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 month ending January 31, 2017: Billable Hours Audit Department: Staff 43,700 Partners 6,600 Tax Department: Staff 33,200 Partners 4,200 Small Business Accounting Department: Staff 5,200 Partners The average billing rate for staff is $135 per hour, and the average billing rate for partners is $255 per hour. Prepare a professional fees earned budget for Rollins and Cohen, CPAS, for the month ending January 31, 2017. 700 ROLLINS AND COHEN, CPAS Professional Fees Earned Budget For the Month Ending January 31, 2017 Billable Hourly Hours Rate Audit Department: Total Revenue Staff Partners Total Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total Total professional fees earned 001 0001 jui 5,400 Professional Labor Cost 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 month ending January 31, 2017: Billable Hours Audit Department: Staff 35,900 Partners Tax Department: Staff 27,600 Partners 3,500 Small Business Accounting Department: Staff Partners Based on the data provided above and assuming that the average compensation per hour for staff is $60 and for partners is $155, prepare a professional labor cost budget for each department for Rollins and Cohen, CPA, for the month ending January 31, 2017. 5,000 700 Total Rollins and Cohen, CPAS Professional Labor Cost Budget For the Month Ending January 31, 2017 Staff Partners Hours required for professional services Audit department hours Tax department hours Small business accounting department hours Total hours Average compensation per hour Total professional tabor cost o