Exercise 2-43 (Static) Prepare Statements for a Service Company (LO 2-2)Tuscola Counseling Services is a small firm that advises job seekers on both employment and education alternatives. Robert Gibson,the founder and president, has collected the following information for year just ended.Employee trainingMarketingRent and facilities costsRevenue (client fees)SuppliesTravelWages and salariesCost of services soldRequired:Prepare an income statement for the year just ended for Tuscola Counseling Services.Note: Loss amount should be indicated with a minus sign.Total costs of services sold$ 8,30070,000Marketing and administrative costs28,000264,000TUSCOLA COUNSELING SERVICESIncome StatementFor the Year Just EndedTotal marketing and administrative costs51,00039,70081,000

The income statement for a consulting company differs from that of a manufacturing firm since there…

Exercise 2-43 (Static) Prepare Statements for a Service Company (LO 2-2) Tuscola Counseling Services is a small firm that advises job seekers on both employment and education alternatives. Robert the founder and president, has collected the following information for year just ended. Employee training Marketing Rent and facilities costs Revenue (client fees) Supplies Travel Wages and salaries $ 8,300 70,000 28,000 264,000 51,000 39,700 81,000 Required: Prepare an income statement for the year just ended for Tuscola Counseling Services. Note: Loss amount should be indicated with a minus sign.

Exercise 2-43 (Static) Prepare Statements for a Service Company (LO 2-2) Tuscola Counseling Services is a small firm that advises job seekers on both employment and education alternatives. Robert the founder and president, has collected the following information for year just ended. Employee training Marketing Rent and facilities costs Revenue (client fees) Supplies Travel Wages and salaries $ 8,300 70,000 28,000 264,000 51,000 39,700 81,000 Required: Prepare an income statement for the year just ended for Tuscola Counseling Services. Note: Loss amount should be indicated with a minus sign.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.2P: Costs and Expenses The following costs are incurred by a retailer: Display fixtures in a retail...

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