Antonio\"s Restaurant specializes in Italian food. During June,Antonio\'s Restau

Question

Antonio"s Restaurant specializes in Italian food. During June,Antonio's Restaurant recorded the following sales to customersand costs of oing business: Sales tocustomers                                         $20,500 Cost of food productsused                              6,250 Cost of rented building andequipment              4,376 Cost of employee labor servicesused               4,050 Maintenance and ulilitiesused                           2,000 Prepare a schedule that shows the amount od profit (or loss)earned by Antonio's Restaurant during June. Antonio"s Restaurant specializes in Italian food. During June,Antonio's Restaurant recorded the following sales to customersand costs of oing business: Sales tocustomers                                         $20,500 Cost of food productsused                              6,250 Cost of rented building andequipment              4,376 Cost of employee labor servicesused               4,050 Maintenance and ulilitiesused                           2,000 Prepare a schedule that shows the amount od profit (or loss)earned by Antonio's Restaurant during June.

Explanation / Answer

PROFIT (OR LOSS)STATEMENT FOR JUNE Sales to customer $20,500 less: Cost of food product used $6,250         Cost of employeelabor          service used $4,050 $10,300 GrossProfit $10,200 less: Rent expense $4,376          Maintenance andutilities $2,000 $6,376 NetProfit $3,824 Notes:It is assumed that cost of rented building andequipment is considered            as Rent expense for the period.

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