1. Professional Fees Earned Budget for a Service Company

   Rollins and Cohen, 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 December 31, 20Y7:

   		Billable Hours
   Audit Department:
   	Staff	38,400
   	Partners	5,800
   Tax Department:
   	Staff	29,200
   	Partners	3,700
   Small Business Accounting Department:
   	Staff	5,400
   	Partners	800

   The average billing rate for staff is $125 per hour, and the average billing rate for partners is $245 per hour.

   Prepare a professional fees earned budget for Rollins and Cohen, CPAs, for the year ending December 31, 20Y7.

   ROLLINS AND COHEN, CPAs Professional Fees Earned Budget For the Year Ending December 31, 20Y7

   	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