Mr. Tom businesss fixed expenses comprise of the following: $320 (from leasing the Coca-Cola freestyle soda machine), $123 (monthly premium to cover insurance expenses), rent at $3,960 per month, $668.45 electricity bill, $160 gas bill, $1,000 for water bill, $4,166 per month for salaries and wages. This totals to $10,397.45 of fixed costs per month. Selling 700 cups of sweet & fruity crepes and breakfast savory crepes at $15.00, every month in order to cover our fixed costs. Prepare an Income Statement and a Balance Sheet for year 2020,2021,2022 using information necessary below.

	2020		2021		2022
BEGINNING CASH ON HAND	$100,000.00		$145,499.00		$210,399.00
ADD: CASH RECEIPTS
Cash sales	$249,500.00		$256,300.00		$278,699.00
Income tax refund	$.00		$28,761.98		$31,275.60
TOTAL CASH RECEIPTS	$249,500.00		$285061.98		$309974.60

Sales $45,600

Variable cost $18,432.00

Contribution margin $27,168.00

Fixed cost $10397.45

Net Profit $16,770.55

Other Information

Business Registration Fee- $ 215

Self- Employment Tax - $40

Equipment $ 50,000

Supplies $45,00

Interest $400

Depreciation expense $ 6000