Mia Hero Started Her Own Catering Business Called Hero's Catering

question 14

Essay

Mia Hero started her own catering business called Hero's Catering.Analyze each of the following transactions for the first month of business.Prepare an income statement for the month of March.
a.Mia contributed $10,000 of her own money to start Mia's catering.
b.The business borrowed another $5,000 from the local bank.
c.The business rented a kitchen for $1,500 for the month.
d.The business spent $1,200 on food,spices and other supplies used during the month.
e.The business hired Betty Foit as an assistant chef and paid her $500 for the month.
f.The business earned $7,000 in revenues during the month.

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Definitions:

Company Goods

Products or merchandise produced and distributed by a business entity.

Manager's Knowledge

The information, expertise, and skills that a manager possesses, which enable effective decision-making and leadership within an organization.

Social Responsibility

Refers to the ethical framework and obligation of an organization or individual to act for the benefit of society at large.