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:

Advantages

Benefits or favorable factors that enhance effectiveness, efficiency, or competitive position.

Disadvantages

The unfavorable conditions or attributes that decrease the likelihood of success or effectiveness.

Eliminate Conflict

Eliminate Conflict involves taking measures to resolve disagreements and disputes in order to restore harmony and prevent further issues.

Conflict Management

The practice of identifying and handling conflicts in a sensible, fair, and efficient manner, with the goal of reaching a resolution that is acceptable to all parties.