Unit 8 Activity 3 - The Income Statement

A. In the table below, complete the two additional columns for 1) Dollar Increase or Decrease and 2) Percentage Increase or Decrease

20-4

20-3

Dollar Increase or Decrease

% Increase or Decrease

Revenue

0

0

Food and Dining

$163,595

$150,290

Liquor and Bar

197,492

181,410

Total Revenues

$361,087

$331,700

0

0

0

Operating Expenses

0

0

Bank Charges Expense

$ 920

$ 1,520

Car Expense

3,516

3,725

Insurance Expense

1,800

1,800

Utilities Expense

1,610

1,570

Food and Liquor Expense

157,315

140,290

Miscellaneous Expense

920

950

Rent Expense

24,000

24,000

Telephone Expense

1,350

1,290

Wages Expense

49,316

51,374

0

0

0

Total Expenses

__$240,747

__$226 519

Net Income

$ 120,340

$ 105 181

=======

=======

B. Complete the common-size income statement below for both years.

FIESTA RESTAURANT INCOME STATEMENT

YEAR ENDED MARCH 31, 20-4 AND 20-3

20-4

20-3

Revenue

%

%

Food and Dining

$163,595

$150,290

Liquor and Bar

197, 492

181,410

Total Revenues

$361,087

$331,700

Operating Expenses

Bank Charges Expense

$ 920

$ 1,520

Car Expense

3,516

3,725

Insurance Expense

1,800

1,800

Utilities Expense

1,610

1,570

Food and Liquor Expense

157,315

140,290

Miscellaneous Expense

920

950

Rent Expense

24,000

24,000

Telephone Expense

1,350

1,290

Wages Expense

49,316

51,374

Total Expenses

__$240,747

__$226,519

Net Income

$ 120,340

$ 105,181

=======

=======

=======

=======