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During the summer between his junior and senior years, James Cook needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, he decided to try the lawn care business for three months. After a survey of the market potential, James bought a used pickup truck on June $1$ for $$1,470.$ On each door he painted "James Cook Lawn Service, Phone $4714487."$ He also spent $$880$ for mowers, trimmers, and tools. To acquire these items, he borrowed $$2,750$ cash by signing a note payable promising to pay the $$2,750$ plus interest of $$75$ at the end of the three months $($ending August $31).$

By the end of the summer, James had done a lot of work and his bank account looked good. This prompted him to wonder how much profit the business had earned.

A review of the check stubs showed the following: Bank deposits of collections from customers totaled $$13,100.$ The following checks had been written: gas, oil, and lubrication, $$1,010$; pickup repairs, $$260$; mower repair, $$290$; miscellaneous supplies used, $$170$; helpers, $$5,100$; payroll taxes, $$380$; payment for assistance in preparing payroll tax forms, $$30$; insurance, $$195$; telephone, $$230$; and $$2,825$ to pay off the note including interest $($on August $31).$ A notebook kept in the pickup, plus some unpaid bills, reflected that customers still owed him $$720$ for lawn services rendered and that he owed $$190$ for gas and oil $($credit card charges$).$ He estimated that the cost for use of the truck and the other equipment $($called depreciation $)$ for three months amounted to $$690.$

Required:

$1.$Prepare a quarterly income statement for James Cook Lawn Service for the months June, July, and August. Assume that the company will not be subject to income tax.

$\backslash$table$[[$JAMES COOK LAWN SERVICE,$],[$Income Statement,,$],[$For the Three Months Ended August $31,$ Current Year,,$],[$Revenues$,,],[,,],[$Expenses$,,],[$Total revenues,,$],[$S$,,],[,,]]$

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During the summer between his junior and senior years, James Cook needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, he decided to try the lawn care business for three months. After a survey of the market potential, James bought a used pickup truck on June $1$ for $$1,470.$ On each door he painted "James Cook Lawn Service, Phone $4714487."$ He also spent $$880$ for mowers, trimmers, and tools. To acquire these items, he borrowed $$2,750$ cash by signing a note payable promising to pay the $$2,750$ plus interest of $$75$ at the end of the three months $($ending August $31).$

By the end of the summer, James had done a lot of work and his bank account looked good. This prompted him to wonder how much profit the business had earned.

A review of the check stubs showed the following: Bank deposits of collections from customers totaled $$13,100.$ The following checks had been written: gas, oil, and lubrication, $$1,010$; pickup repairs, $$260$; mower repair, $$290$; miscellaneous supplies used, $$170$; helpers, $$5,100$; payroll taxes, $$380$; payment for assistance in preparing payroll tax forms, $$30$; insurance, $$195$; telephone, $$230$; and $$2,825$ to pay off the note including interest $($on August $31).$ A notebook kept in the pickup, plus some unpaid bills, reflected that customers still owed him $$720$ for lawn services rendered and that he owed $$190$ for gas and oil $($credit card charges$).$ He estimated that the cost for use of the truck and the other equipment $($called depreciation $)$ for three months amounted to $$690.$

Required:

$1.$Prepare a quarterly income statement for James Cook Lawn Service for the months June, July, and August. Assume that the company will not be subject to income tax.

$\backslash$table$[[$JAMES COOK LAWN SERVICE,,$],[$Income Statement,,$],[$For the Three

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