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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Professional labor cost budget for a service company

Based on the data in Exercise 22–7 and assuming that the average compensation per hour for staff is $45 and for partners is $140, prepare a professional labor cost budget for each department for Rollins and Cohen, CPAs, for the year ending December 31, 20Y7. Use the following column headings:

Staff Partners

To determine

Budgeting is a process to prepare the financial statement by the manager to estimate the organization’s future actions. It is also helpful to satisfy the everyday activities.

To Prepare: The professional labor cost budget of Incorporation R.

Explanation

The following table shows the professional labor cost budget for staff and partners.

Incorporation R
Professional Labor Cost Budget
For the Year Ending December 31, 20Y7
Particulars Staff Partners
Audit Department Hours 22,400 7,900
Tax Department Hours 13,200 5,500
...

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