Cost Accounting
By Anup Singhania - CPA | CFA L2 | 5K+ students | A++
Rollins and Cohen, 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 December 31, 2014:
Audit Department:
Staff – billable hours 22,400
Partners- 7,900
Tax Department:
Staff - 13,200
Partners- 5,500
Small Business Accounting Department:
Staff- 3,000
Partners- 600
The average billing rate for staff is $150 per hour, and the average billing rate for partners is $320 per hour. Prepare a professional fees earned budget for Rollins and Cohen, CPAs, for the year ending December 31, 2014, using the following column headings and showing the estimated professional fees by type of service rendered:
Billable Hours Hourly Rate Total Revenue
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