Lisogar, Philip, & Walters (LPW) is a regional accounting firm with four offices. Summary data from the partnership's annual report follow:

Required
1. What percentages of total revenues did LPW earn by performing assurance services (similar to auditing), consulting services, and tax services during 2013? What were the percentages in 2017? Which type of service grew the most from 2013 to 2017?
2. Compute the average revenue per partner in 2017. Assume each partner works 1,900 hours per year. On average, how much does each partner charge a client for one hour of time?
3. How much net income did each LPW partner earn, on average, in 2017?

Transcribed Image Text:

Years Ended June 30 (Dollars in thousands, except where indicated) 2015 2017 2016 2014 2013 Revenues Assurance services Consulting services Tax services Total Revenues Operating Summary Revenues Personnel costs Other costs Income to Partners Statistical Data Average number of partners $1,234 $1,122 $1,064 $1,093 $1,070 349 557 $2.984 $2,525 $2,289 $2,081 $1,976 1,007 743 658 567 628 515 $2,984 $2,525 $2,289 $2,081 $1,976 726 415 $1,057 891 885 818 $ 835 1,215 712 1,004 630 887 517 805 8