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 $31,20$Y$8$:

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 $31,20$Y$8.$

Lundquist & Fretwell, CPAs

Professional Fees Earned Budget

For the Year Ending May $31,20$Y$8$

Billable Hours Hourly Rate Total Revenue

Audit Department:

Staff fill in the blank $1$

$fill in the blank $2$

$fill in the blank $3$

Partners fill in the blank $4$

fill in the blank $5$

fill in the blank $6$

Total fill in the blank $7$

$fill in the blank $8$

Tax Department:

Staff fill in the blank $9$

$fill in the blank $10$

$fill in the blank $11$

Partners fill in the blank $12$

fill in the blank $13$

fill in the blank $14$

Total fill in the blank $15$

$fill in the blank $16$

Small Business Accounting Department:

Staff fill in the blank $17$

$fill in the blank $18$

$fill in the blank $19$

Partners fill in the blank $20$

fill in the blank $21$

fill in the blank $22$

Total fill in the blank $23$

$fill in the blank $24$

Total professional fees earned $fill in the blank $25$