Jason Chan operates a takeout pizza business called A Slice of Life Ltd. During the month of November, the following things occurred: 1.He paid $7,692 for pizza ingredients, $2,000 for rent, $220 for the telephone system, and $1,090 for utilities. 2.He took in $23,600 from selling pizzas. 3.He used up $7,130 worth of ingredients to make the pizzas. 4.His employees earned and were paid wages totalling $5,200 for the month. (a) Prepare a statement of income to determine how much A Slice of Life Ltd. earned in November.

Answer rating: 100% (QA)

Total sales revenue Total Cash Outflows in Nove... View the full answer