Questions answer each question in complete sentences, explaining your answers. Be sure to answer all parts of each question.

Q1: Did Chef earn a profit in 2018? If yes, how much profit did he earn (as a dollar amount and a percentage of sales). If no, what was the amount he lost (as a dollar amount and a percentage of sales). What contributed to his first-year results? Could he have done anything differently? If so, what?

Q2: What happened in 2019 to show a small profit? Are there things that could have done differently to earn a greater profit? Explain your answers.

Q3: Why does Chef predict such a large increase in sales for 2022? Is it a reasonable expectation and why or why not? What part of his plan is a good idea and why? Do you have an idea to help him reach his goal and why do you suggest that?

Q4: At the rate Chef is going, would you expect him to continue to be successful in 5-years? What about in 10 years? What would he need to do to continue to succeed in his business?

KRDN 4.2: ANALYZING AN INCOME STATEMENT WORKSHEET After reading the module content and the textbook information on financial statements (and using the background information provided), review the following profit and loss statement and answer the four questions below