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 27,300 Partners 4,100 Tax Department: Staff 21,000 Partners 2,600 Small Business Accounting Department: Staff 3,500 Partners 500 The average billing rate for staff is $105 per hour, and the average billing rate for partners is $225 per hour. Prepare a professional fees earned budget for Day & Spieth, CPAS, for the year ending March 31, 20Y6.
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The professional fees earned budget is similar to the sales budget in that is used to estimated number of professional hours and the estimated revenue per hour to project the total revenue that will be earned in the budget period.
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- A company uses charging rates to allocate service department costs to the using departments. The accountant compiled the following information on one of the service departments: If Department K plans to use 1,350 hours of the service departments service in the coming year, how much of the service departments cost is allocated to Department K? a. 3,375 b. 27,300 c. 26,325 d. 23,950Professional labor cost budget for a service company Based on the data in Exercise 7 and assuming that the average compensation per hour for staff is 40 and for partners is 175, prepare a professional labor cost budget for each department forLundquist Fretwell, CPAs, for the year ending May 31, 20Y8. Use the following column headings: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 28,100 Partners 4,200 Tax Department: Staff 21,100 Partners 2,600 Small Business Accounting Department: Staff 3,900 Partners 500 The average billing rate for staff is $110 per hour, and the average billing rate for partners is $230 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 $ $ Partners Total $ Tax Department: Staff $ $ Partners Total $…
- 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…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: Audit Department: Staff Partners Tax Department: Staff Partners Small Business Accounting Department: Staff Partners Audit Department: Staff Partners 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. Total Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Billable Hours Total 25,000 6,000 40,000 8,500 Lundquist & Fretwell, CPAs Professional Fees Earned Budget For the Year Ending May 31, 20Y8 Total professional fees earned 5,000 500 Billable Hours Hourly Rate Total Revenue 3Professional 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:…
- 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, 20Y7: Billable Hours Audit Department: Staff 45,000 Partners 6,800 Tax Department: Staff 34,200 Partners 4,300 Small Business Accounting Department: Staff 6,300 Partners 900 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, 20Y7. ROLLINS AND COHEN, CPAS Professional Fees Earned Budget For the Year Ending December 31, 20Y7 Billable Hourly Total Hours Rate Revenue Audit Department: Staff Partners Total $4 Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total $ Total professional fees earned $Professional Fees Earned Budget Sadie & Chipper, 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 25,000 Partners 5,000 Tax Department: Staff 37,500 Partners 8,000 Small Business Accounting Department: Staff 10,000 Partners 2,000 The average billing rate for staff is $180 per hour, and the average billing rate for partners is $400 per hour. Prepare a professional fees earned budget for Sadie & Chipper, CPAS, for the year ending March 31, 20Y6. SADIE & CHIPPER, CPAS Professional Fees Earned Budget For the Year Ending March 31, 20Y6 Billable Hours Hourly Rate Total Revenue Audit Department: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, 20Y7: Billable Hours Audit Department: Staff 39,800 Partners 6,000 ) Tax Department: Staff 30,200 Partners 3,800 Small Business Accounting Department: Staff 5,200 Partners 700 The average billing rate for staff is $105 per hour, and the average billing rate for partners is $225 per hour. Prepare a professional fees earned budget for Rollins and Cohen, CPAS, for the month ending January 31, 20Y7. ROLLINS AND COHEN, CPAS Professional Fees Earned Budget For the Month Ending January 31, 20Y7 Billable Hourly Rate Total Revenue Hours 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 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, 20Y7: Billable Hours Audit Department: Staff Partners Tax Department: 43,700 6,600 Staff 33,200 Partners 4,200 Small Business Accounting Department: Staff 5,700 800 Partners The average billing rate for staff is $105 per hour, and the average billing rate for partners is $225 per hour. Prepare a professional fees earned budget for Rollins and Cohen, CPAs, for the month ending January 31, 2017. ROLLINS AND COHEN, CPAS Professional Fees Earned Budget For the Month Ending January 31, 20Y7 Audit Department: Staff Partners Total Billable Hourly Total Hours Rate Revenue Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total Total professional fees earned QO QO QOQ…Professional Labor Cost 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: Audit Department: Staff Partners Tax Department: Staff Partners Small Business Accounting Department: Staff Partners Billable Hours Audit Department hours Tax Department hours Small Business Accounting Department hours Total hours Average compensation per hour Total professional labor cost 25,000 6,000 Based on the data provided above and assuming that the average compensation per hour for staff is $40 and for partners is $175, prepare a professional labor cost budget for each department for Lundquist & Fretwell, CPAS, for the year ending May 31, 20Y8. 40,000 8,500 Lundquist & Fretwell, CPAS Professional Labor Cost Budget For the Year Ending December 31, 20Y8 Staff Partners X $ 5,000 500 x $Professional Labor Cost 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 28,200 Partners 4,200 Tax Department: Staff 20,600 Partners 2,600 Small Business Accounting Department: Staff 3,400 Partners 500 Assume that the average compensation per hour for staff is $65 and for partners is $160. Prepare a professional labor cost budget for Day & Spieth, CPAs, for the year ending March 31, 20Y6. Enter all amounts as positive numbers. DAY & SPIETH, CPAs Professional Labor Cost Budget For the Year Ending March 31, 20Y6 Staff Partners Audit Department Hours fill in the blank 1 fill in the blank 2 Tax Department Hours fill in the blank 3 fill in the blank 4 Small Business Accounting…