Question
David's Financial Sevice (DFS) is a discount financial services firm offering clients investment advice, trading services and a variety of mutual funds for investment. David
David's Financial Sevice (DFS) is a discount financial services firm offering clients investment advice, trading services and a variety of mutual funds for investment. David has collected the following information for October:
Advertising and marketing $91,000 Brokerage commissions (revenues) $2,998,000 Building rent and utilities $172,000 Fees from clients for investment advice $1,492,000 Labor cost for advice $796,000 Manager's salaries $298,000 Sales commissions to brokers $245,000 Training programs for brokers $423,000 Fees paid to execute trades $2,009,000
Required: Prepare an income statment for October for DFS.
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