Prepare the income statement for the company for August

Assignment Help Accounting Basics
Reference no: EM132488505

Question - For August, Royal Consulting and Mediation Practice (RCMP) worked 800 hours for Alberta Company and 2,000 hours for Ontario Corporation. RCMP bills clients at the rate of $430 per hour; labor cost for its consulting staff is $230 per hour. The total number of hours worked in August was 2,800, and overhead costs were $63,000. Overhead is applied to clients at $30 per labor-hour. In addition, RCMP had $255,000 in marketing and administrative costs. All transactions are on account. All services were billed.

Transaction Description

(a) Record Labor cost

(b) Record Applied Service Overhead

(c)Record Cost of services billed

(d) Record Actual Service Overhead

Required -

a. Show labor and overhead cost flows through T-accounts

b. Prepare the income statement for the company for August.

Reference no: EM132488505

Questions Cloud

Calculate Oracles diluted EPS : Dividends to common shareholders $1,433 and Dilutive effect of employee stock plans 75. Based upon the information given above calculate Oracle's diluted EPS
How much must save each year : He can earn 8 percent on savings now and in the future. How much must he save each year, starting today, to meet his retirement goals?
Calculate the vmpl for the fifth worker : With which worker do diminishing marginal returns begin? Calculate the VMPL (also known as, marginal revenue product) for the fifth worker.
Preparing the scholarly paper : explain that the purpose of this paper is to provide a summary of the assigned article and explain that that the impact of the article contents
Prepare the income statement for the company for August : In addition, RCMP had $255,000 in marketing and administrative costs. Prepare the income statement for the company for August
Is long-term loan agreements always contain provisions : Is Long-term loan agreements always contain provisions ? Are Short-term credit agreements just as restrictive in order to protect the interests of the lender.
Draw the demand and supply curves : Draw the demand and supply curves. With no rent ceiling, what is the rent and how many apartments are rented?
What is the length of the firms cash conversion cycle : Accounts payable is 45 days, and the average age of inventory is 72 days. Assuming a 360-day year, what is the length of the firm's cash conversion cycle?
Solve for the equilibrium price and quantity : Solve for the equilibrium price and quantity in this market, and calculate producer and consumer surplus.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd