Day & Spieth, 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 March 31, 20Y6: Billable Hours Audit Department: Staff 36,000 Partners 5,400 Tax Department: Staff 27,700 Partners 3,500 Small Business Accounting Department: Staff 4,700 Partners 700 The average billing rate for staff is $145 per hour, and the average billing rate for partners is $265 per hour. Prepare a professional fees earned budget for Day & Spieth, CPAs, for the year ending March 31, 20Y6.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Professional Fees Earned Budget
Day & Spieth, 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 March 31, 20Y6:
Billable Hours | |||
Audit Department: | |||
Staff | 36,000 | ||
Partners | 5,400 | ||
Tax Department: | |||
Staff | 27,700 | ||
Partners | 3,500 | ||
Small Business Accounting Department: | |||
Staff | 4,700 | ||
Partners | 700 |
The average billing rate for staff is $145 per hour, and the average billing rate for partners is $265 per hour.
Prepare a professional fees earned budget for Day & Spieth, CPAs, for the year ending March 31, 20Y6.
DAY & SPIETH, CPAs | |||
Professional Fees Earned Budget | |||
For the Year Ending March 31, 20Y6 | |||
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 |
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