Prepare Statements for a Service Company
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:
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A
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B
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C
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1
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Advertising and marketing
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$180,000
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2
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Brokerage commissions (revenues)
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6,000,000
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3
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Building rent and utilities
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350,000
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4
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Fees from clients for investment advice
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3,000,000
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5
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Fees paid to execute trades
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4,000,000
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6
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Labor cost for advice
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1,600,000
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7
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Managers' salaries
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600,000
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8
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Sales commissions to brokers
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500,000
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9
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Training programs for brokers
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850,000
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10
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Required
Prepare an income statement for October for CBS.