Professional Labor Cost Budget Day & Spieth, CPAs, offer three types of services

Question

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 42,300 Partners 6,400 Tax Department: Staff 32,500 4,100 l Business Accounting Department Staff 5,100 Partners Assumc that the average compensation per hour for staff is $55 and for partners is $150. 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 Parthers Audit Department Hours Tax Department Hours Small Business Accouning Department Hours Total Hours Average compensation per hour Total professional labor cost

Explanation / Answer

Staff Partners Audit department hours 42800 6400 Tax department hours 32500 4100 Small Business accounting department hours 5100 700 Total hours 80400 11200 Average compensation per hour 55 150 Total professional labor cost 4422000 1680000

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