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 2,330 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 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 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 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 Click if you would like to Show Work for this question: Open Show Work

Answer 1

		THOME AND CREDE CPAs
		Sales 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	2330	81	188730	1870	81	151470
Tax	3150	91	286650	2660	91	242060
Consulting	1830	104	190320	1830	104	190320
Totals			665700			583850
		THOME AND CREDE CPAs
		Sales 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	2120	81	171720	2730	81	221130
Tax	2330	91	212030	2790	91	253890
Consulting	1830	104	190320	1830	104	190320
Totals			574070			665340
		THOME AND CREDE CPAs
		Sales Revenue Budget
		For the year ending December 31,2020
	Year
Dept.	Billable hours	Billable rate	Total rev.
Auditing	9050	81	733050
Tax	10930	91	994630
Consulting	7320	104	761280
Totals			2488960