Lisa and Laura are twins who own a seafood restaurant in a coastal town. Lisa likes to report her income statement using accrual accounting, and Laura likes to report her income statement using cash accounting. Given the following information, complete the spreadsheet for March using both accrual accounting for Lisa and cash accounting for Laura.
1.The restaurant generated $45,000 in revenue, but only received $30,000.
2. Cost of food sold was $14,000, but only 60% was paid to the supplier.
3. Salaries and wages were $13,000, but only 50% was paid to employees.
4. Ulilities exponse was $600 and all of it was paid.
5. Maintenance expense was $200, but it had been prepaid in January for the quarter.
6. Marketing expense was $450 and all of it was paid.
7.Rent expense was $6,000 and all of it was paid.