Assignment: re asked to describe a business you would like to be involved in. Please 2 of 2 iness as your opening paragraph for this signature assignment. Make sure you formation about this business for a possible investor. The business form you must choose is either a Sole Proprietor or a Limited Liability Partnership. (300 words minimum) 2. You will prepare the following for the business described above: a) Income Statement b) Statement of Cashflow (direct method) Use the following information to prepare the various statements: Date Transaction Description Receipts Payments 1/1/2020 Cash deposit to start business $ 20,000.00 1/1/2020 Three month's rent for office/store space $ 2,400.00 1/1/2020 Investment in current asset $ 650.00 1/1/2020 Additional current assets paid for $ 8,500.00 1/31/2020 Receipts for sales in January 2020 $ 8,500.00 2/7/2020 Material supplied in January paid for $ 6,500.00 2/25/2020 Cash withdrawn by owner(s) $ 15,000.00 2/29/2020 Receipts for sales in February 2020 $ 11,000.00 3/15/2020 Material supplied in February paid for $ 6,000.00 3/16/2020 Utility charges for Jan, Feb, Mar 2020 $ 300.00 3/31/2020 Receipts for sales March 2020 $ 18,000.00 3/31/2020 Balance in bank on March 31st 2020 $ 18,150.00 $ 57,500.00 $ 57,500.00 Assignment: 1. In week 1, you were asked to describe a business you would like to be involved in. Please introduce this business as your opening paragraph for this signature assignment. Make sure you include enough information about this business for a possible investor. The business form you must choose is either a Sole Proprietor or a Limited Liability Partnership. (300 words minimum) 2. You will prepare the following for the business described above: a) Income Statement b) Statement of Cashflow (direct method) Use the following information to prepare the various statements: Date Transaction Description Receipts Payments 1/1/2020 Cash deposit to start business $ 20,000.00 1/1/2020 Three month's rent for office/store space $ 2,400.00 1/1/2020 Investment in current asset $ 650.00 1/1/2020 Additional current assets paid for $ 8,500.00 1/31/2020 Receipts for sales in January 2020 $ 8,500.00 2/7/2020 Material supplied in January paid for $ 6,500.00 2/25/2020 Cash withdrawn by owner(s) $ 15,000.00 2/29/2020 Receipts for sales in February 2020 $ 11,000.00 3/15/2020 Material supplied in February paid for $ 6,000.00 3/16/2020 Utility charges for Jan, Feb, Mar 2020 $ 300.00 3/31/2020 Receipts for sales March 2020 $ 18,000.00 3/31/2020 Balance in bank on March 31st 2020 $ 18,150.00 $57,500.00 $ 57,500.00
