q Mansfield Information Systems (MIS) is an IT support firm. Managers and staff are billed to clients

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Mansfield Information Systems (MIS) is an IT support firm. Managers and staff are billed to clients on an hourly basis. The senior administrative staff does not directly provide client support. Because of the clientele of MIS, there is significant fluctuation from month to month. Managers are billed to clients at a rate of $840 per hour and staff at a rate of $420 per hour. Managers are paid $350 per hour worked (including nonbillable time), and staff are paid $200 per hour. The current plan calls for managers to bill 940 hours in November and 760 hours in December. Staff are expected to bill 6,380 hours in November and 5,080 hours in December. Managers will work a total of 1,400 hours in both months, and staff will work a total of 8,080 hours in November and 7,400 hours in December. Other monthly costs (all fixed) are $757,000 selling, general, and administrative, $157,000 in depreciation, and $264,000 in marketing. Required: Prepare a budgeted income statement for Mansfield Information Systems for November and December (separately). Revenues: Managers Staff Total revenue Expenses: Manager pay Staff pay Mansfield Information Systems Budgeted Income Statement Total compensation Selling, general, and administrative Depreciation Marketing November < Prev December 3 of 5 MacBook Next > CETTO Mansfield Information Systems (MIS) is an IT support firm. Managers and staff are billed to clients on an hourly basis. The senior administrative staff does not directly provide client support. Because of the clientele of MIS, there is significant fluctuation from month to month. Managers are billed to clients at a rate of $840 per hour and staff at a rate of $420 per hour. Managers are paid $350 per hour worked (including nonbillable time), and staff are paid $200 per hour. The current plan calls for managers to bill 940 hours in November and 760 hours in December. Staff are expected to bill 6,380 hours in November and 5,080 hours in December. Managers will work a total of 1,400 hours in both months, and staff will work a total of 8,080 hours in November and 7,400 hours in December. Other monthly costs (all fixed) are $757,000 selling, general, and administrative, $157,000 in depreciation, and $264,000 in marketing. Required: Prepare a budgeted income statement for Mansfield Information Systems for November and December (separately). Revenues: Managers Staff Total revenue Expenses: Manager pay Staff pay Mansfield Information Systems Budgeted Income Statement Total compensation Selling, general, and administrative Depreciation Marketing November < Prev December 3 of 5 MacBook Next > CETTO

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Step 1 Income Statement It is the statement of income which is prepared to kno... View the full answer