Please complete and upload your work for this assignment. Your best friend has asked you to help her finance what she considers to be a "great opportunity". She plans to sell a new brand of shoes that is becoming popular. She thinks that a location close to the mall in Hot Springs would be ideal. She estimates financing would come mostly from a bank loan and credit from suppliers. However, together you would need to put in $18,000. She would invest $10,000, leaving you to invest the remaining $8,000. You trust her, but you have decided to investigate the opportunity further. After considerable effort, you have developed what you think are realistic estimates of the potential profitability for the venture. You have also estimated how much money it would take to start the business. There is a slight problem: you need to put the information into financial statements so you can determine how realistic your information will be. The following is the information you have gathered: Advertising Expense - $16,000 Interest Expense - $10,000 Sales $120,000 Accounts Payable - $7,000 Utilities - $10,000 Cash - $8,000 Inventories - $52,000 Equipment $20,000 Cost of Goods Sold - $71,000 Office Overhead - $10,000 Bank loan $55,000 Rent - $8,200 Create a projected income statement and balance sheet.

Please complete and upload your work for this issigninent Your best friend has asked you to helo her finunce what she considers to be a "ereat opportunity: She plans to sell a new brand af shoes that is becoming popular. She thinks that a location close to the mall in Hot Springs would be ideal She estimates financing would come mostly from a bunk loan and credit from suppliers. However, together you would need to put in $18,000. She would invest $10,000, leaving you to invest the remaining $8000. You trust her, but you have decided to investigate the opportunity further. After considerable effort, you have develaped what wou think ave redistic estimates of the potestal profitability for the venture. You huve alwo estimated how much money it would take to start the informution you have gathered