She started busi june 1 she rented a small kitchen

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decided to open a catering service business. She started busi June 1. She rented a small kitchen space and purchased a sto supplies, and food. To acquire these items, she invested some own money and she borrowed from the bank by signing a no payable promising to pay interest every three months with th interest payment due August 31. The principal would be due following August. At the end of the 3 months she had no sup food left over. A review of the checkbook showed the following: Bank deposits of collections from customers totaled $79,000 The following checks had been written: disposable plates and utensils, $4,200; food, $6,800; buying a used stove $5,000, re her stove, $1000; workers' wages, $9,000; interest on the loa phone bill, $350; rent, $950; utilities, $250. A notebook kept in the kitchen reflected the following: Customers still owed her $2,400 for catering services already rendered and she owed $3,400 for disposable plates and ute (credit card charges). In addition, Tiffany estimated that she u one fifth of the stove during the three months ended August 2018.
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right, prepare a quarterly income Tiffany's Catering Service months ending August 31, 2018, Income Statement For the quarter ended 31 Augus Revenue: Bank Deposit Customer Owe Expenses: Plates and Utensils Food Stove Repair Wages Loan Interest Phone Bill Rent Utilities Owe Plates and Utensils Net Income: $54,200 any iness on ove, e of her ote he first e the pplies or 0.
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  • Fall '08
  • SIKORSKII
  • Balance Sheet, Generally Accepted Accounting Principles

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