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Second pic is example This document has a copy of the hardware store...

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Accounting

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This document has a copy of the hardware store example in "Understanding Finance Statements". Please prepare a balance sheet for the end of week 2,3,4,&5 (four balance sheets). 1) Assume that $25,000 of inventory will be sold in week 2 , and the gross margin is now 50%. (you might need to lookup how to calculate gross margin. I show it in the lecture) 2) Inventory sales increase by $15000 each week for the following three weeks. Sales proportion of credit vs. cash will be 60% cash vs 40% credit. For simplicity, assume sales are made on the first day of the week. You might need to replenish inventory at times. 2) Add a weekly expenses of $5,000 for wages and other expenses. This will be paid from the cash account at the end of each week. 3) The receivables will arrive 2 weeks after being sold. The inventory purchases (payables) are due 1 weeks after being purchased

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