Financial & Managerial Accounting
14th Edition
ISBN: 9781337119207
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 21, Problem 21.7EX
To determine
Budgeting is a process to prepare the financial statement by the manager to estimate the organization’s future actions. It is also helpful to satisfy the everyday activities.
To Prepare: The professional fees earned budget of Incorporation R.
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Professional Fees Earned Budget
Day & Spieth, 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 March 31, 20Y6:
Billable Hours
Audit Department:
Staff
28,100
Partners
4,200
Tax Department:
Staff
21,100
Partners
2,600
Small Business Accounting Department:
Staff
3,900
Partners
500
The average billing rate for staff is $110 per hour, and the average billing rate for partners is $230 per hour.
Prepare a professional fees earned budget for Day & Spieth, CPAs, for the year ending March 31, 20Y6.
DAY & SPIETH, CPAs
Professional Fees Earned Budget
For the Year Ending March 31, 20Y6
Billable Hours
Hourly Rate
Total Revenue
Audit Department:
Staff
$
$
Partners
Total
$
Tax Department:
Staff
$
$
Partners
Total
$…
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, 20Y7:
Billable Hours
Audit Department:
Staff
45,000
Partners
6,800
Tax Department:
Staff
34,200
Partners
4,300
Small Business Accounting Department:
Staff
6,300
Partners
900
The average billing rate for staff is $120 per hour, and the average billing rate for partners is $240 per hour.
Prepare a professional fees earned budget for Rollins and Cohen, CPAS, for the year ending December 31, 20Y7.
ROLLINS AND COHEN, CPAS
Professional Fees Earned Budget
For the Year Ending December 31, 20Y7
Billable
Hourly
Total
Hours
Rate
Revenue
Audit Department:
Staff
Partners
Total
$4
Tax Department:
Staff
Partners
Total
Small Business Accounting Department:
Staff
Partners
Total
$
Total professional fees earned
$
Professional Fees Earned Budget
Day & Spieth, 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 March 31, 20Y6:
Billable Hours
Audit Department:
Staff
36,000
Partners
5,400
Tax Department:
Staff
27,700
Partners
3,500
Small Business Accounting Department:
Staff
4,700
Partners
700
The average billing rate for staff is $145 per hour, and the average billing rate for partners is $265 per hour.
Prepare a professional fees earned budget for Day & Spieth, CPAs, for the year ending March 31, 20Y6.
DAY & SPIETH, CPAs
Professional Fees Earned Budget
For the Year Ending March 31, 20Y6
Billable Hours
Hourly Rate
Total Revenue
Audit Department:
Staff
fill in the blank 1
$fill in the blank 2
$fill in the blank 3
Partners
fill in the blank 4
fill in the…
Chapter 21 Solutions
Financial & Managerial Accounting
Ch. 21 - Prob. 1DQCh. 21 - Briefly describe the type of human behavior...Ch. 21 - What behavioral problems are associated with...Ch. 21 - What behavioral problems are associated with...Ch. 21 - Under what circumstances would a static budget be...Ch. 21 - How do computerized budgeting systems aid firms in...Ch. 21 - Why should the production requirements Set forth...Ch. 21 - Prob. 8DQCh. 21 - A. Discuss the purpose of the cash budget. B. If...Ch. 21 - Give an example of how the capital expenditures...
Ch. 21 - Flexible budgeting At the beginning of the period,...Ch. 21 - Production budget Pasadena Candle Inc. projected...Ch. 21 - Direct materials purchases budget Pasadena Candle...Ch. 21 - Direct labor cost budget Pasadena Candle Inc....Ch. 21 - Cost of goods sold budget Prepare a cost of goods...Ch. 21 - Prob. 21.6BECh. 21 - Personal budget At the beginning of the school...Ch. 21 - Flexible budget for selling and administrative...Ch. 21 - Static budget versus flexible budget The...Ch. 21 - Flexible budget for Assembly Department Steelcase...Ch. 21 - Production budget Weightless Inc. produces a Bath...Ch. 21 - Sales and production budgets Sonic Inc....Ch. 21 - Prob. 21.7EXCh. 21 - Prob. 21.8EXCh. 21 - Prob. 21.9EXCh. 21 - Prob. 21.10EXCh. 21 - Direct materials purchases budget Anticipated...Ch. 21 - Direct labor cost budget Ace Racket Company...Ch. 21 - Production and direct labor cost budgets Levi...Ch. 21 - Factory overhead cost budget Sweet Tooth Candy...Ch. 21 - Cost of goods sold budget Delaware Chemical...Ch. 21 - Cost of goods sold budget The controller of...Ch. 21 - Prob. 21.17EXCh. 21 - Schedule of cash collections of accounts...Ch. 21 - Schedule of cash payments for a service company...Ch. 21 - Prob. 21.20EXCh. 21 - Capital expenditures budget On January 1, 20Y6,...Ch. 21 - Forecast sates volume and sales budget For 20Y8,...Ch. 21 - Sales, production, direct materials purchases, and...Ch. 21 - Budgeted income statement and supporting budgets...Ch. 21 - Cash budget The controller of Bridgeport...Ch. 21 - Budgeted income statement and balance sheet As a...Ch. 21 - Forecast sales volume and sales budget Sentinel...Ch. 21 - Sales, production, direct materials purchases, and...Ch. 21 - Budgeted income statement and supporting budgets...Ch. 21 - Cash budget The controller of Mercury Shoes Inc....Ch. 21 - Budgeted income statement and balance sheet As a...Ch. 21 - Nursing staff budget Mercy Hospital staffs its...Ch. 21 - Parking lot staff budget Adventure Park is a large...Ch. 21 - Prob. 3ADMCh. 21 - Prob. 21.1TIFCh. 21 - Communication The city of .Milton has an annual...
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