EX 22-7 Professional fees earned budget for a service company OBJ. 4 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, 2016: Billable Hours 22,400 7,900 Audit Department: Staff....... Partners... Tax Department: Staff.............. Partners ........... Small Business Accounting Department: Staff. ........ Partners ............ 13,200 5,500 3,000 600 The average billing rate for staff is $150 per hour, and the average billing rate for partners is $320 per hour. Prepare a professional fees earned budget for Rollins and Co- hen, CPAs, for the year ending December 31, 2016, using the following column headings and showing the estimated professional fees by type of service rendered: Billable Hours Hourly Rate Total Revenue