You explain the basic format of the income statement to Alex. When he sells a meal or a drink in his restaurant, he receivesrevenues-- funds that flow into his business from the sale of goods or services.

On the income statement, he then needs to subtract the cost of revenues (or cost of goods sold) -- the cost to his restaurant of the food and beverages it sells.

Purchase of wine Mortgage payment Purchase of eggs, dairy, and cheese Food/beverage sales Purchase of fruit and vegetables Labor Replacement of glassware Business insurance Air conditioning repair Purchase of meat/poultry Monthly utilities emw 2:38 PM O 99+ 9 4/30/2020