Lozier Catering and Events (LCE) offers a variety of services from small gatherings to large weddings and corporate retreats. Sales for year 1 totaled $877,500. Information regarding resources for the year includes the following:   Resources Used Resources Supplied Depreciation $ 56,550 $ 58,175 Training 29,250 35,100 Transportation 52,000 55,575 Publicity 72,800 78,000 Permanent staff 146,250 201,500 Temporary staff 269,750 276,250 Invoicing and records 24,375 27,300 Administrative 45,500 51,350 Required: Management has requested that you do the following: Prepare a traditional income statement.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Lozier Catering and Events (LCE) offers a variety of services from small gatherings to large weddings and corporate retreats. Sales for year 1 totaled $877,500. Information regarding resources for the year includes the following:

  Resources Used Resources Supplied
Depreciation $ 56,550 $ 58,175
Training 29,250 35,100
Transportation 52,000 55,575
Publicity 72,800 78,000
Permanent staff 146,250 201,500
Temporary staff 269,750 276,250
Invoicing and records 24,375 27,300
Administrative 45,500 51,350

Required:

Management has requested that you do the following:

  1. Prepare a traditional income statement.
Required A Required B
Prepare a traditional income statement.
Total costs
Traditional Income Statement
$
< Required A
0
0
Required B >
Transcribed Image Text:Required A Required B Prepare a traditional income statement. Total costs Traditional Income Statement $ < Required A 0 0 Required B >
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