2 years ago on July 1, 2019, Bill purchased some items to display food and drinks in the back of his pickup truck. He purchased shelves for $33. He also thought he could attract customers by having some lights on his truck, so he bought some string delights from Walmart for $15. At the time, he guessed that he could use both the shelves and lights for a total of three years.

On July 1, 2020, Bill had some inventory leftover from his previous purchase. He had $15 worth of sodas and $10 worth of cookies and chips. Throughout the last year, Bill had spent an additional $133 on drinks and snacks at Costco. One of his friends was moving back home and had an extra 12 sodas in his refrigerator and gave them to bill to sell. Bill told his friend keep pay him $4 for the sodas, but he still owes it to him. Bill also spent $33.54 on gas throughout the year.

Bill had a pretty good system of recording his purchases and sales in a spreadsheet. Bill sold 75 cans of soda throughout the year at an average price of $2 per can and 64 bags of chips and cookies for an average price of $2.50 per bag. It was a heat wave at the end of June and three of Bills friends were very thirsty but didnt have any money but promise to pay him back if you get the each a soda. Bill gave them a total of three sodas and got an IOU from each of his friends. At the end of the year on June 30 2021 Bill had 15 cans of soda that cost an average of $.23 per can and 10 bags of chips that cost an average of $.15 cents per bag.

Create an income statement and balance sheet for Bills snack truck for year ending June 30, 2021.