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P D View 125% Zoom Add Page Insert Table Chart Text Shape Media Comment Collaborate 14 Format Document Text Budy* Style Layout More Saturday, February 11th: Before the show opens, Cupid retrieves 350 boxes from the storage unit becausc Saturday is believed to be the big sales day. Font Times New Roman The Young Professionals' club asks Cupid if they could buy 40 boxes and pay him tomorrow, Cupid agrees. Regular 12 pt B T U S ONE DAY EZ 2 LUV Character Styles None Ms. James of Fair World Trade Coalition comes by on Saturday representing her charitable organization that tries to make holidays more bearable for the less fortunate in Oregon. Ms. James, seeing the Fair Trade Certification sign, asks Cupid if he would consider making a donation of boxed chocolate to this worthy cause. Afer a brief pause, Cupid says yes and gives Ms. James 20 boxes of chocolate. (Cupid still has to pay for inventory used, no matter what the purpose.) Walk-up sales amounted to 277 units sold for the day. BE MINE Text Color CUP CAKE OU KID Spacing 1.0 - Single Sunday, February 12th: Before the show operis, Cupid retrieves 200 boxes from the storage unit > Bullets & Lists None V Drop Cap A Mr. Lupercalia picks up his hoxes and the Young Professionals pay Cupid. Walk-up sales amounted to 207 units sold for the day, Kavinda comes by, sees a clean booth, and returns the S30 cleaning fee. Ginger mentions that sales today were about twice Friday's sales and she wants a bonus, after haggling with her brother, they agree to a S60 bonus-payment. Cupid pays Ginger all arcounts owed. Deborah stops by and is amazed by the amount of sales made. Cupid pays Deborah for the inventory retrieved less what she takes back with her. Cupid recovers his original cash-injection by withdrawing $500. Required: Prepare, in good form, a classified balance sheet and an income statement at the end of each day (February 10, 11 & 12h) using accrual accounting. There are various examples of statements made in good form in your textbook. Treat each day as a separate accounting period. Assume all transactions are material. (Make sure you understand the difference between current and long-term in regard to assets and liabilities when developing these statements.) m D View 125% Zoom Add Page E Insert Table Chart Text Shape Media Comment Deborah gives the following information: Collaborate 14 Format Document Text Budy* Style Layout More Boxcd Valentine chocolate sells at a market price of $9.00 cach Deborah can prove that her chocolatc has Fair Trade Certification Cupid can buy boxed chocolate from her for $5.00 each Boxed chocolate inventory is enough to cover the needs of Food & Gift Festival Cupid can keep any of the net income from the festival Deborah will retum on the afternoon of February 12th and expects to be paid then for inventory acquired & sold from her storage unit! Cupid agrees to Deborah's offer and decides to sell boxed Valentine chocolates at the Food & Gift Festival. Cupid asks his sister, Ginger, to help in the booth and he would pay her $30 a day. Ginger agrees. Font Times New Roman Regular 12 pt B T U S Character Styles None Friday, February 10th: Prior to coming to the show, Cupid took $500 out of his secret stash of personal savings and he acquired 120 boxes from Deborah's storage unit. Cupid sets up the stand and pays the show manager, Kavinda, $330 in cust. Text Color At 2:30 in the afternoon, Mr. Lupercalia, prepays $180 to buy 20 boxes that Cupid will have ready for pick-up on Sunday morning, Walk-up sales are good and they sell 105 boxes in this manner by end of the day. Spacing 1.0 - Single Ginger, who worked hurd, mentions that her wage of $30 per day is too low. Cupid and Ginger agree that $60 a day is fair and that she will be paid at the end of the festival. > Bullets & Lists None V Drop Cap A Saturday, February 11th: Before the show opens, Cupid retrieves 350 hoxes from the storage unit because Saturday is believed to be the big sales day. The 'Young Professionals' club asks Cupid if they could buy 40 boxes and pay him tomorrow, Cupid grees. Ms. James of Fair World Trade Coalition comes by on Saturday