Please do not give solution in image format thanku Tuscola Counseling Services is a small firm that advises job seekers on both employment and educationalternatives. Robert Gibson, the founder and president, has collected the following information for yearjust ended:Employee trainingMarketingRent and facilities costsRevenue (client fees)SuppliesTravelWages and salariesCost of services soldRequired:Prepare an income statement for the year just ended for Tuscola Counseling Services.Note: Loss amount should be indicated with a minus sign.$ 9,20070,90028,450268,50051,090TUSCOLA COUNSELING SERVICESTotal costs of services sold40,60081,900Income StatementFor the Year Just EndedMarketing and administrative costsTotal marketing and administrative costs

The income statement shows the profitability of the entity. It shows the revenues, and expenses, and…

Tuscola Counseling Services is a small firm that advises job seekers on both employment and education alternatives. Robert Gibson, the founder and president, has collected the following information for year just ended: Employee training Marketing Rent and facilities costs Revenue (client fees) Supplies Travel Wages and salaries Required: Prepare an income statement for the year just ended for Tuscola Counseling Services. Note: Loss amount should be indicated with a minus sign. Cost of services sold TUSCOLA COUNSELING SERVICES $ 9,200 70,900 28,450 268,500 51,090 40,600 81,900 Income Statement For the Year Just Ended Total costs of services sold Marketing and administrative costs Total marketing and administrative costs

Tuscola Counseling Services is a small firm that advises job seekers on both employment and education alternatives. Robert Gibson, the founder and president, has collected the following information for year just ended: Employee training Marketing Rent and facilities costs Revenue (client fees) Supplies Travel Wages and salaries Required: Prepare an income statement for the year just ended for Tuscola Counseling Services. Note: Loss amount should be indicated with a minus sign. Cost of services sold TUSCOLA COUNSELING SERVICES $ 9,200 70,900 28,450 268,500 51,090 40,600 81,900 Income Statement For the Year Just Ended Total costs of services sold Marketing and administrative costs Total marketing and administrative costs

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 34P: Mason, Durant, and Westbrook (MDW) is a tax services firm. The firm is located in Oklahoma City and...

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Mason, Durant, and Westbrook (MDW) is a tax services firm. The firm is located in Oklahoma City and employs 15 professionals and eight staff. The firm does tax work for small businesses and well-to-do individuals. The following data are provided for the last fiscal year. (The Mason, Durant, and Westbrook fiscal year runs from July 1 through June 30.) Required: 1. Prepare a statement of cost of services sold. 2. Refer to the statement prepared in Requirement 1. What is the dominant cost? Will this always be true of service organizations? If not, provide an example of an exception. 3. Assuming that the average fee for processing a return is 850, prepare an income statement for Mason, Durant, and Westbrook. 4. Discuss three differences between services and tangible products. Calculate the average cost of preparing a tax return for last year. How do the differences between services and tangible products affect the ability of MDW to use the last years average cost of preparing a tax return in budgeting the cost of tax return services to be offered next year?
Harbor Island Investments (HII) is a discount brokerage firm offering clients investment advice, trading services, and a variety of mutual funds for investment. HII has collected the following information for November: Employee compensation Employee training programs Fees paid to execute trades Lease and facility costs Marketing Revenues (Advisory fees) Revenues (Brokerage commissions) Sales commissions to brokers Supervisors' salaries Required: Prepare an income statement for November for HII. Sales revenue Total revenues Cost of services sold Total costs of services $884,000 471,500 2,204,000 196,500 103,000 HARBOR ISLAND INVESTMENTS Income Statement For the Month Ending November 30 Marketing and administrative costs 1,654,000 3,304,000 279,000 334,000
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