Michelle MyGel is a beauty salon that provides hair and nail services. Hair services and nail services are provided by two separate profit centres. Michelle MyGel is a sole proprietorship, thus the company is not responsible for paying income taxes. Michelle Mignon, the owner of the salon, does all of the administrative work and does not deduct payroll for herself. Payroll expenses are paid only to the employees that are hired to work in the hair and nails departments. Michelle MyGel incurred the following revenue and expenses for the year ending June 30, 2016.

Cost of Sales

Hair Supplies$9,900

Nail Supplies$6,000

Other Expenses

Administrative $1,600

Phone and Internet $1,000

Advertising $400

Repair and Maintenance $500

Utilities $700

Payroll-Hair Employees $30,000

Payroll-Nail Employees $18,000

Rent$ 1,900

Property Taxes$1,800

Insurance$2,200

Interest$700

Depreciation$1,700

Revenue

Hair Revenue$60,000

Nail Revenue$36,000

Required

Arrange the above financial information into a summary operating statement for the year ending July 31, 2016.

Do not enter dollar signs or commas in the input boxes.

Do not use negative signs.

Proper Studio

Summary Operating Statement

For the Year Ended July 31, 2016

Hair-Operating Revenue $

Cost of Sales $

Payroll and Related Expenses $

Departmental Income $

Nail-Operating Revenue $

Cost of Sales $

Payroll and Related Expenses $

Departmental Income $

Total Departmental Income $

Undistributed Operating Expenses

Administrative and General $

Information and Telecommunications Systems $

Sales and Marketing $

Property Operations and Maintenance $

Utilities $

Total Undistributed Expenses $

Gross Operating Profit $

Non-Operating Expenses

Rent $

Property and Other Taxes $

Insurance $

Total Non-Operating Expenses $

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

Less:

Interest $

Depreciation

Total Interest and Depreciation $

Net Income $