Question

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		2,530		1,850		2,320		2,740
Tax		3,250		2,680		2,140		2,690
Consulting		1,770		1,770		1,770		1,770

Average hourly billing rates are auditing $83, tax $94, and consulting $102.

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 Quarter Ending December 31, 2020December 31, 2020For the Year 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

Answer 1

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 For the Year Ending December 31, 2020
	Quarter 1			Quarter 2
Dept.	Billable Hours	Billable Rate	Total Rev.	Billable Hours	Billable Rate	Total Rev.
Auditing	2530	83	209990	1850	83	153550
Tax	3250	94	305500	2680	94	251920
Consulting	1770	102	180540	1770	102	180540
Totals			696030			586010

THOME AND CREDE, CPAs Service Revenue Budget For the Year Ending December 31, 2020
Quarter 3				Quarter 4
Dept.	Billable Hours	Billable Rate	Total Rev.	Billable Hours	Billable Rate	Total Rev.
Auditing	2320	83	192560	2740	83	227420
Tax	2140	94	201160	2690	94	252860
Consulting	1770	102	180540	1770	102	180540
Totals			574260			660820

THOME AND CREDE, CPAs Service Revenue Budget For the Year Ending December 31, 2020
Year
Dept.	Billable Hours	Billable Rate	Total Rev.
Auditing	9440	83	783520
Tax	10760	94	1011440
Consulting	7080	102	722160
Totals			2517120