User Account

All Pages

Prepare a budgeted income statement for Executive Solutions

Assignment Help Accounting Basics
Reference no: EM133068485

Question - Executive Solutions is a strategy consulting firm. Other than the senior leadership (who manage the firm, but do not actively consult), the managers and staff are billed to clients on an hourly basis. The workload varies quite a bit from month to month requiring careful planning.

Managers are billed to clients at a rate of $900 per hour and staff at a rate of $450 per hour. Managers are paid $225 per hour worked (including nonbillable time) and staff are paid $125 per hour. The current plan calls for managers to bill 1,200 hours in May and 750 hours in June. Staff are expected to bill 6,400 hours in May and 4,500 hours in June. Managers will work a total of 2,400 hours in both months and staff will work a total of 9,600 hours in both months.

Other monthly costs (all fixed) are $550,000 SG&A, $225,000 in depreciation, and $350,000 in marketing.

Required - Prepare a budgeted income statement for Executive Solutions for May and June (separately).

Reference no: EM133068485

Questions Cloud

Outsourcing the supply chain : As globalization has become increasingly common, so has the importance of analyzing opportunities to create value through outsourcing the supply chain
New risky asset to portfolio : 'Assuming you have an existing portfolio which contains many risky assets, now you want to add a new risky asset to this portfolio, what properties/ features of
What is project payback period : Director for XYZ inc has estimated above cash flows for new service and has cost of capital 10%. What is project's payback period?
Corporate social responsibility : Corporate Social Responsibility (CSR) has gained a new significance in today's competitive world
Prepare a budgeted income statement for Executive Solutions : Managers are billed to clients at a rate of $900 per hour and staff at a rate of $450 per hour. Prepare a budgeted income statement for Executive Solutions
Why is a change in required yield for preferred stock : Why is a change in required yield for preferred stock likely to have a greater impact on price than a change in required yield for bonds
BUS 311 Concepts of Macroeconomics Assignment : BUS 311 Concepts of Macroeconomics Assignment Help and Solution, Westcliff University - Assessment Writing Service - What is the price elasticity of demand
Compute Jim and Sue taxable income for the year : Jim and Sue are married and file a joint return. Sue has a salary of $70,000 and interest from a brokerage account of 3,000. Compute Jim and Sue taxable income
What would be the estimated net operating income : If the selling price increases by $4 per unit and the sales volume decreases by 300 units, what would be the estimated net operating income

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a sales budget for the ERPSim Extended Game

Prepare a sales budget for the ERPSim Extended Game R1 & R2. Explain how you formulate your sales budget based on your financial goals

  Compute the retained earnings balance at december

Presented below is information related to Bramble Company at December 31, 2017, Compute the Retained earnings balance at December

  What is the unit product cost for the month under variable

Aaron Corporation, which has only one product, has provided the data. What is the unit product cost for the month under variable costing?

  Find how much was baltimore revenue for the year

$49,000 capital stock during the year. No dividends were paid. Expenses incurred during the year were $84,000. How much was Baltimore's revenue for the year?

  Delta belt company shows 1080000 of variable conversion

delta belt company shows 1080000 of variable conversion costs 360000 fixed conversion costs and 72000 machine hours for

  How much revenue will the company recognize

First in exchange for P400,000, the company provides XYZ with a copy of its proprietary investment management software, How much revenue will company recognize

  Prepare journal entries for issuance of the bonds

Stated rate: 9%, payable semiannually on September 30 and March 31. Prepare journal entries for Issuance of the bonds

  What does miguel need to do

Miguel Torres purchased 100 shares of CantWin.com.com for $50 per share, using as little of his own money as he could. His broker has a 50% initial margin.

  What is the amount of depletion affecting

During 2017, 1,500,000 units were extracted and 1,200,000 units were sold. What is the amount of depletion affecting the 2017 income statement?

  What are the firm capital structure weights

What are the firm's capital structure weights that is, the proportions of financing that came from debt and equity

  What is pronets direct labor price variance for january

ProNet Systems is a start-up company that makes connectors for high-speed Internet connections. What is ProNet's direct labor price variance for January?

  Describe two ways you would generate the funds

Suppose you need $1 million to start your dream business. Describe two ways you would generate the funds needed to start such a business

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd