You are in your second year in the BCom program at York University and came back home forthe summer. In past summers you have hold several part timejobs. In your spare time, you are a very active fundraiser for Paws Support and their international missions. You had the fundraising idea of operating a booth to sell soft drinks, coffee, croissants, and other baked goods in the library park where all community events are held between May and August. They include all sorts of neighbourhood parties that showcase local street art dealers, performers, local shoppes and artists. You approached Paws Support with the idea and a week later you got the approval to create the booth and were given a $2,100 advancement to cover the start up costs. Once you got the funds on May 1ST, planning started. Among the activities performed you got donations. permits. signage, tent, display cases, water, electrical connections and the municipal permit for the booth. One ofthe first steps is to pay in cash on May 15t to the Municipality forthe booth permit {cost $420 for the season, 1 day or 4 months same cost. so it is expensed in May} and cleaning fees [pay for a refundable deposit of $210 that will be returned on August 315t if the boot receives no ticket from the municipality inspectors]. You were elated because the Library will allow your booth to conect and use the Library utilities. Water, Drain, and Electricity connections. use and dismantle aerthe event had a cost of$525 per month paid in cash on the last day of each month. first payment on May 31\". This fee includes safe storage of the booth and equipment during week days. Next stop was at Equipment Rental to rent display cases. portable sink, warming oven, refrigerator, tables, two coffee markers, and a cash register for $315 per month. For the month ofMay add $210 for a refundable deposit that will be reimbursed after all the equipment has been returned in good shape [reduce the rent payable on Sep 5th}. Rent is due on the fifth day ofthe following month (May payment and the deposit are due on June 5th}. On May 1st you ordered a Booth Tent that will last three summers (12 months) for $630 and signage for the booth for $210 that is immediately expensed, paid for both with your MasterCard whose balance will be due on July 2 10. A total of $1,575 has been pre- order for coffee, coffee cups, lids, and stir Stix. Delivery scheduled for May 10", one third has been used in the month. Payment of 50% each are due on May 15th and July 15th At General Drinks you ordered on account a total of 105 cases of soft drinks per month, to be delivered on the first of each month, for a $3.9 a case. Payment for the total of four months is due on June 30". At the end of the month there were 6 cases in inventory. You spoke to the owner of the local bakery to source Croissants and other assorted baked goods to sell for the fundraiser. You agreed on daily deliveries on Fridays, Saturdays and Sundays for a total of 315 units per month. You will pay $1.0 for each item on the last day of the month. If demand is high, you will phone the bakery and more units will be delivered on site after 8pm for free. When needed you go to the local supermarket to purchase Coffee Creamer, Sugar and Milk, paying $105 cash during the same month. All is used in the month. Every Friday morning you start setting everything up. You have been lucky to recruit other volunteers that will help you set up, manage and dismantle the booth every weekend. You got a schedule that guarantees a minimum of 2 people in the booth at any time. The events during May were successful, everything was sold with only six full cases of soft drinks left. Sales of items for the month was $4,200, there was a donation jar that had $1,260 which was deposited at month end in the bank. The cash advance will be returned on September 10th together with the total funds raised in the summer. Required: T. Prepare tic statement VI proviol cash by May 245t come Statement (accrual Dasis 101 tic Month of May 3. Prepare the Balance Sheet (accrual basis) as of May 31stl Prepare the Balance Sheet {accrual basis) as of May 315t_ (Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required.) Amount Current Assets Cash Cash Advance Paws Support Booth Permit Cleaning Deposit Utilities Equipment Rental Equipment Rental Deposit Signage Coee: coffee cups and lids Beverages Inventory Prepaid Beverages and Baked Goods Coee creamer: sugar: milk Non current assets: Tent Accumulated Depreciation Tent Total assets Liabilities: Booth Permit Payable Utilities Payable Equipment Rental Payable Equipment Rental Deposit Payable Tent Payable Signage Payable Beverages Payable Coffee: coffee cups and lids payable Paws Support Cash Advance Total Liabilities Retained earnings Total Liability plus Equity as ea 5:" ID I: I: D D