2020 Profit and Loss Illini_8867_Redacted.pdf

This file contains tax and financial documents for C.P.'s Ice Cream, Ltd., operating at Illini State Park under Agreement Number 8867, including a State of Illinois Department of Natural Resources Profit or Loss From Business statement and IRS Form 1120 for tax year 2020. The business, located at 1023 Magnolia Street in Marseilles, IL, operates as a restaurant concession providing ice cream cones, sundaes, burgers, hot dogs and soda drinks with a business activity code of 445299.

The financial statements show total gross sales of $9,000 for food/beverage operations, with a cost of goods sold of $4,839, resulting in a gross profit of $5,411. Operating expenses totaled $14,600.73, including major expenses such as $520 for state lease payments, $1,200 for repairs/maintenance, $2,500 for utilities, and $8,959.73 for wages. The business reported a net operating loss of $9,059.73 for the year. The balance sheet shows accounts payable increasing from $800 at the beginning of the year to $2,600 by year end.