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Rutland Business Services (RBS) provides miscellaneous consulting and services to local businesses. In August, RBS worked for three clients. It worked 270 hours for Selden Contracting, 170 hours for Moenhart Insurance, and 230 hours for Englewood Medical Center. RBS bills clients at $509 an hour; its labor costs are $128 an hour. A total of 750 hours were worked in August with 80 hours not billable to clients. Overhead costs of $62,250 were incurred and were assigned to clients on the basis of direct labor-hours. Because 80 hours were not billable, some overhead was not assigned to jobs. RBS had $57,600 in marketing and administrative costs. All transactions were on account. Required: a. What are the revenue and cost per client? b. Prepare an income statement for August. Complete this question by entering your answers in the tabs below. Required A Required B What are the revenue and cost per client? Revenue Labor Overhead Margin Selden Contracting $ Moenhart Insurance $ Englewood Medical Center 0 $ Required A 0 Required B

Rutland Business Services (RBS) provides miscellaneous consulting and services to local businesses. In August, RBS worked for three clients. It worked 270 hours for Selden Contracting, 170 hours for Moenhart Insurance, and 230 hours for Englewood Medical Center. RBS bills clients at $509 an hour; its labor costs are $128 an hour. A total of 750 hours were worked in August with 80 hours not billable to clients. Overhead costs of $62,250 were incurred and were assigned to clients on the basis of direct labor-hours. Because 80 hours were not billable, some overhead was not assigned to jobs. RBS had $57,600 in marketing and administrative costs. All transactions were on account. Required: a. What are the revenue and cost per client? b. Prepare an income statement for August. Complete this question by entering your answers in the tabs below. Required A Required B What are the revenue and cost per client? Revenue Labor Overhead Margin Selden Contracting $ Moenhart Insurance $ Englewood Medical Center 0 $ Required A 0 Required B

FINANCIAL ACCOUNTING
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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Rutland Business Services (RBS) provides miscellaneous consulting and services to local businesses. In August, RBS worked for three clients. It worked 270 hours for Selden Contracting, 170 hours for Moenhart Insurance, and 230 hours for Englewood Medical Center. RBS bills clients at $509 an hour; its labor costs are $128 an hour. A total of 750 hours were worked in August with 80 hours not billable to clients. Overhead costs of $62,250 were incurred and were assigned to clients on the basis of direct labor-hours. Because 80 hours were not billable, some overhead was not assigned to jobs. RBS had $57,600 in marketing and administrative costs. All transactions were on account. Required: a. What are the revenue and cost per client? b. Prepare an income statement for August. Complete this question by entering your answers in the tabs below. Required A Required B What are the revenue and cost per client? Selden Contracting Moenhart Insurance Revenue Labor Overhead Margin $ $ Englewood Medical Center $ Required A 0 Required B >
Transcribed Image Text:Rutland Business Services (RBS) provides miscellaneous consulting and services to local businesses. In August, RBS worked for three clients. It worked 270 hours for Selden Contracting, 170 hours for Moenhart Insurance, and 230 hours for Englewood Medical Center. RBS bills clients at $509 an hour; its labor costs are $128 an hour. A total of 750 hours were worked in August with 80 hours not billable to clients. Overhead costs of $62,250 were incurred and were assigned to clients on the basis of direct labor-hours. Because 80 hours were not billable, some overhead was not assigned to jobs. RBS had $57,600 in marketing and administrative costs. All transactions were on account. Required: a. What are the revenue and cost per client? b. Prepare an income statement for August. Complete this question by entering your answers in the tabs below. Required A Required B What are the revenue and cost per client? Selden Contracting Moenhart Insurance Revenue Labor Overhead Margin $ $ Englewood Medical Center $ Required A 0 Required B >
Complete this question by entering your answers in the tabs below. Required A Required B Prepare an income statement for August. RUTLAND BUSINESS SERVICES Less cost of services to clients: Less other costs: Income Statement For the Month Ended August 31 Total cost of services to clients Total other costs < Required A $ 0 0 0 Required
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required A Required B Prepare an income statement for August. RUTLAND BUSINESS SERVICES Less cost of services to clients: Less other costs: Income Statement For the Month Ended August 31 Total cost of services to clients Total other costs < Required A $ 0 0 0 Required
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