Professional Fees Earned Budget for a Service Company Lundquist & Fretwell, CPAS, offer three types of services to dients: 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, 2018: Billable Hours Audit Department: Staff 25,000 P Partners 6,000 Tax Department: Staff 40,000 Partners 8,500 Small Business Accounting Department: Staff 5,000 Partners SOO 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, 2018 Prepare a professional fees earned budget for Lundquist & Fretwell, CPAs, for the year ending May 31, 2018. Lundquist & Fretwell, CPAS Professional Fees Earned Budget For the Year Ending May 31, 2018 Billable Hours Hourly Rate Total Revenue Audit Department: Staff Partners 8 Total Tax Department: Staff 8 Partners Total Small Business Accounting Department: Staff QOQ QUI QUO 8 Partners Total Total professional fees earned