Current Attempt in Progress

Ivanhoe Bites Ltd$.$ operates a chain of restaurants across Canada. Most of the company's business is from customers who enjoy in$-$restaurant lunches and dinners and pay before they leave. The company also provides catered food for functions outside of the restaurant. Catering customers are required to pay a $40\%$ deposit at the time of booking the event. The remaining $60\%$ is due on the day of the function.

During $2024,$ the restaurant chain collected $$6,933,000$ from restaurant and catered sales. At year end, December $31,2024,$ the catered sales amount included $$121,000$ for a convention scheduled for January $12,2025.$ Ivanhoe Bites Ltd$.$ paid $$2,970,000$ for food supplies during the year and $$1,317,000$ for wages for the chefs and other restaurant staff. The restaurant owed $$65,000$ in wages to its staff at year end, which will be paid on January $4,2025,$ as part of the normal weekly pay schedule.

$($a$)$

Prepare as much of the multi$-$step statement of income for Ivanhoe Bites Ltd$.$ as you can, showing the amount of sales and any other amounts that should be included.

Ivanhoe Bites Ltd$.$ Statement of Income

$.$$

Attempts: $0$ of $3$ used

$($b$1)$

The parts of this question must be completed in order. This part will be available when you complete the part above.

$($c$)$

The parts of this question must be completed in order. This part will be avallable when you complete the part above.

Attempts: $1$ of $3$ used

$($b$1)$

Determine when Ivanhoe Bites can recognize revenues from its various revenue streams.

Revenue recognized in $2024"$ $

Revenue recognized in $2025.$ $

Attempts: $0$ of $3$ used

$($c$)$

The parts of this question must be completed in order. This part will be available when you complete the part above.

TABLE $2$ please COMPLETE