9:47 SECTION B Instruction: Complete ALL questions from this section. Question 1 You are provided with the following regarding the financial information related to Bay Valley Restaurant food operations for the year ended 31 December 2016 The trial balance at 31 December 2016 is as follows: Sales revenue: Banquets Grill Room Coffee shop Food Inventory at January 1, 2016 Food inventory at December 31, 2016 Purchases Transfers: Kitchen to bar Bar to Kitchen 56250 37.500 834416 1125 188 Promotional meals 2813 Complimentary meals 788 Salaries and wages 654 000 Employee meals cost 64 500 Income from employee meals 645 Guess supplies 38 625 China and glassware expense 16125 Revenue from renting chairs 2250 Uniforms expense 7125 Laundry expense 48 750) Electricity expense 18375 Water expense 23 250 Kitchen equipment cost 65 000 Additional Information: 1119 000 574 125 279588 Depreciation on kitchen equipment is 10% on cost using the straight line method Required: A Prepare a Food Department Income Statement for the year ended December 31, 2019 (17 marks) B. State the THREE (3) main content of the income statement. (3 marks) (Total 20 marks) 22/05 The Council of Community Colleges of Jamaica Page 2