For August, Royal Consulting and Mediation Practice (RCMP) worked 1,100 hours for Alberta Company and 2,300 hours for Ontario Corporation. RCMP bills clients at the rate of $490 per hour; labor cost for its consulting staff is $290 per hour. The total number of hours worked in August was 3,400, and overhead costs were $69,000. Overhead is applied to clients at $26 per labor-hour. In addition, RCMP had $285,000 in marketing and administrative costs. All transactions are on account. All services were billed. Transaction Description (a) Record Labor cost (b) Record Applied Service Overhead (c) Record Cost of services billed (d) Record Actual Service Overhead Required: a. Show labor and overhead cost flows through T-accounts. b. Prepare an income statement for the company for August.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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