Professional Fees Earned Budget for a Service Company 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, 2048: Billable Hours Audit Department: Staff 25,000 6,000 Partners Tax Department: Staff 40,000 Partners 8,500 Small Business Accounting Department: Staff 5,000 500 Partners 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, 2048 Billable Hours Hourly Rate Total Revenue Audit Department: Staff 22400 x $ Partners Total Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total Total professional fees earned