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Farnsworth Executive Coaching ( FEC ) offers services to firms in advising executives on improving productivity and leadership. For August, FEC worked 7 0 0
Farnsworth Executive Coaching FEC offers services to firms in advising executives on improving productivity and leadership. For August, FEC worked hours for Grace Corporation and hours for Temple Construction. In addition, FEC had small engagements with various clients totaling hours. FEC bills clients at the rate of $ per hour; labor cost for its professional staff is $ per hour. Overhead costs in August totaled $ Overhead is applied to clients at $ per laborhour. In addition, FEC had $ in marketing and administrative costs. All transactions are on account. All services were billed.
tableTransactionDescriptionaRecord labor costbRecord applied service overheadcRecord cost of services billeddRecord actual service overhead
Required:
a Show labor and overhead cost flows through Taccounts.
b Prepare an income statement for the company for August.
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Required A
Show labor and overhead cost flows through Taccounts.
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