Mr. Wurst, trading as Conchita Beauty Company, is selling make-up sets for men by mail. For the first quarter (January to March) of 2014, the following details of his business are available: - Sules:500 sets @ 30 each. - Opening inventory (1st January 2014): 40 sets valued at cost 480. - Purchases: 480 sets @ 12 ench. - Closing inventory is valued at purchase price. - Postage: 1,250. - Packaging: 620. - Rent is 310 per month. - The cost of advertising for the quarter was 780, the payment is due on 15t Apri2014. - Insurance is payable annually early in January, and the annual amount of 500 was paid on 17th January. - Utilities: Mr. Wurst pays 50 monthly by direct debit. Last year this system resulted ina slight overpayment for the whole year. - Other expenses: 400 per annum. - Part-time wages (clerical and packaging) amounted to 520 for the quarter. - Annual stationery costs last year were 400 and are expected to be 80 more this year. - Telephone: monthly flat rate of 50. Required: Prepare an income statement for Mr. Wurst's business for the three months ending 31 March 2014. Bob decides he is going to open a bookshop calied Easyread. which he does by ifvesting 55,000 on 1 January 2022. During the Eirst month of fatyresd's exastence. the following transactions occur January 1: 8ob invests $5,000, which amount is trantferred to the business bank account. lanuary 2: Bookshelves are purchased for $1,800 trom back account. January 12: Half of the books are sold for $1,500 cash (bank account]. January 14: Eob's brother lohn loans $500 to the business. January 20 : Carpets are purchased for 51,000 on credit (to be paid in twe monthi' time). January 24: A bulk order of books worth 3400 is sold on credit (to be paid in one month's time) for s600