Conant's Sweety Pie is a gourmet dessert restaurant in Fort Lauderdale. Maryssa Conant, the sole proprietor, expanded to a second location in Naples, 3 years ago. Recently, Conant 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 More info Revenues Variable costs Contribution margin Less: Fixed costs controllable by restaurant managers Contribution controllable In 20X3, each had sales of $1,150,000. The Naples restaurant is still pricing lower than the Fort Lauderdale restaurant to establish a customer base. Variable expenses run 70% of sales for the Fort Lauderdale restaurant and 75% of sales for the Naples restaurant. Each manager is responsible for the rent and some other fixed costs for his or her restaurant. These costs amounted to $110,000 for the Fort Lauderdale restaurant and $85,000 for the one in Naples. The difference is primarily due to lower rent in Naples. In addition, several costs, such as advertising, legal services, accounting, and personnel services, were centralized. The managers had no control of these expenses, but some of them directly benefited the individual restaurants. Of the $355,000 cost in this category, $100,000 related to Fort Lauderdale and $195,000 to Naples, where most of the additional cost in Naples is due to the cost of extra advertising to build up its customer base. The remaining $60,000 was general corporate overhead. by restaurant managers Less: Fixed cost controllable by others Contribution by restaurants Unallocated costs Operating income Print Done Requirements 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. 2. Using only the information given in this exercise do the following: a. Evaluate each restaurant as an economic investment b. Evaluate each manager. Print Done