Scenario #$4$: Chopped Parties $(16$ points$)$

$2024$ Transactions:

On December $13,2024,$ Alex Guarnaschelli, the co$-$owner of Chopped Parties, agreed to cater an employee appreciation party for Sunny Anderson & Company for a flat fee of $$275,000,$ with $30\%$ due in advance and the remainder due on the date of the party. Accordingly, Chopped Parties received a check for $$82,500$ from Sunny Anderson & Company on December $15.$

On December $29,2024,$ Chopped Parties purchased supplies for the party for $$32,800$ and paid cash to its supplier.

a$)$ Identify the names of the two items and their amounts reported by Chopped Parties in its $2024$ GAAP financial statements relative to its contract with Sunny Anderson & Company. DO NOT INCLUDE CASH IN THE BALANCE SHEET. $(1$ point per box $=6$ points$)$

$2024$ Income Statement

$2024$ Statement of Cash Flows

Balance Sheet @ $12/31/2024$