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Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
Edition 2ISBN: 978-0077274993Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
Edition 2ISBN: 978-0077274993 Exercise 11
Prepare Statements for a Service Company
Lead! Inc. offers executive coaching services to small business owners. Lead!'s operating profits average 20 percent of revenues and its marketing and administrative costs average 25 percent of the cost of services sold.
Required
Lead! Inc. expects revenues to be $200,000 for April. Prepare an income statement for April for Lead! Inc. assuming its expectations are met.
Lead! Inc. offers executive coaching services to small business owners. Lead!'s operating profits average 20 percent of revenues and its marketing and administrative costs average 25 percent of the cost of services sold.
Required
Lead! Inc. expects revenues to be $200,000 for April. Prepare an income statement for April for Lead! Inc. assuming its expectations are met.
Explanation
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Income statement is prepared to show the...
Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
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