Here is the accounting assignment, everything is attached below.

Part 2: Below is a fact scenario. Using the box provided to the right, prepare a quarterly income Tiffany's Catering Service statement for Tiffany's Catering Service for the three months ending August 31, 2017, Income Statement demonstrating that Tiffany earned quarterly income of $30,340. For the Three Months Ended Augst 31: 2017 Assume the company will not be subject to income tax. Service Revenue 7,500 During the summer between herjunior and senior year, Tiffany decided to Expenses: open a catering service business. She started business on June 1. She rented Su lies 13,800 a small kitchen space and purchased a stove, supplies, and food. To acquire Food 8 200 these items, she invested some of her own money and she borrowed from Stove r airs ' 65 0 the bank by signing a note payable promising to pay interest every three e months with the first interest payment due August 31. The principal would Workers wages 6,000 be due the following August. At the end of the 3 months she had no Interest 75 supplies or food left over. I P110116 bill .I 300 Rent 700 A review of the checkbook showed the following: Utilities 435 Bank deposits of collections from customers totaled $48,000. Depreciation 1,500 The following checks had been written: disposable plates and utensils, Total Expenses 31,600 $6,300; food, $8,200; buying a used stove $7,500, repairs to her stove, Net Income $650; workers' wages, $6,000; interest on the loan, $75,- phone bill, $300,- rent, $700; utilities, $435. A notebook kept in the kitchen reflected the following: Customers still owed her $7,500 for catering services already rendered and she owed $1,000 for disposable plates and utensils (credit card charges). In addition, Tiffany estimated that she used up one fifth of the stove during the three months ended August 31, 2017