132 Chapter 3 Salaries $ 150,000 Wages 280,000 Payroll taxes 30,000 Fringe benefits (excludes employee meals) 50,000 Employee meals 5,000 Food sales OM majhM and got Immolate 1,200,000 975097 Beverage sales 500,000 Food purchases 460,000 Beverage purchases 130,000 Direct operating expenses 100,000 ban boot cine Music 20,000 Marketing 30,000 Heat, light, and power 35,000 Rent 152,000 Interest expense (of) on 20,000 Depreciation Repairs 30,000 30,000 Administrative & general 92,000 Other information: Income tax rate-30 percent on pretax income Inventories Food 1/1/X3 12/31/X3 Beverage $20,000 15,000 $22,000 17,000 Required: 14 for a guide. Prepare Ramsey's statement of income for 20X3 in accordance with the USAR. See Exhibit The Wilson