Exercise 2-43 (Static) Prepare Statements for a Service Company (LO 2-2)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 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.Total costs of services sold$ 8,30070,000Marketing and administrative costs28,000264,000TUSCOLA COUNSELING SERVICESIncome StatementFor the Year Just EndedTotal marketing and administrative costs51,00039,70081,000

The income statement for a consulting company differs from that of a manufacturing firm since there…

Exercise 2-43 (Static) Prepare Statements for a Service Company (LO 2-2) Tuscola Counseling Services is a small firm that advises job seekers on both employment and education alternatives. Robert 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 $ 8,300 70,000 28,000 264,000 51,000 39,700 81,000 Required: Prepare an income statement for the year just ended for Tuscola Counseling Services. Note: Loss amount should be indicated with a minus sign.

Exercise 2-43 (Static) Prepare Statements for a Service Company (LO 2-2) Tuscola Counseling Services is a small firm that advises job seekers on both employment and education alternatives. Robert 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 $ 8,300 70,000 28,000 264,000 51,000 39,700 81,000 Required: Prepare an income statement for the year just ended for Tuscola Counseling Services. Note: Loss amount should be indicated with a minus sign.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 1-47 (Algo) Cost Data for Managerial Purposes (LO 1-3) Langholm Bistro is a popular restaurant in a small, coastal village. Brian Langholm, who opened the restaurant five years ago, has seen It grow steadily. Currently, Langholm's is only open for dinner, but many of the regular customers have been asking Brian to consider opening for lunch as well. Brian has been talking to his accountant about the financial Impact of the expanded services on the overall business. He knew that the bistro did not make much money and he was concerned that the new business might be too risky. The accountant asked Brian for his best estimates of the impact of the new business on revenues and costs. He had been thinking about this for some time and estimated that revenues would grow by about 25 percent. Food costs would increase by about 40 percent and labor costs by about 25 percent. Rent on the bistro would not change, but utilities would increase by about 20 percent. Other costs would increase…
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