Prepare a multi-step income statement, a statement of retained earnings, and a classified balance sheet at the end of each day (November 15th, 16th, 17th) using accrual accounting. Treat each day as a separate accounting period-as if each day is a year. Make sure to report current and non-current in regard to assets and liabilities when developing these statements. On Friday Greta took $1,000 out of her personal savings to fund the venture.

Opportunity Knocks - Saturday, November 9th: Greta and her family visit the local farmers' market on their weekly shopping trip. Deborah, a local craft producer and friend of the family, is selling her holiday wreaths at the market. Greta tells Deborah how much she likes her wreaths. Deborah knows that Greta is a budding entrepreneur and asks if she will try selling the wreaths at the Festivus Extravaganza the following weekend, November 15th, 16th and 17th. Deborah says that she will be out of town most of that weekend and wants Greta to sell the product to keep building awareness of the wreaths. She also says that she has a booth reservation and Greta would have to pay the Festivus Extravaganza manager a $480 booth fee on November 15th along with a refundable $140 clean up fee. Deborah gives Greta the following additional information: Wreaths have been selling for a market price of $35 each. Greta can buy wreaths from her for $23 each. Wreath inventory in Deborah's storage unit is enough to cover the needs of the Festivus Extravaganza weekend. Greta can keep any of the net income from the festival. Deborah will return on the afternoon of Sunday, November 17th and expects to be paid then for inventory acquired from the storage unit and not returned to her. Greta agrees to Deborah's offer and decides to sell wreaths at the festival. Greta asks her brother, Paul to help in the booth and Paul agrees. Friday, November 15th: Early in the morning, Greta sets up the stand and pays the festival manager, Kavinda, $620 in cash. Prior to coming to the booth, Greta took $1,000 out her of personal savings to fund the venture. She also acquired 120 wreaths from Deborah's storage unit. At 2:30 in the afternoon, Rudolf Deer comes to the booth and prepays $630 to buy 18 wreaths that Greta will have ready for him to pick up on Sunday morning. Walk-up sales are good and 81 wreaths are sold in this manner by end of the day. Greta and Paul agree that $150 a day is fair and that he will be paid at the end of the festival. Saturday, November 16th: Before the show opens, Greta retrieves 230 wreaths from the storage unit because Saturd believed to be the big sales day. The Young Professionals' club asks Greta if they could buy 35 wreaths, take the wreaths with and pay Greta on Sunday. Greta agrees. Saturday turns out to be a typical winter day and everyone is inside to stay warm. Next to Greta's booth is the "Corvallis Goat Cheese Gifts & More" booth which is proudly displaying their Nubian goats. Paul related the following facts to Greta, who was at the food court having an iced-mocha and lunch during the disastrous event: At 2:30 pm, Grinchy, the eldest Nubian goat, escaped her pen and voraciously chomped on 19 wreaths until they were ruined. When questioned later by Greta, Professor Hinkle, president of Corvallis Goat Cheese Gifts & More, LLC claimed that Grinchy cannot be held responsible because she was hungry and wreaths make a great lunch. Professor Hinkle also said, "Take me to court, if you must, because you aren't getting anything from me." Walk-up sales amounted to 165 units sold for the day. Sunday, November 17th: Before the show opens, Greta retrieves 180 wreaths from the storage unit. Rudolf Deer picks up his wreaths. The Young Professionals pay Greta. Walk-up sales amounted to 155 units sold for the day. Kavinda comes by, sees a clean and tidy booth, and returns the $140 cleaning fee. Paul mentions that sales today were double Friday's sales and he wants a bonus in addition to his daily pay. After haggling with her brother, they agree to a $200 bonus. Greta pays Paul all amounts owed. Deborah stops by and is amazed by the amount of sales made. Greta pays Deborah for the inventory retrieved less what Greta returns to her. Opportunity Knocks - Saturday, November 9th: Greta and her family visit the local farmers' market on their weekly shopping trip. Deborah, a local craft producer and friend of the family, is selling her holiday wreaths at the market. Greta tells Deborah how much she likes her wreaths. Deborah knows that Greta is a budding entrepreneur and asks if she will try selling the wreaths at the Festivus Extravaganza the following weekend, November 15th, 16th and 17th. Deborah says that she will be out of town most of that weekend and wants Greta to sell the product to keep building awareness of the wreaths. She also says that she has a booth reservation and Greta would have to pay the Festivus Extravaganza manager a $480 booth fee on November 15th along with a refundable $140 clean up fee. Deborah gives Greta the following additional information: Wreaths have been selling for a market price of $35 each. Greta can buy wreaths from her for $23 each. Wreath inventory in Deborah's storage unit is enough to cover the needs of the Festivus Extravaganza weekend. Greta can keep any of the net income from the festival. Deborah will return on the afternoon of Sunday, November 17th and expects to be paid then for inventory acquired from the storage unit and not returned to her. Greta agrees to Deborah's offer and decides to sell wreaths at the festival. Greta asks her brother, Paul to help in the booth and Paul agrees. Friday, November 15th: Early in the morning, Greta sets up the stand and pays the festival manager, Kavinda, $620 in cash. Prior to coming to the booth, Greta took $1,000 out her of personal savings to fund the venture. She also acquired 120 wreaths from Deborah's storage unit. At 2:30 in the afternoon, Rudolf Deer comes to the booth and prepays $630 to buy 18 wreaths that Greta will have ready for him to pick up on Sunday morning. Walk-up sales are good and 81 wreaths are sold in this manner by end of the day. Greta and Paul agree that $150 a day is fair and that he will be paid at the end of the festival. Saturday, November 16th: Before the show opens, Greta retrieves 230 wreaths from the storage unit because Saturd believed to be the big sales day. The Young Professionals' club asks Greta if they could buy 35 wreaths, take the wreaths with and pay Greta on Sunday. Greta agrees. Saturday turns out to be a typical winter day and everyone is inside to stay warm. Next to Greta's booth is the "Corvallis Goat Cheese Gifts & More" booth which is proudly displaying their Nubian goats. Paul related the following facts to Greta, who was at the food court having an iced-mocha and lunch during the disastrous event: At 2:30 pm, Grinchy, the eldest Nubian goat, escaped her pen and voraciously chomped on 19 wreaths until they were ruined. When questioned later by Greta, Professor Hinkle, president of Corvallis Goat Cheese Gifts & More, LLC claimed that Grinchy cannot be held responsible because she was hungry and wreaths make a great lunch. Professor Hinkle also said, "Take me to court, if you must, because you aren't getting anything from me." Walk-up sales amounted to 165 units sold for the day. Sunday, November 17th: Before the show opens, Greta retrieves 180 wreaths from the storage unit. Rudolf Deer picks up his wreaths. The Young Professionals pay Greta. Walk-up sales amounted to 155 units sold for the day. Kavinda comes by, sees a clean and tidy booth, and returns the $140 cleaning fee. Paul mentions that sales today were double Friday's sales and he wants a bonus in addition to his daily pay. After haggling with her brother, they agree to a $200 bonus. Greta pays Paul all amounts owed. Deborah stops by and is amazed by the amount of sales made. Greta pays Deborah for the inventory retrieved less what Greta returns to her