Novak, 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 2,540 1,930 2,200 2,740
Tax 3,330 2,510 2,110 2,780
Consulting 1,730 1,730 1,730 1,730
Average hourly billing rates are auditing $82, tax $93, and consulting $102.
Required:
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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