Jason Chan operates a takeout pizza business called A Slice of Life. During the month of November, the following things occurred: he paid $7,692 for pizza ingredients, $1,200 for rent, $220 for the telephone system, $670 for electricity, and $420 for water. He took in $23,870 from selling pizzas, and he used up $7,130 worth of ingredients to make the pizzas. He paid his employees $5,120 for the month.
Required:
a. Prepare a statement of earnings to determine how much A Slice of Life earned in November.
b. Are there any other costs that might have been incurred in November but are not listed?