Pls complete this simple balance sheet

Cynthia returned to her apartment after meeting with her accounting professor from her sophomore year. She was working on a business plan to present to her parents and knew that she needed to provide her parents with a financial picture of how her Etsy business had been performing so far. She hadn't decided what type of business to open yet but she was thinking about expanding her online Etsy business and perhaps renting a stand at a few arts and crafts fairs. Her accounting professor reminded her that income statements and balance sheets were good tools for showing if her Etsy business is profitable and what the state of her business is at this point in time. So Cynthia thought about everything that occurred since she started selling face coverings on April 15, 2020. To kick off her business, Cynthia's mom gave her $100, Cynthia's brother loaned her $25, and Cynthia herself put $175 into the business. Her mom did not want to be repaid the $100 but instead wanted to own part of Cynthia's business. Luckily Cynthia had kept all of her receipts. She spent $56.83 at Joanne's Fabrics for fabric, thread, and elastic, and $34.24 at Michael's for scissors, needles, pins, and a pin cushion. She expected to use the tools (scissors, needles, pins, and pin cushion) she purchased at Michael's for 5 years. With these initial materials, she made 15 kid face coverings and 30 adult face coverings and had no materials left. The kids face coverings were priced at $4.50 and the adult face coverings were priced at $6.50. She sold all of these face coverings on Etsy within 2 weeks. Etsy does charge several fees for selling products on its platform. They charge a $0.20 listing fee for each time you list your products on their website and a 5% transaction fee on gross sales. Given Cynthia sold her first set of face coverings within 2 weeks, she decided to try to produce enough face coverings so that she wouldn't have to make more coverings for the summer. She estimated that if she sold 45 coverings in 2 weeks, she would hopefully sell 90 coverings a month or 270 coverings over the summer. Cynthia returned to Joanne's Fabrics, this time ready to purchase a lot more material. She learned from selling her first set of face coverings that customers really liked cute characters on the kids' face coverings. For adult face coverings, she definitely needed to offer a choice between darker versus lighter colors, and solid versus patterned fabrics. The coverings that were last to sell were the solid-colored coverings so she decided to offer a wider range of patterned fabrics in this next set of coverings. For the kid coverings, Cynthia purchased 2 yards each of an ice cream cone pattern, a cotton fabric with puppies, and a fabric that had a repeating pattern of different colors. She purchased a wider variety of adult fabrics including 3 yards each of a polka-dotted pattern, a plaid pattern, a flower pattern, a striped pattern, and 1 yard each of 6 different solid colors ranging from light to dark. She also bought 10 yards of elastic and a variety pack of thread. Her total bill at Joanne's was $237.12. In order to produce so many coverings, she figured she better hire some of her fellow classmates majoring in apparel, merchandising, and textiles to produce face coverings. Cynthia designed all of the face coverings so her friends, Margaret and Leslie, would just need to cut and sew the face coverings. Cynthia paid $9/hour. Margaret worked 10 hours all in one weekend to produce her share of the face coverings. Leslie worked 14 hours spread out over a week because she also had another job. Together, Cynthia and her 2 friends produced 90 kid face coverings and 180 adult face coverings. They used all of the materials. To increase sales, Cynthia decided to invest in advertising on Etsy. She paid Etsy $40 to advertise her face coverings during the upcoming summer. Cynthia's sales in May remained strong, consistent with the last 2 weeks of April. Once June hit and some states began opening up, sales slowed but towards the end of June, COVID cases in some states started increasing again and customers had a renewed need for face coverings. Cynthia's face coverings were also appealing to customers because she used a light-weight cotton that was comfortable in the summer weather. As of now, she had sold 74 kid face coverings and 143 adult face coverings for the same prices she had charged in April. However, five adult face coverings had been returned because the customers complained they did not fit. As she sat down to create her income statement and balance sheet, she felt pretty good. She had money in her bank account and people were wearing her designs! She wondered if her parents would agree when they reviewed her financial statements. Tasks 1. Create an income statement for the first (partial) year of Cynthia's Face Coverings business (from April 15, 2020 to August 15, 2020). 2. Create a balance sheet for the period ending August 15, 2020. 3. What is the difference between the money that Cynthia's mom and brother each gave her for the business? 4. What assumptions did you have to make in creating these statements? Cynthia's Face Covering Income Statement For the 4 Months Period Ending August 15,2020 USD $ Revenues Gross Sales Less: Sales Returns Net Sales $ 1,262.50 $ 32.50 $ $ 1,230.00 Cost of Goods Sold Total Cost of Goods Sold 421.00 Gross Profit $809.00 Operating Expenses Advertising (Etsy) Sales Expense Depreciation tools Total OE 40.00 63.53 2.28 105.81 Net Operating Profit 703.19 ASSETS Current Assets cash inventory Total Current Assets 54.68 Fixed Assets Total Fixed Assets Total Assets LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Total Current Liabilities Shareholders' Equity 703.19 Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity