html ive Ad Guides and letterbas G Google O Instagram tasc Vid equs G light dependt neactio G first stage of photosy cavin coyele accouting review homework During the summer between his junior and senior years, James Cook needed to earn sufficient money for the coming academic year Unable to obtain a job with a reasonable salary, he decided to try the lawn care business for three months. After a survey of the market potential, James bought a used pickup truck on June 1 for $1,340. On each door he painted "James Cook Lawn Service, Phone 471 448?" He also spent $890 for mowers, trimmers, and tools. To acquire these termshe borrowed S.S00 cash by signing ) noir payable promising to pay the $2,800 plus interest of $80 at the end of the three months (ending August 3 By the end of the summer James had done a lot of work and his bank account looked good. This prompted him to wonder how much profit the business had earned A review of the check stubs showed the following Bank deposits of collections from customers totaled $12.400. The following checks had been written gas, oil, and lubrication, $1,070: pickup repairs, $350, mower repair, $220 miscelianeous supplies used, $280, helpers, $5.400; payroll taxes, $200. payment for assistance in preparing payroll tax forms, $25, insurance, $185 and $2,880 to pay off the note including interest (on August 3T, A notebook kept in the pickup, plus some unpaid bills, reflected that telephone. $280 customers still owed him $880 for lawn services rendered and that he owed $190 for gas and oil (credit card charges). He estimated that the cost for use of the truck and the other equipment (called depreciation) for three months amounted to $ Required: 1 Prepare a cuarterly income statement for James Cook Lawn Service for the months June, July and August. Assume that the company will not be subject to income tax. Income Statement Total revenues Expenses