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 $31,20$Y$8$:

Billable Hours

Audit Department:

Staff $43,500$

Partners $6,500$

Tax Department:

Staff $33,100$

Partners $4,100$

Small Business Accounting Department:

Staff $5,200$

Partners $700$

The average billing rate for staff is $$120$ per hour, and the average billing rate for partners is $$240$ per hour.

Prepare a professional fees earned budget for Rollins and Cohen, CPAs, for the year ending December $31,20$Y$8.$

Rollins and Cohen, CPAs

Professional Fees Earned Budget

For the Year Ending December $31,20$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 $25$