Lydia Cravette operates a florist shop called Scents Unlimited Ltd. During the month of May, the following things occurred:
1. She spent $160 on the telephone system, $370 on utilities, and $1,500 on rent.
2. She took in $24,730 from selling flowers and plants. All of the shop’s sales were cash sales.
3. She spent $10,733 on flowers from a local grower, she paid $329 for gas and repairs to the delivery vehicle, and she paid her employees $7,000 for wages earned during the month.
a. Prepare a statement of income to determine how much Scents Unlimited Ltd. earned in May.
b. Are there any other costs that might have been incurred in May but are not listed?