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Assignment Information: You started your business on January 1st 2020 buying and selling widgets from...

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Accounting

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Assignment Information: You started your business on January 1st 2020 buying and selling widgets from a shop in downtown Los Angeles. It is now March 31st 2020 and you are curious to know how well or badly you did during your first three months. Below are you bank account receipts and payments summary. Payments Receipts 10.000 2.400 4501 8.500 6.500 Date Transaction Description 1/1/20 Cash deposit to start business 1/1/20 Three month's rent 1/1/20 Cash register paid for 1/1/20 Store furniture paid for 1/31/20 Receipts for sales in January 2020 2/7/20 Widgets supplied in January paid for 2725/20 Cash withdrawn for your own expenses 2/29/20 Receipts for sales in February 2020 3/15/20 Widgets supplied in February paid for 3/16/20 Store utility charges for Jan Feb Mar 2020 3/31/20 Receipts for sales March 2020 3/31/20 Balance in bank on March 31st 2020 4,500 3,000 9,000 6,000 300 12.000 12,350 37.500 37.500 Assignment: Create an income statement that covers the first quarter of 2020. Use the same format from Chapter 3 of your text book. What is the net surplus/loss of your business for the three months? Use this spreadsheet to complete your assignment; do not submit a PDF file

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