Susan and Clark Shipley, co-owners of Island Foods, Inc. 2. Prepare a balance sheet, income statement, and statement of cash flow as of December 31, 2019. Island Foods, Inc. Income Statement For the 9 months ended December 31, 2019 Sales revenue Answer 215,000 Less: Food costs Answer 69,000 Supply costs Answer 4,800 Utility charges Answer 6,000 Employee wage expense Answer 45,100 Business license fee Answer 900 Lease expense Answer 8,400 Depreciation expense* Answer 16,575 Interest expense** Answer 6,750 Insurance expense Answer 16,000 Answer 164,859 Net income before tax Answer 50,141 Income taxes (15%) Answer 7,080 Net income after tax Answer 53,891 Island Foods, Inc. Balance Sheet As of December 31, 2019 Assets Liabilities & Sharehol