Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Need help creating a income statement with the following information provided. Information from the Income Statement for December 2017 Past year revenues were $2,200,000 with

image text in transcribedimage text in transcribedimage text in transcribed

Need help creating a income statement with the following information provided.

Information from the Income Statement for December 2017 Past year revenues were $2,200,000 with food accounting for 80% of sales. Cost of sales were 32.62% of total sales with a food cost of 37.1% and a beverage cost of 14.7% Expenses as a percentage of total sales were provided by Mr. Medom Annual Rent is $154,000 Salaries & Wages Depreciation Interest Marketing General & Administrative 30.0% 2.0% 0.5% 2.1% 3.0% Employee Benefits Direct Operating Expenses Music & Entertainment Utilities Repairs & Maintenance 3.9% 5.7% 0.1% 2.5% 2.0% Some apps currently in use are preventing automatic updates. SALES Food Beverage Total Sales COST OF SALES Food Beverage Total Cost of Sales GROSS PROFIT Food Beverage Total Gross Profit OPERATING EXPENSES Salaries & Wages Employee Benefits Direct Operating Expenses Music & Entertainment Marketing Utility Services General & Administrative Repairs & Maintenance Total Operating Expenses SOME apps CUPHILIY use are preventing automatic updates, Later GROSS PROFIT Food Beverage Total Gross Profit OPERATING EXPENSES Salaries & Wages Employee Benefits Direct Operating Expenses Music & Entertainment Marketing Utility Services General & Administrative Repairs & Maintenance Total Operating Expenses NON-CONTROLLABLE EXPENSES Rent Depreciation Interest Total Non-Controllable Expenses Income Before Taxes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: Larson Kermit, Tilly Jensen

Volume I, 14th Canadian Edition

978-0071051507

Students also viewed these Accounting questions