G7 Profit and Loss Statement Week Ending March 24, 2014 Income: Cash Sales $7260 Expenses: Merchandise $3160 Rent 750 Insurance 240 Licences etc. 90 Tax Remittance 1860 Advertising 200 Depreciation 600 $6900 The owners have put $40,000 into the business and they worked a total of 80 hours during the week. Savings accounts are currently paying 5.2% interest and the going wage rate is $8 per hour.