Yamindi was raised on a farm in the Northern Territory and loves animals. When he finished secondary school, Yamindi had nearly \($5000\) in a savings account. He used his savings to start a business venture, a pet warehouse store.

During the month of November 2024, Yamindi located a small building that he could rent for \($100\) per month. After transferring \($3000\) from his savings account to a business bank account in the name of Animals4Life, he paid cash out of the account for rent and the purchase of supplies. Although he would not keep a full set of accounting records, he decided to deposit all receipts from sales into the bank account and to make all payments by direct debit out of the account. In this way he would have a relatively complete record of his business activities. Yamindi also kept a daily workbook in which he recorded all sales to customers.

On 1 December, Yamindi opened his warehouse to the public. During the first couple of months, he was unusually busy. Needing to make a decision on continuing the operation of the business or to enrol for the first semester at university, Yamindi reviewed his bank account and daily sales book to determine how well he had done. The review disclosed the following:

1. Total cash deposited in the account (including the initial \($3000\) deposit) was \($8920.

2. The daily workbook showed that on 31 January 2025 customers owed him \($1000\) for goods supplied, which he expected to collect during February.

3. Direct debits had been made out of the account for:

• Rent payments, \($400\) for the months of November to February.

• The purchase of grooming equipment, \($4500.\) The equipment cost \($5000\) and Yamindi still owed the supplier \($500\) on the purchase.

• Grooming supplies, \($560.\) Yamindi estimated that the cost of grooming supplies on hand at 31 January was \($160.

• The payment of electricity bills for the months of November and December, \($600.\) He had just received his bill for the month of January for the amount of \($350,\) but had not yet paid it.

• Advertising paid, \($1216\).

• Withdrawals made by Yamindi to pay for personal expenses, \($1300\).

Required

(a) Prepare a statement of financial performance for Yamindi’s Animals4Life for the 3-month period from 1 November 2024 to 31 January 2025.

(b) Prepare a statement of financial position as at 31 January 2025 and a statement of changes in equity for the 3-month period.

(c) What other information would you need to determine how well Yamindi had done during the 3-month period?