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Exercise 9-3 Garza and Neely, CPAs, are preparing their service revenue (sales) budget for the coming year (2014). The practice is divided into three...

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Exercise 9-3 Garza and Neely, CPAs, are preparing their service revenue (sales) budget for the coming year (2014). 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 2,560 1,850 2,230 2,550 Tax 3,290 2,750 2,360 2,650 Consulting 1,600 1,600 1,600 1,600 Average hourly billing rates are auditing $81, tax $91, and consulting $104. Prepare the service revenue (sales) budget for 2014 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue. GARZA AND NEELY, CPAs Sales Revenue Budget For the Year Ending December 31, 2014 Quarter 1 Quarter 2 Dept. Billable Hours Billable Rate Total Rev. Billable Hours Billable Rate Total Rev. Auditing $ $ $ $ Tax Consultin g $ $ GARZA AND NEELY, CPAs Sales Revenue Budget For the Year Ending December 31, 2014 Quarter 3 Quarter 4 Dept. Billable Hours Billable Rate Total Rev. Billable Hours Billable Rate Total Rev. Auditing $ $ $ $ Tax Consultin g
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$ $ GARZA AND NEELY, CPAs Sales Revenue Budget For the Year Ending December 31, 2014 Year Dept. Billable Hours Billable Rate Total Rev. Auditing $ $ Tax Consultin g $ Exercise 9-4 Turney Company produces and sells automobile batteries, the heavy-duty HD-240. The 2014 sales forecast is as follows. Quarter HD-240 1 5,200 2 7,410 3 8,460 4 10,370 The January 1, 2014, inventory of HD-240 is 2,080 units. Management desires an ending inventory each quarter equal to 40% of the next quarter’s sales. Sales in the first quarter of 2015 are expected to be 25% higher than sales in the same quarter in 2014. Prepare quarterly production budgets for each quarter and in total for 2014. TURNEY COMPANY Production Budget For the Year Ending December 31, 2014 Product HD-240 Quarter 1 2 3 4 Year
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Exercise 9-3 Garza and Neely, CPAs Sales Revenue Budget For the Year Ending December 31, 2014 Quarter 2 Total Revenue 207360 299390 166400 673150 Billable Hours 1850 2750 1600 Billable Rate 81 91...

This question was asked on Jan 18, 2013 and answered on Jan 22, 2013.

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