Hornick and Sena, partners in a systems consulting firm, budgeted the following professional labor hours for the year ended December 31, 2013:

Partners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000

Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,000

Staff. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,000

Partners have a billing rate of $225 per hour and actually earn $110 per hour. Associates bill out at $140 per hour and earn $85 per hour. Staff bill out at a rate of $75 per hour and earn $35 per hour.

Required:

1. Prepare a revenue budget.

2. Prepare a professional labor budget.