PREPARE INCOME STATEMENT AND BALANCE SHEET USING THE GIVEN INFORMATION

Based on the following information and the balance sheet information from Section B, create a monthly common size and comparative income statement for December, 2020 for the Blue and White Restaurant. Dec 2020 Dec. 2019 Food Revenue Beverage Revenue Food Purchases Beverage Purchases Salaries/Wages Payroll Taxes Benefits (Excl. Meals) Paper Supplies Purchases Utilities Linen Music/Entertainment Repairs/ Maintenance Marketing Rent Interest Depreciation $135,000 $49,000 $38,000 $16,900 $39,500 $4,400 $6,500 $ 3,500 $ 5,500 $ 1,100 $ 750 $ 2,050 $5,000 $ 8,500 $ 4,500 $ 4,000 $123,200 $42,500 $34,000 $12,800 $35,000 $4,000 $ 6,000 $ 4,650 $5,000 $ 1,000 $ 800 $ 1,975 $ 4,500 $ 8,000 $ 4,500 $3,900 Other information: December 20 - The bar transferred $500 worth of cooking wine to the kitchen and employee meals = $1,500 for the month. December '19 - The kitchen transferred $200 in lemon/limes to the bar and employee meals = $1,350 for the month Insurance expense for both years is the adjusting entry from the balance sheet information provided No decimals or cents in the Revenue and Expense Columns and %'s of Sales should be one decimal point (22.2% for example). Blue and White Restaurant is set up as a corporation. Dec 20 Nov 20 $. 2.300 $ 3.500 Cash $ 12,300 $8,300 Accounts Receivable $ 6,500 $3.000 Food Inventory $ 11,000 $14,000 Beverage Inventory $ 6,000 $25.600 Paper Inventory $ 1000 Prepaid Insurance $ 1,500 Prop, Plant, and Equip - Net of Depreciation $760,200 $736,200 Accounts Payable $ 35,000 $34,000 Accrued Wages Payable $6,000 Current Portion - LTD $ 8.000 $6,000 Long-Term Debt $202,000 $163,000 Common Stock $375,000 $375,000 Retained Earnings $175,500 $188,900 The following balance sheet information is provided for December 2019 and November 2019 and is used for calculating certain expenses for December 2019: Dec 19 Nov 19 Food Inventory Beverage Inventory Paper Inventory Prepaid Insurance $15,500 5,000 2,300 2,500 $16,500 6,000 1,300 4,700