Question

Chuck’s Brokerage Service (CBS) is a discount financial services firm offering clients investment advice, trading services, and a variety of mutual funds for investment. Chuck has collected the following information for October:

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.



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  • CreatedDecember 18, 2013
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