# 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

### Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

### Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

#### Solutions

Chapter
Section
Chapter 22, Problem 22.8EX
Textbook Problem

## Professional labor cost budget for a service companyBased 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

Expert Solution
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 of Solution

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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