Question: Unit 8 Activity 3 - The Income Statement A. In the table below, complete the two additional columns for 1) Dollar Increase or Decrease and
Unit 8 Activity 3 - The Income Statement
A. In the table below, complete the two additional columns for 1) Dollar Increase or Decrease and 2) Percentage Increase or Decrease
20-4
20-3
Dollar Increase or Decrease
% Increase or Decrease
Revenue
0
0
Food and Dining
$163,595
$150,290
Liquor and Bar
197,492
181,410
Total Revenues
$361,087
$331,700
0
0
0
Operating Expenses
0
0
Bank Charges Expense
$ 920
$ 1,520
Car Expense
3,516
3,725
Insurance Expense
1,800
1,800
Utilities Expense
1,610
1,570
Food and Liquor Expense
157,315
140,290
Miscellaneous Expense
920
950
Rent Expense
24,000
24,000
Telephone Expense
1,350
1,290
Wages Expense
49,316
51,374
0
0
0
Total Expenses
__$240,747
__$226 519
Net Income
$ 120,340
$ 105 181
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B. Complete the common-size income statement below for both years.
FIESTA RESTAURANT INCOME STATEMENT
YEAR ENDED MARCH 31, 20-4 AND 20-3
20-4
20-3
Revenue
%
%
Food and Dining
$163,595
$150,290
Liquor and Bar
197, 492
181,410
Total Revenues
$361,087
$331,700
Operating Expenses
Bank Charges Expense
$ 920
$ 1,520
Car Expense
3,516
3,725
Insurance Expense
1,800
1,800
Utilities Expense
1,610
1,570
Food and Liquor Expense
157,315
140,290
Miscellaneous Expense
920
950
Rent Expense
24,000
24,000
Telephone Expense
1,350
1,290
Wages Expense
49,316
51,374
Total Expenses
__$240,747
__$226,519
Net Income
$ 120,340
$ 105,181
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