Sunland Bites Ltd. operates a chain of restaurants across Canada. Most of the company's business is from customers who enjoy inrestaurant 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 2024, the restaurant chain collected $6,695,000 from restaurant and catered sales. At year end, December 31,2024 , the catered sales amount included $112,000 for a convention scheduled for January 12,2025 . Sunland Bites Ltd. paid $3,000,000 for food supplies during the year and $1,335,000 for wages for the chefs and other restaurant staff. The restaurant owed $61,000 in wages to its staff at year end, which will be paid on January 4,2025, as part of the normal weekly pay schedule. Sunland Bites Ltd. Statement of Income For the Year Ended December 31, 2024 Sales Revenue $ Cost of Goods Sold Gross Profit / (Loss) Operating Expenses Wages expense Income from Operations ^