Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please show work if applicable For August, Royal Consulting and Mediation Practice (RCMP) worked 1100 hours for Alberta Company and 2,300 hours for Ontario Corporation.
please show work if applicable
For August, Royal Consulting and Mediation Practice (RCMP) worked 1100 hours for Alberta Company and 2,300 hours for Ontario Corporation. RCMP bills clients at the rate of $490 per hour labor cost for its consulting staff is $290 per hour. The total number of hours worked in August was 3,400, and overhead costs were $69.000. Overhead is applied to clients at $26 per labor-hour. In addition, RCMP had $285,000 in marketing and administrative costs. All transactions are on account. All services were billed. Transaction Description (a) Record Labor cost (b) Record Applied Service Overhead Record Cost of services billed (d) Record Actual Service Overhead Required: a. Show labor and overhead cost flows through T-accounts. b. Prepare an income statement for the company for August. Complete this question by entering your answers in the tabs below. Required Required Show labor and overhead cost flows through accounts Wages Payable Work-In-Process Beg ba Beg tal End 0 End bol Complete this question by entering your answers in the tabs below. Required A Required B Show labor and overhead cost flows through T-accounts. Wages Payable Work-In-Process Beg bal Beg bal End bal 0 End bal Cost of Services Billed Service Overhead Control Beg bal Beg bal End bal 0 End bal Applied Service O.H Bog bal End bal 0 Required B > Complete this question by entering your answers in the tabs below. Required A Required B Prepare an income statement for the company for August ROYAL CONSULTING AND MEDIATION PRACTICE Income Statement For the Month Ended August 31 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started