COOKIE BUSINESS: FIRST WEEK You start a cookie business and this is what y occurs during week 1): siness and this is w ou do in your first week (oll ot the below You invest S5 o f your personal cash in your cookie selling business . You get a $25 loan from the bank . You go to the salt, nuts, and chocolate chips to make 100 cookies. Y ou purchase these ingredients on Erocery store to buy enough sugar, butter, vanilla, eggs, our, baking soda, account. You are charged $20 .You make a batch of 100 cookies. Y our sister helps you and charges you $2 for labor (cash). 100 cookies at $O.50 each. You receive cash for 50 cookies ($25) and the other 50 cookies are purchased on account ($25). .You repay $5 of the bank loan. . The banker wants $1 in interest (cash) The neighbors where you have your cookie stand ask you to buy an insurance policy. The insurance agent offers you a three-week policy which costs $3 payable in advance in cash. Your insurance starts this weck. . You purchase a cookie cart for $5 in cash. You depreciate the cookie cant $1/week including this week. A customer pays S3 for six cookies he bought on account. .You pay $5 towards the account you had at the store for the ingredients. Please fill out a balance sheet, income statement, and cash flow statement (30 points) Templates are provided separately. All other open-ended questions can be found on the answer sheet. TEMPLATES ARE PROVIDED FOR YOUR CONVENIENCE DO NOT SUBMIT THESE BALANCE SHEET TEMPLATE ASSETS LIABILITIES ACCOUNTS PAYABLE CASH ACCOUNTS RECEIVABLE INVENTORY FWSHED GOOS NOTES PAYABLE RAW MATERIALS TOTAL LIABILITIES OWNERS EQUITY PREPAID EXPENSE ORIGINAL INVESTMENT FXED ASSET RETAINED EARNINGS EARNINGS WEEK TO DATE TOTAL OWNERS EQUITY TOTAL LIABILITIES TOTAL ASSETS |OWNERS EQUITY INCOME STATEMENT TEMPLATE (ACCRUAL METHOD) INCOME STATEMENT Begin: Monday AM. End: Sund SALES Beginning inventory $ +Purchases +Labor Total available for sale -Ending inventory COST OF GOODS SOLD GROSS PROFIT EXPENSES TOTAL EXPENSES NET PROFIT TEMPLATES ARE PROVIDED FOR YOUR CONVENIENCE. DO NOT SUBMIT THESE. CASH FLOW STATEMENT TEMPLATE (DIRECT METHOD) OPERATING CASH FLOW COLLECTIONS INVENTORY PAID SG A PAID INTEREST PAID TAXES PAID TOTAL OPERATING CASH FLOW INVESTING CASHFLOW FIXED ASSET INVESTMENT DIVESTMENT OTHER INVESTMENTs TOTAL INVESTING CASH FLOW- FINANCING CASH FLOW PAID IN/PAID OUT e.g. stock issuedi DIVIDENDS BORROWPAYBACK TOTAL FINANCING CASH FLOw BEGINNING CASH NET CHANGE IN CASH ENDING CASH