3. Elitz and Van Aken, CPAS, offer three types of services to clients: auditing, tax, and smallbusiness accounting. Based on experience and projected growth, the following billable hourshave been estimated for the year ending December 31, 2020:4Audit Department:StaffPartnersTax Department:StaffPartnersServiceSmall Business Accounting Department:StaffPartnersBillable HoursBillable HoursHourly Rate22,4007,90013,2005,500The average billing rate for staff is $160 per hour, and the average billing rate for partners$350 per hour. Prepare a professional fees earned budget for Elitz and Van Aken, CPAS, for theyear ending December 31, 2020, using the following column headings and showing theestimated professional fees by type of service rendered and add additional rows in the table asneeded:3,000600Total Revenue

ESTIMATED REVENUE Estimated revenue is also known as Budgeted Revenue. Estimated revenue is a…

3 The average billing rate for staff is $160 per hour, and the average billing rate for partners is $350 per hour. Prepare a professional fees earned budget for Elitz and Van Aken, CPAS, for the year ending December 31, 2020, using the following column headings and showing the estimated professional fees by type of service rendered and add additional rows in the table as needed: Billable Hours Hourly Rate Total Revenue

3 The average billing rate for staff is $160 per hour, and the average billing rate for partners is $350 per hour. Prepare a professional fees earned budget for Elitz and Van Aken, CPAS, for the year ending December 31, 2020, using the following column headings and showing the estimated professional fees by type of service rendered and add additional rows in the table as needed: Billable Hours Hourly Rate Total Revenue

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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