[stefanomichele]

Prepare an income statement for cody's place for its first month of business. Remember to show revenues and expenses incurred only.

1.cody invested 20,000 in his business
2. the business purchased 100,000 of equipment. It paid 20,000 down and borrowed the remainder.
3. codys place sold 3,000 meals at an avarage price of 15$ each ninety percent of the sales were for cash. The remainder were on credit. No credit sales were collected in the first month.
4. the business recorded a cost of food sold equal to 30 percent of the total food sales.
5. codys place recorded the purchase of 20,000$ of food inventory and paod 5,000$ to suppliers during its first month.
6. the business incurred other expenses of 8,000$ and paid cash for each.
7. codys tax rate is 28 percent. Taxes will be paid in the following month