ICE CREAM BUSINESS: FIRST WEEK You start an ice cream business and this is what you do in your first w oceurs during week 1): eek (all of the below You invest $5 of your personal eash in your ice . You get a $25 loan from the bank. cream selling business . You go to the grocery store to buy 2 liters of heavy cream, 1 liter of milk, I pound of sugar and vanilla extract. This is enough for 20 scoops. You purchase these ingr You make a batch of ice cream for 20 scoops. Your sister helps you and charges you sy .You sell the 20 scoops at $1 each. You receive cash for 10 scoops and the other 10 on account. You are charged S1O for labor (cash). scoops are purchased on account. . You repay $5 of the bank loan . The banker wants $1 in interest (cash). .The neighbors where you have your ice cream stand ask you to buy an insurance policy The insurance a gent offers you a three-week policy which costs $3 payable in advance in cash. Your insurance starts this week You purchase an ice cream stand for $5 in cash. You also buy a tiny patch of land from a friend's family for $2 in cash. You depreciate the ice cream stand S1/weck including this week .A customer pays S3 for three scoops 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