Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
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:
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 Day & Spieth, CPAs, for the year ending March 31, 20Y6, using the following column headings and showing the estimated professional fees by type of service rendered:
Concept Introduction:
Budgets:
Budgets are prepared to estimate the revenue, costs, receipts and payments for the business. There are several types of budgets prepared for a manufacturing concern. Few major types of budgets prepared by each manufacturing concert are as follows:
- Sales budget
- Cash Collection budget
- Production budget
- Raw material purchase budget
- Expenses Budgets
- Cash disbursement budget
To Prepare:
The Professional fees earned budget
| Professional fees earned budget | |||
| Billable hours | Hourly Rate | Total Revenue | |
| A | B | = A*B | |
| Audit: | |||
| Staff Fees | 50,000 | $ 180 | $ 9,000,000 |
| Partner's Fees | 10,000 | $ 400 | $ 4,000,000 |
| Total | $ 13,000,000 | ||
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