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