CREDE, CPAsService Revenue Budgetchoose the accounting period For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020YearDept.Billable HoursBillable RateTotal Rev.Auditingenter a number of hours$enter a dollar amount $enter a dollar amount Taxenter a number of hoursenter a dollar amountenter a dollar amountConsultingenter a number of hoursenter a dollar amountenter a dollar amount Totals $enter a total dollar amount

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Answered: Thome and Crede, CPAs, are preparing…

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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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	Quarter 1	Quarter 2	Quarter 3	Quarter 4
Auditing	2,330	1,870	2,120	2,730
Tax	3,150	2,660	2,330	2,790
Consulting	1,830	1,830	1,830	1,830

Average hourly billing rates are auditing $81, tax $91, and consulting $104.

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.

THOME AND CREDE, CPAs Service Revenue Budget choose the accounting period For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020
	Quarter 1	Quarter 2
Dept.	Billable Hours	Billable Rate	Total Rev.	Billable Hours	Billable Rate	Total Rev.
Auditing	enter a number of hours	$enter a dollar amount	$enter a dollar amount	enter a number of hours	$enter a dollar amount	$enter a dollar amount
Tax	enter a number of hours	enter a dollar amount	enter a dollar amount	enter a number of hours	enter a dollar amount	enter a dollar amount
Consulting	enter a number of hours	enter a dollar amount	enter a dollar amount	enter a number of hours	enter a dollar amount	enter a dollar amount
Totals			$enter a total dollar amount			$enter a total dollar amount

THOME AND CREDE, CPAs Service Revenue Budget choose the accounting period For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020
Quarter 3	Quarter 4
Dept.	Billable Hours	Billable Rate	Total Rev.	Billable Hours	Billable Rate	Total Rev.
Auditing	enter a number of hours	$enter a dollar amount	$enter a dollar amount	enter a number of hours	$enter a dollar amount	$enter a dollar amount
Tax	enter a number of hours	enter a dollar amount	enter a dollar amount	enter a number of hours	enter a dollar amount	enter a dollar amount
Consulting	enter a number of hours	enter a dollar amount	enter a dollar amount	enter a number of hours	enter a dollar amount	enter a dollar amount
Totals			$enter a total dollar amount			$enter a total dollar amount

THOME AND CREDE, CPAs Service Revenue Budget choose the accounting period For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020
Year
Dept.	Billable Hours	Billable Rate	Total Rev.
Auditing	enter a number of hours	$enter a dollar amount	$enter a dollar amount
Tax	enter a number of hours	enter a dollar amount	enter a dollar amount
Consulting	enter a number of hours	enter a dollar amount	enter a dollar amount
Totals			$enter a total dollar amount

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