Howie, Price, and Whynot operate an accounting firm. In March, their staff worked a total of 2,000 hours at an average billing rate of $200 per hour….

Howie, Price, and Whynot operate an accounting firm. In March, their staff worked a total of 2,000 hours at an average billing rate of $200 per hour. They sent bills to clients in the month of March that totalled $150,000. They expect to bill the balance of their time in April, when the work is complete. The firm’s salary costs total $100,000 each month. How much revenue should the firm recognize in the month of March? How much salaries expense?

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