Professional Fees Earned Budget for a Service Company Lundquist & Fretwell, 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 May 31, 20Y8: Billable Hours Audit Department: Staff 25,000 Partners 6,000 Tax Department: Staff 40,000 Partners 8,500 Small Business Accounting Department: Staff 5,000 Partners 500 The average billing rate for staff is $140 per hour, and the average billing rate for partners is $450 per hour. Prepare a professional fees earned budget for Lundquist & Fretwell, CPAS, for the year ending May 31, 20Y8. Lundquist & Fretwell, CPAS Professional Fees Earned Budget For the Year Ending May 31, 20Y8 Billable Hours Hourly Rate Total Revenue Audit Department: Staff Partners Total Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total Total professional fees earned
Professional Fees Earned Budget for a Service Company Lundquist & Fretwell, 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 May 31, 20Y8: Billable Hours Audit Department: Staff 25,000 Partners 6,000 Tax Department: Staff 40,000 Partners 8,500 Small Business Accounting Department: Staff 5,000 Partners 500 The average billing rate for staff is $140 per hour, and the average billing rate for partners is $450 per hour. Prepare a professional fees earned budget for Lundquist & Fretwell, CPAS, for the year ending May 31, 20Y8. Lundquist & Fretwell, CPAS Professional Fees Earned Budget For the Year Ending May 31, 20Y8 Billable Hours Hourly Rate Total Revenue Audit Department: Staff Partners Total Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total Total professional fees earned
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Professional Fees Earned Budget for a Service Company
Lundquist & Fretwell, 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 May 31,
20Y8:
Billable Hours
Audit Department:
Staff
25,000
Partners
6,000
Tax Department:
Staff
40,000
Partners
8,500
Small Business Accounting Department:
Staff
5,000
Partners
500
The average billing rate for staff is $140 per hour, and the
average billing rate for partners is $450 per hour.
Prepare a professional fees earned budget for Lundquist &
Fretwell, CPAS, for the year ending May 31, 20Y8.
Lundquist & Fretwell, CPAS
Professional Fees Earned Budget
For the Year Ending May 31, 20Y8
Billable Hours Hourly Rate Total Revenue
Audit Department:
Staff
Partners
Total
Tax Department:
Staff
Partners
Total
Small Business Accounting Department:
Staff
Partners
Total
Total professional fees earned](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F497bbb2a-91e5-470e-a6b0-8300e1f6b4da%2F2c4292f9-5e22-4f8f-ad6d-25fcfb2596cc%2F44rshe9.jpeg&w=3840&q=75)
Transcribed Image Text:Professional Fees Earned Budget for a Service Company
Lundquist & Fretwell, 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 May 31,
20Y8:
Billable Hours
Audit Department:
Staff
25,000
Partners
6,000
Tax Department:
Staff
40,000
Partners
8,500
Small Business Accounting Department:
Staff
5,000
Partners
500
The average billing rate for staff is $140 per hour, and the
average billing rate for partners is $450 per hour.
Prepare a professional fees earned budget for Lundquist &
Fretwell, CPAS, for the year ending May 31, 20Y8.
Lundquist & Fretwell, CPAS
Professional Fees Earned Budget
For the Year Ending May 31, 20Y8
Billable Hours Hourly Rate Total Revenue
Audit Department:
Staff
Partners
Total
Tax Department:
Staff
Partners
Total
Small Business Accounting Department:
Staff
Partners
Total
Total professional fees earned
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