4:35 Done MGT416-HwAccounting.docx Please complete the following two steps for this homework I) Create financial statements for the business scenario below using the templates on page 2-4 2) When you have completed the templates, submit your These are the answers that count Assume an accounting period of 1 week. You start an ice cream business and this is what you do in your first week (all of the below occurs during week 1): You invest $5 in your ice cream selling business . You get a $25 loan from the bank . You go to the grocery store to buy half-and-half, heavy cream, eggs, vanilla sugar, and vanilla extract. You buy enough to make and S10 is charged to your account at the grocer 40 scoops. Your total cost is $20. You pay S10 in cash Your brother makes a batch of ice cream for 20 scoops and charges S1 for production labor (cash) You sell the 20 scoops at SI each. You receive cash for 10 and the other 10 scoops are purchased on account. S . You repay $10 of the bank loan. The banker charges you $1 in interest (cash) The neighbors where you have your ice cream stand ask you to buy an insurance policy. The insurance agent offers you a three-week policy which costs $3 payable in advance. Yoru have to pay for the entire policy in cash now. You purchase an ice cream stand for S8. You also buy a tiny patch of land from a friend's family for $2. You pay for the stand and the land with cash. You depreciate the ice cream stand S1/week including during your first week of business. A customer pays $4 for f our scoops she bought on account Please fill out an ending balance sheet, income statement, and cash flow statement for this week GRADING RUBRIC (out of 30 points) SMas peints Balance Shee Income Statent Canh Flew Statement D0 TEMPLATES ARE PROVIDED FOR YOUR CONVENIENCE 4:35 Done MGT416-HwAccounting.docx Please complete the following two steps for this homework I) Create financial statements for the business scenario below using the templates on page 2-4 2) When you have completed the templates, submit your These are the answers that count Assume an accounting period of 1 week. You start an ice cream business and this is what you do in your first week (all of the below occurs during week 1): You invest $5 in your ice cream selling business . You get a $25 loan from the bank . You go to the grocery store to buy half-and-half, heavy cream, eggs, vanilla sugar, and vanilla extract. You buy enough to make and S10 is charged to your account at the grocer 40 scoops. Your total cost is $20. You pay S10 in cash Your brother makes a batch of ice cream for 20 scoops and charges S1 for production labor (cash) You sell the 20 scoops at SI each. You receive cash for 10 and the other 10 scoops are purchased on account. S . You repay $10 of the bank loan. The banker charges you $1 in interest (cash) The neighbors where you have your ice cream stand ask you to buy an insurance policy. The insurance agent offers you a three-week policy which costs $3 payable in advance. Yoru have to pay for the entire policy in cash now. You purchase an ice cream stand for S8. You also buy a tiny patch of land from a friend's family for $2. You pay for the stand and the land with cash. You depreciate the ice cream stand S1/week including during your first week of business. A customer pays $4 for f our scoops she bought on account Please fill out an ending balance sheet, income statement, and cash flow statement for this week GRADING RUBRIC (out of 30 points) SMas peints Balance Shee Income Statent Canh Flew Statement D0 TEMPLATES ARE PROVIDED FOR YOUR CONVENIENCE
