Paul€™s Limo Service has the following information for June:

Required
a. Using the traditional income statement format, prepare a value income statement.
b. What value would there be to Paul from preparing the same information inJuly?

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2 Sales revenue 3 Variable costs of operations, excluding labor costs3 4 Employee wages and salaries 5 Manager salaries 6 Fixed cost of automobiles 7 Building costs (rent, utilities, etc.) 8 9 A5 percent of this cost was wasted due to poor directions given to limo drivers. 10 5 percent of this cost was for time spent by limo drivers because of poor directions. 11 C10 percent of this cost was time taken to address customer complaints 12 The limos have 40 percent unused capacity 13 The building has 10 percent unused capacity. 14 50,000 15,000 20,000 4,000 5,000 2,500