Lundquist & Fretwell, 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 May 31, 20Y8:

		Billable Hours
Audit Department:
	Staff	25,000
	Partners	6,000
Tax Department:
	Staff	40,000
	Partners	8,500
Small Business Accounting Department:
	Staff	5,000
	Partners	500

The average billing rate for staff is $140 per hour, and the average billing rate for partners is $450 per hour.

Prepare a professional fees earned budget for Lundquist & Fretwell, CPAs, for the year ending May 31, 20Y8.

Lundquist & Fretwell, CPAs
Professional Fees Earned Budget
For the Year Ending May 31, 20Y8
	Billable Hours	Hourly Rate	Total Revenue
Audit Department:
Staff		$	$
Partners
Total			$
Tax Department:
Staff		$	$
Partners
Total			$
Small Business Accounting Department:
Staff		$	$
Partners
Total			$
Total professional fees earned