Mara Bolton, an attorney, bills her clients at a rate of $100 per hour. At the beginning of July, clients owed her $8,000, of which she collected $5,600 during the month. In July, Mara billed clients for 160 hours of work. By the end of July, 60 of these hours were unpaid.
Mara has one employee, Lloyd Medvid, who is paid $20 per hour. During July, Lloyd worked 170 hours, of which 16 hours will be paid in August. The rest were paid in July along with wages for 8 hours worked the last day of June.
Show calculations as you determine the following for the month of July:
a. Amount of revenue earned
b. Wages expense incurred
c. Cash received from clients
d. Cash paid to Lloyd Medvid

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The Answer of Mara Bolton, an attorney, bills her clients at a rate of $100 per hour. At the beginning of July, clients owed her $8,000, of which she collected $5,600 during the month. In July, Mara billed clients for 160 hours of work. By the end of July, 60 of these hours were unpaid.
Mara has one employee, Lloyd Medvid, who is paid $20 per hour. During July, Lloyd worked 170 hours, of which 16 hours will be paid in August. The rest were paid in July along with wages for 8 hours worked the last day of June.
Show calculations as you determine the following for the month of July:
a. Amount of revenue earned
b. Wages expense incurred
c. Cash received from clients
d. Cash paid to Lloyd Medvid

Mara Bolton, an Attorney, Bills Her Clients at a Rate