Chiao and Piaker, CPAs, budgeted for the following professional labor hours for the coming year: partners, 1,500;

Question:

Chiao and Piaker, CPAs, budgeted for the following professional labor hours for the coming year: partners, 1,500; managers, 5,000; and staff, 20,000. Budgeted billing rates are: partners, $250 per hour; managers, $120 per hour; and staff accountants, $80 per hour. Prepare a revenue budget for the year ending December 31, 2011.