Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earnings account balance at June 1 was $0 and the owner invested $10,500 cash in the company on June 1. On June 30, the company's records show
the following accounts and amounts for the month of June.
1 of 3
Cash
Accounts receivable
Equipment
Accounts payable
Common stock
$5,000
4,500
6,500
3,000
10,500
Dividends
Service revenue
Rent expense
Wages expense
$ 1,500
12,000
2,000
6,000
ats
eBook
Hint
QS 2-12 Preparing an income statement LO P3
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References
Use the above information to prepare a June income statement for the business.
LAWSON CONSULTING
Income Statement
For Month Ended June 30
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The production manager of rordan corporation has submitted the following quarterly production forecast for the upcoming fiscal year: 1st quarter 2nd quarter 3rd quarter 4th quarter units to be produced 10,800 8,500 7,100 11,200 each unit requires 0.25 direct labor-hours, and direct laborers are paid $20.00 per hour. required: 1. prepare the company’s direct labor budget for the upcoming fiscal year. assume that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. 2. prepare the company’s direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is not adjusted each quarter. instead, assume that the company’s direct labor workforce consists of permanent employees who are guaranteed to be paid for at least 2,500 hours of work each quarter. if the number of required direct labor-hours is less than this number, the workers are paid for 2,500 hours anyway. any hours worked in excess of 2,500 hours in a quarter are paid at the rate of 1.5 times the normal hourly rate for direct labor.

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