Prepare an income statement for the company for August For August, Royal Consulting and Mediation Practice (RCMP) worked 900 hours for Alberta Company and 2,100 hours for Ontario Corporation. RCMP bills clients at the rate of $400 per hour; labor cost for its consulting staff is $200 per hour. The total number of hours worked in August was 3,000, and overhead costs were $60,000. Overhead is applied to clients at $24 per labor-hour. In addition, RCMP had $240,000 in marketing and administrative costs. All transactions are on account. All services were billed

Prepare an income statement for the company for August

Revenue (3000×$400)                                                                     1,200,000

Less Cost of Sales

Labour Cost for Consulting Staff (3000×$200)       600,000

Overheads                                                                    72,000

Less Over Applied Overheads                                     12,000          660,000

Gross Profit                                                                                          540,000

Less Operating Expenses

Markerting and Administrative Costs                                                240,000                          

Net Income                                                                                          300,000

Explanation:

Net Income = Sales - Cost of Sale - Operating Expenses

Cost of Sales in the case of RCMP involves the cost of providing a service for each of their clients.

answer; test-retest;

match the scenarios with terms related to financial aid.

pell grant

student loan

merit-based scholarship

richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.

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anita wants to pursue a certificate program in sports nutrition. to pay for the course, she borrows money by filing the fafsa.

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nathan comes from a low-income household. he wants to pursue an undergraduate degree in marketing. he receives financial aid covering 50 percent of his college expenses. nathan does not have to pay back this amount.

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