Question

Jason Chan operates a takeout pizza business called A Slice of Life Ltd. During the month of November, the following things occurred:
1. He paid $7,692 for pizza ingredients, $1,200 for rent, $220 for the telephone system, and $1,090 for utilities.
2. He took in $23,870 from selling pizzas.
3. He used up $7,130 worth of ingredients to make the pizzas.
4. His employees earned and were paid wages totalling $5,120 for the month.
Required:
a. Prepare a statement of income to determine how much A Slice of Life Ltd. earned in November.
b. Are there any other costs that might have been incurred in November but are not listed?


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  • CreatedJune 11, 2015
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