Exercise 4: Yummy Restaurant - Income Statement Below you will find items for the income statement for Yummy Restaurant for the year ended December 31, 2018. Construct an income statement for this business. Assume a tax rate of 19%. Yummy Restaurant Net sales $375,000 Net purchases $145,000 Beginning inventory $270,000 Gross profit $120,000 Selling expenses $75,000 General and administrative expenses $23,000 Ending inventory $160,000 Depreciation expense Use information from exercise 3 Exercise 3: Yummy Restaurant - Balance Sheet Below you will find the items for the balance sheet for the Yummy Restaurant as of December 31, 2018. Construct the balance sheet. Yummy Restaurant Inventory $2,245 Accounts payable $3,200 Retained Earnings You solve for this Kitchen equipment $200,000 Cash $26,450 Land/Building $430,000 Other assets $32,000 Furnishings $3,500 Rent payable $1,500 Accumulated depreciation See below Prepaid expenses $1,840 Accounts receivable $750 Wages payable $9,750 Taxes payable $750 Long-term loans $240,000 The kitchen equipment that Yummy Restaurant owns was purchased on January 1, 2017. The purchase price was $200,000 and it has a 20 year life