32-50 Developing an Income Statement Information from the Income Statement for Year End December 2018 . Past year revenues were $4,000,000 with food accounting for 70% of sales and Beverages the other 30%. Food cost of 36% Beverage cost of 16.0% Expenses as a percentage of total sales are listed below Annual Rent is $350,000 Salaries & Wages Depreciation Interest Marketing General & Administrative 29.0% 1.5% 2.0% 3.4% 4.5% Employee Benefits Direct Operating Expenses Music & Entertainment Utilities Repairs & Maintenance 5.5% 4.5% 1.0% 3.0% 2.5%