This case is a restaurant that had a fire and was out of business from the date of loss through January 31, 2014. You are to calculate the loss on a monthly basis and to total the loss for all of the months on a separate worksheet to get to the total loss. Show your schedules for each month just like it was discussed in class. You have been provided the historical sales, financial statements and income tax returns. You are to use this data in performing the loss calculation. Partial credit will be given if you don't compute the loss correctly etc.
The owner owns the building the drive-in was located in and he was paid his monthly rent during the loss period. You are to review the expenses and determine what you feel would have been continued to be paid along with the rent. You will use these same monthly amounts each month of the calculation.