Chesney's Sweet Castle is a gourmet dessert restaurant in Burlington. Cynthia Chesney, the sole proprietor, expanded to a second location in Lexington, 3 years ago. Recently, Chesney decided to enroll in a PhD program and retire from active management of the individual restaurants but continues to oversee the entire company. She hired a manager for each restaurant. (Click the icon to view the additional information.) Read the requirements. Requirement 1. Prepare income statements for each restaurant and for the company as a whole. Use a format that allows easy assessment of each manager's performance and each restaurant's economic performance. Begin by preparing the income statement for the company as a whole, then prepared the income statements for each restaurant. Company as a whole X 1 Requirements Revenues Variable costs Contribution margin 1. Prepare income statements for each restaurant and for the company as a whole. Use a format that allows easy assessment of each manager's performance and each restaurant's Less: Fixed costs controllable economic performance. by restaurant managers 2. Using only the information given in this exercise do the following: Contribution controllable a. Evaluate each restaurant as an economic investment. b. Evaluate each manager. by restaurant managers Less: Fixed cost controllable Print Done by others Contribution by restaurants Unallocated costs Operating income Chesney's Sweet Castle is a gourmet dessert restaurant in Burlington. Cynthia Chesney, the sole proprietor, expanded to a second location in Lexington, 3 years ago. Recently, Chesney decided to enroll in a PhD program and retire from active management of the individual restaurants but continues to oversee the entire company. She hired a manager for each restaurant. (Click the icon to view the additional information.) Read the requirements. Requirement 1. Prepare income statements for each restaurant and for the company as a whole. Use a format that allows easy assessment of each manager's performance and each restaurant's economic performance. Begin by preparing the income statement for the company as a whole, then prepared the income statements for each restaurant. Company as a whole X 1 Requirements Revenues Variable costs Contribution margin 1. Prepare income statements for each restaurant and for the company as a whole. Use a format that allows easy assessment of each manager's performance and each restaurant's Less: Fixed costs controllable economic performance. by restaurant managers 2. Using only the information given in this exercise do the following: Contribution controllable a. Evaluate each restaurant as an economic investment. b. Evaluate each manager. by restaurant managers Less: Fixed cost controllable Print Done by others Contribution by restaurants Unallocated costs Operating income