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 $20 in your ice cream selling business You get a $35 loan from the bank You go to the grocery store to buy half-and-hall, heavy cream, eggs, Vanilla sugar and vanilla extract. You buy enough to make 60 scoops. Your total cost is $30. You pay $10 in cash and $20 is charged to your account at the grocer Your brother makes a batch of ice cream for 30 oops and chars Sl for peduction Labor (cash) You sell the 30 scoops at $1 each. You receive cash for 15 scoops and the other 15 scoops are purchased on account. You repay $10 of the bank loan The banker charges you $2 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 56 payable in advance. You have to pay for the entire policy in cash now . You purchase an ice cream stand for $12. You also buy a tiny patch of land from a friend's family for $3. You pay for the stand and the land with cash. You depreciate the ice cream stand Sl/week including during your first week of business . A customer pays $6 for four scoops she bought on account. Please download "Financial Statements Editable.pdr below and fill out the ending balance sheet, income statement, and cash flow statement for this week. When you are done, save the document and upload it here. Financial Statements Editable.pdf Attach File Browse My Computer Browse Content Collection Browse Dropbox