Question

- + Fit to page D Page view A Read aloud h Add notes Overview: In the third milestone, you will jump forward in time: Imagine that your business has already opened. Use the updated scenario information to analyze your company's performance. o Post-opening Scenario: Your angel investors are silent in relation to the business; however, they require board meetings for status updates on the company's financial health. Therefore, you need to analyze your company's performance over the last month using the data provided below. For your variance analysis, use the following financial data: Grooming Labor Standard Hours Standard Rate Actual Hours Actual Rate 150 $12 180 $11.50 Grooming Materials Standard Quantity Standard Price Actual Quantity Actual Price 1000 $2 1200 $3 Prompt: Complete your work by assessing your company's financial performance, specifically addressing the following critical elements: • Financial Statements o Create a statement of cost of services in the "COS Schedule" tab. o Create an income statement in the "Income Statement" tab. • Variance Analysis o identify all variances for the direct labor time and the materials price in the "Variances" tab. Evaluate the significance of the variances in the "Variances" tab. • Incorporate all feedback from previous milestones to finalize your workbook

please help with the income statement

Answer 1

Revenue
Grooming	($25 per dog for 10 dogs per day for 20 days a month	5000
Daycare	($25 per dog for 12 dogs per day for 24 days a month	7200
Boarding	($25 per dog for 5 dogs per day for 30 days a month	3750
Total Revenue			15950
Cost of Services	(As determined in COS Schedule)		11040
Gross Profit			4910
Expenses
G&A Salaries		1200
Advertising		100
Cleaning products		120
Depreciation		83
Rent		650
Loan		420
Utilities and Insurance		600
Total Expenses			3173
Net Income/Loss			1737