Professional fees eamed budget for a service company Lundquist a Fretwell, CPAs, offer three types of services to clients; auditing, tax, and small business sccounting. Based on experience and projected growth, the folowing bilhable hours have been estimated for the year ending May 31, 20Y8: The average billing rate for staff is $140 per hout, and the average buling rate for partners is 5450 per houc. Prepare a professional fees earned budget for Lundquist a Fretwell, CPAs, for the year ending May 31, 20 . Lundquist \& Fretwell, CPAs Professional Fees Earned Budget For the Year Ending May 31, 20Y8 Line Item Description Billable Hours Hourly Rate Total Revenue Audit Department: Staff Partners Total Dox Department: Staff Parthers Total Smail Business Accounting Department: Starf Partners Total Total profestional fees earned