Exercise 23-3 Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the c… 1 answer below »

Exercise 23-3

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 2,510 1,780 2,390 2,760 Tax 3,250 2,750 2,250 2,630 Consulting 1,660 1,660 1,660 1,660

Average hourly billing rates are auditing $83, tax $93, and consulting $105.

Prepare the service revenue (sales) budget for 2017 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.

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