Use the following information to prepare an Income Statement for Joes Restaurant, Inc., for the year ended March 31, 2018. The correct format must be used and can be found on Page 89 of your textbook. (20)

Payroll 70000

Employee benefits 10600

Cost of food sold 45000

Cost of liquor sold 20000

Food sales 135000 Utilities 6000

Depreciation 11400

Income taxes 250

Property insurance 5485

Supplies expense 4000

Rent 10750

Liquor sales 65000

Interest 6450

Advertising 2170

Property taxes 3000