Please do in Excel :)

Below is a fact scenario. Using the box provided to the right, prepare an Income Statement for Bonnie's Catering Service for the year ending December 31, 2020, demonstrating that Bonnie earned income of $121,000. 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, Bonnie decided to open a catering business. She created her business in December 2019 by investing $25,000 of her own money and she borrowed $30,000 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, 2020. On January 1, 2020 she rented a small kitchen space and purchased a stove, supplies, and food. At the end of 2020 Bonnie had no supplies or food left over.

A review of the checkbook showed the following:

Bank deposits of collections from customers totaled $140,000.

The following checks had been written: disposable plates and utensils, $7,500; food, $18,000; buying a used stove $12,000; workers' wages, $4,100; interest on the loan, $2,300; cell phone bill, $1,900; rent, $5,000.

A notebook kept in the kitchen reflected the following:

Customers still owed her $25,000 for catering services already rendered and she owed $3,200 for disposable plates and utensils (credit card charges). In addition, Bonnie estimated that she used up one sixth of the stove during 2020