Chucks Brokerage Service (CBS) is a discount financial services firm offering clients investment advice, trading services, and
Question:
Advertising and marketing .......... $ 270,000
Brokerage commissions (revenues)....... 9,000,000
Building rent and utilities.......... 525,000
Fees from clients for investment advice...... 4,500,000
Fees paid to execute trades.......... 2,400,000
Labor cost for advice............. 900,000
Managers’ salaries............. 750,000
Sales commissions to brokers......... 1,275,000
Training programs for brokers......... 6,000,000
Required
Prepare an income statement for October for CBS.
Mutual Funds
Mutual funds are like a pool of funds gathered by different small investors that have simalar investment perspective about returns on their investments. These funds are managed by professional investment managers who act smartly on behalf of the...
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Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0078025525
4th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
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