V HTM 241 Name: Vaishali EX7-2 Should we close the shop during the off season? You have the following quarterly income statements of a restaurant. 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Sales revenue 86,400 97,000 89,400 46,400 Cost of sales 32,800 35,900 33,100 18.100 Gross margin 53,600 61.100 56,300 28.300 Operating Expenses Wages & salaries 32,000 35,900 33,100 17,800 Supplies 1,900 2,200 1,970 1,100 Advertising 900 900 900 600 Utilities 2,600 2,900 2,680 2,400 Maintenance 450 450 400 400 Insurance 1,200 1,200 1,200 1,200 Interest 750 750 750 750 Depreciation Rent Total operating expenses Operating Income 700 700 700 700 6,000 000 5,000 1,000 46,500 51,000 47.700 30.950 2.100 10.100 2650 O + 13 DND " B % 85 T 94 6 Y &7 7 8 G B H J 2 N M K 6199 FIR O V- 01 L P OT P V