Create the Income Statement (Profit & loss) for the company steak n' shake ,for an 1 year operation .Heres,the start up analysis and balance sheet. The first two tables is the start up analysis and the last two tables is the balance sheet .

for the year of December 31,2018

prepare an Income Statement (for the year ended December 31,2018)

Steak 'n Shake Start-Up Analysis Projected Start-Up Costs Cost in USD Initial Franchise Fee $50,000 Land and Building Development Costs $60,000 Additional Development Costs $25,000 $4,500 Equipment, Furnitures, etc Electronic Cash Register Retail Technology $8,000 $7,000 Computer Hardware and Software $5,000 Licenses, Permits, Fees, and Deposits $8,000 Opening Inventory $5,000 Miscellaneous Opening Costs Uniforms $1,000 Insurance $2,500 Training $1,000 $5,000 Marketing and Promotion Costs Additional Funds for first 3 months of Operations $3,000 Total Start-Up Costs $185,000 Projected Financing Sources Personal Investment $40,000 Franchisor Financing Loan $25,000 Government backed loan $25,000 Credit Union Loan $25,000 Small Business Administration Grants $20,000 Steak 'n Shake Franchise Grant $20,000 Funding from various donors $30,000 Total Financing Sources $185.000 Balance Sheet Columni Column2 Column3 Column4 Columns Beginning Balance Sheet Current Assets Current Liabilities Cash 250,000 Accounts Payable 172,500 7,500 Cash and Equivalents 0 Accrued Payroll Inventory 15,000 Taxes Payable 0 0 Prepaid Expenses Accrued Expenses 0 0 172,500 Other Current Assets Total Current Liabilities 272,500 Total Current Assets Other Current Assets Total Current Liabilities 172,500 Total Current Assets 272,500 Fixed Assets Long Term Liabilities 0 Long-Term Investments $0.00 Long-Term Debt 0 Building $0.00 Capital Lease Obligations 0 Equipment SO Furniture, etc $0 Total Fixed Assets Total Long Term Liabilities 0 Other Assets Shareholder's Equity Capital Stock 100,000 Retained Earnings Total Shareholder's Equity 100,000 Total Other Assets 0 Total Shareholder's Equity 100,000 Owners Equity 100,000 Total Liabilities & Net Worth 272,500