The Sample Cafe nearly broke even in the first month of business. Below is a summary of revenue and expenses for January. Starting with the balance sheet from December 31st, use the results to create an updated balance sheet for January 31st

Sample Cafe Income Statement Summary Month Ended January 31, 20xx

Item Value Note

Revenue $30,000 n/a

Cost of Goods Sold $3,500 $1,000 from inventory.

Total Expenses $27,000 Includes equipment depreciation of $200.

Net Income ($500) n/a