Kabili 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 2020, the restaurant chain collected $6,955,000 from restaurant and catered sales. At year end, December 31, 2020, the catered sales amount included $127,000 for a convention scheduled for January 12, 2021. Kabili Bites Ltd. paid $3,511,000 for food supplies during the year and $1,342,000 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, 2021, as part of the normal weekly pay schedule. Revenue recognized in 2020 $ 6828000 Revenue recognized in 2021 $ 127000