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If possible can you explain how you did it? Part 2: Below is a fact scenario. Using the box provided to the right, prepare an
If possible can you explain how you did it?
Part 2: Below is a fact scenario. Using the box provided to the right, prepare an Income Statement for Carrie's Catering Service for the year ending December 31, 2019, demonstrating that Carrie earned income of $91,500. Assume the company is not subject to income tax. You are expected to provide at least 5 separate expense accounts. During the spring semester of her senior year, Carrie decided to open a catering business. She created her business in December 2018 by investing $15,000 of her own money and she borrowed $10,000 from the bank by signing a two-year note payable promising to pay interest every 12 months with the first interest payment due December 31, 2019. On January 1, 2019 she rented a small kitchen space and purchased a stove, supplies, and food. At the end of 2019 Carrie had no supplies or food left over. A review of the checkbook showed the following: Bank deposits of collections from customers totaled $100,000. The following checks had been written: disposable plates and utensils, $7,000; food, $11,000; buying a used stove $5,000; workers' wages, $10,000; interest on the loan, $500; cell phone bill, $1,000; rent, $5,000. kont in the kitchen reflecto the following A notebook kept in the kitchen reflected the following: Customers still owed her $30,000 for catering services already rendered and she owed $3,000 for disposable plates and utensils (credit card charges). In addition, Carrie estimated that she used up one fifth of the stove during 2019Step by Step Solution
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