Jason Chan operates a takeout pizza business called A Slice of Life Ltd. During the month of November, the following things occurred:
| 1. | He paid $7,692 for pizza ingredients, $1,900 for rent, $220 for the telephone system, and $1,090 for utilities. | |
| 2. | He took in $24,100 from selling pizzas. | |
| 3. | He used up $7,130 worth of ingredients to make the pizzas. | |
| 4. | His employees earned and were paid wages totalling $5,400 for the month. |
(a) Prepare a statement of income to determine how much A Slice of Life Ltd. earned in November.
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