NEED BALANCE SHEET AND INCOME STATEMENT

u ng perlod of 1 week You start a cookie business and this is what you do in your first week (all of the below occurs during week 1): You invest $10 of your personal cash in your cookie business You get a S20 loan from the bank. You go to the grocery store to buy sugar, butter, vanilla, eggs, flour, baking soda, salt, nuts, and chocolate chips to make 100 cookies. These ingredients cost $20, which is charged to your account at the grocery store. You make a batch of 100 cookies. Your sister helps you and charges you $1 for labor (cash). You sell the 100 cookies at $0.50 each. You receive cash for 50 cookies ($25) and the other 50 cookies are purchased on account ($25). You repay $15 of the bank loan (cash). The banker wants S1 in interest (cash). The neighbors where you have your cookie stand ask you to buy an insurance policy. The insurance agent offers you a 3-week policy which costs $3 payable in advance in cash. Your insurance coverage starts this week. You purchase a cookie cart for $5 in cash. You depreciate the cookie cart $1/week including this week A customer pays $6 for twelve cookies he bought on account. You pay $5 towards the account you have at the grocery store for the ingredients