Professional Fees Earned Budget Day & Spieth, CPAs, offer three types of service
ID: 2582818 • Letter: P
Question
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 44,300 6,600 Tax Department: Staff 34,100 4,300 Staff 6,200 900 The average billing rate for staff is $125 per hour, and the average billing rate for partners is $245 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 March 31, 20Y6 Billable Hours Hourly Rate Total Revenue Audit Department: Staff Total Staff Total Small Business Accounting Department: Staff Tota Total professional fees earnedExplanation / Answer
DAY & SPIETH, CPAs
Professional Fees Earned Budget For the Year Ending March 31,20Y6
BILLABLE HOURS
HOURLY RATE(IN $)
TOTAL REVENUE (IN $)
AUDIT DEPARTMENT:
Staff
44300
125
5537500
Partners
6600
245
1617000
Total
50900
7154500
TAX DEPARTMENT:
Staff
34100
125
4262500
Partners
4300
245
1053500
Total
38400
5316000
SMALL BUSINESS ACCOUNTING DEPARTMENT:
Staff
6200
125
775000
Partners
900
245
220500
Total
7100
995500
TOTAL PROFESSIONAL FEES EARNED
13466000
DONNER RACKET COMPANY
Direct Labor Cost Budget
For the Month Ending March 31
Forming Department
Assembly Department
Hours Required for Production:
Junior
2275 Hours
4550 Hours
Pro Striker
5910 Hours
11820 Hours
Total
8185 Hours
16370 Hours
Hourly Rate
$16.00 Per Hour
$9.00 Per Hour
Total Direct Labor Cost
$130960.00
$147330.00
WORKING NOTES:
Hours Required for Production:
PARTICULARS
COMPUTATION
HOURS
FORMING DEPARTMENT
Junior
9100 Units*0.25 hours/unit
2275
Pro Striker
19700 Units*0.3 hours/unit
5910
ASSEMBLY DEPARTMENT
Junior
9100 Units*0.5 hours/unit
4550
Pro Striker
19700 units*0.6 hours/unit
11820
BILLABLE HOURS
HOURLY RATE(IN $)
TOTAL REVENUE (IN $)
AUDIT DEPARTMENT:
Staff
44300
125
5537500
Partners
6600
245
1617000
Total
50900
7154500
TAX DEPARTMENT:
Staff
34100
125
4262500
Partners
4300
245
1053500
Total
38400
5316000
SMALL BUSINESS ACCOUNTING DEPARTMENT:
Staff
6200
125
775000
Partners
900
245
220500
Total
7100
995500
TOTAL PROFESSIONAL FEES EARNED
13466000
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