Financial Statement Exercise Paul starts a business selling wrapping paper with $600 cash Day 1 He purchased wrapping paper for $600 Sold three-quarters (75%) of the inventory for $660 cash Questions What was the cash movement for the first day? How much profit/lost has Paul made for the first day? What is the financial position at the end of the first day? Financial Statement Exercise Day 2 Paul purchased more wrapping paper for $300 cash Sold all the new wrapping paper and half of the earlier inventory for $540 cash Questions What was the cash movement for the second day? How much profit/lost has Paul made for the second day? What is the financial position at the end of the second day? Financial Statement Exercise Day 3 Paul purchased more wrapping paper for $600 cash Sold half of the total inventory for $390 cash and decided to close early Questions What was the cash movement for the third day? How much profit/lost has Paul made for the third day? What is the financial position at the end of the third day