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, 20Y8:
Billable Hours | |||
Audit Department: | |||
Staff | 38,200 | ||
Partners | 5,700 | ||
Tax Department: | |||
Staff | 27,900 | ||
Partners | 3,500 | ||
Small Business Accounting Department: | |||
Staff | 4,600 | ||
Partners | 600 |
Based on the data provided above and assuming that the average compensation per hour for staff is $40 and for partners is $135, prepare a professional labor cost budget for each department for Rollins and Cohen, CPAs, for the year ending December 31, 20Y8.
Rollins and Cohen, CPAs | ||
Professional Labor Cost Budget | ||
For the Year Ending December 31, 20Y8 | ||
Staff | Partners | |
Audit Department hours | ||
Tax Department hours | ||
Small Business Accounting Department hours | ||
Total hours | ||
Average compensation per hour | x $ | x $ |
Total professional labor cost | $ | $ |
Professional Labour cost Budget: | ||||
Staff | Partner | |||
Audit Deptt hours | 38200 | 5700 | ||
Tax deptt Hours | 27900 | 3500 | ||
Small business Act Hours | 4600 | 600 | ||
Total Available hours | 70700 | 9800 | ||
Average compensation per hour | 40 | 135 | ||
Total professional labur cost | 2828000 | 1323000 | ||
Professional Labor Cost Budget for a Service Company Rollins and Cohen, CPAs, offer three types of...
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, 20Y8: Billable Hours Audit Department: Staff 42,600 Partners 6,400 Tax Department: Staff 32,000 Partners 4,000 Small Business Accounting Department: Staff 6,000 Partners 800 Based on the data provided above and assuming that the average compensation per...
Professional Fees Earned 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, 2048: Billable Hours Audit Department: Staff 32,100 Partners 4,800 raw ON OF Tax Department: Staff ololo 24,100 3,000 Partners Small Business Accounting Department: Staff 4,500 Partners 600 The average billing rate for staff is $130 per...
v2.cengagenow.com CengageNOWV2 Online teaching and learning resource from 21 - HW Calculator E Printem 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, 2018: Billable Hours Audit Department: Staff Partners 26,200 2.900 Tax Department: 19,700 Partners 2,500 Small Business Accounting Department: Staff 3,700 Partners 500...
business accounting. Based on experience and cted growth, the following billable Professional Fees Earned Budget for a Service Company Rollins and Cohen, CPAS, offer three types of services to clients: auditing, tax, an hours have been estimated for the year ending December 31, 2018: Billable Hours Audit Department Staff 29,900 Partners 4,500 Tax Department: Staff 22,100 Partners 2,800 ) Small Business Accounting Department: Staff 4,200 Partners The average billing rate for staff is $135 per hour, and the average billing...
Sales and Production Budgets Sonic Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget. Rumble Thunder 85 74 Estimated inventory (units), June 1290 Desired inventory (units), June 30 Expected sales volume (units) East Region West Region Unit sales price 3,850 5,650 $100 3,400 6,400 $205 a. Prepare a sales budget. Sonic Inc Sales Budget For the Month Ending June 30...
Concord, CPAs, are preparing their service revenue (sales)
budget for the coming year (2017). 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 2017 by...
Exercise 21-3
Thome and Crede, CPAs, are preparing their service revenue
(sales) budget for the coming year (2017). 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)...
Thome and Crede, CPAs, are preparing their service revenue
(sales) budget for the coming year (2017). 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
2,520
1,870
2,100
2,620
Tax
3,150
2,790
2,310
2,680
Consulting
1,770
1,770
1,770
1,770
Average hourly billing rates are auditing $82, tax $93, and
consulting $102.
Prepare the service revenue (sales) budget for...
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...
Exercise 22-03
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
2,480
1,920
2,300
2,570
Tax
3,170
2,510
2,300
2,640
Consulting
1,890
1,890
1,890
1,890
Average hourly billing rates are auditing $81, tax $93, and
consulting $102.
Prepare the service revenue (sales)...