Chapter 12 , Question 1 50 Yard Line Lounge Income Statement For the Year Ended December 31 , 2010 SALES : Food 102, 556\\ Beverage 69.9,505 Total Sales COST OF SALES :` Food 26, 510 Beverage 151 , 000 Total Cost of Sales GROSS PROFIT . Food 76, 046\\ Beverage 548, 505 Total Gross Profit OPERATING EXPENSES : Salaries and Wages 161 , 500 Employee Benefits 3. 500 Direct Operating Expenses 61, 500 Music and Entertainment 7, 6241 Marketing 18, 250 Utility Services 26, 100 Repairs and Maintenance* 5. 325| Administrative and General 108 , 100 Occupancy 24, 500 Depreciation 5, 650 Total Operating Expenses Operating Income Interest 84, 889 Income Before Income Taxes Income Taxes 47, 000 Net Income a . What was Scott's before tax income ?" Chapter 12 Q 1