Problem 16, please finish Required : Prepare Ramsey's income statement for 2003 in accordance with the USAR.

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176 Chapter 5Problem 16The general ledger of Ramsey's a 100 - seat restaurant , as of December 31 20 *3 includerevenue and expense accounts as follows :$ 150,000280 000Management Salaries30. 000Staff Wages50.0 00Payroll TaxeFringe Benefits ( excludes employee meals )5 000Employee Meals200, 000Food Sales500.000Beverage Sales460 090Food Purchases130, 000Beverage Purchase30.000Merchandise Sales100 000Direct Operating Expenses20 000Music30.000MarketingHeat , Light , and Power35, 000Rent52, 000Interest Expense20.000Depreciation50 00Repairs30, 000Administrative and General92000Cost of Merchandise Sale10 000Other information is as followsIncome tax rate - 30 percent on pretax incomeInventories1/1 3Food$20.09012131 X3Beverage15 000$22 007: 00Required :Prepare Ramsey 's income statement for 20* 3 in accordance with the LIS AR .