Prepare income statement-balance sheet-balance of cash flow

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Reference no: EM13906817

Marilyn Miller opened a floral shop using $5,000 of her own cash savings and with $15,000 in cash she borrowed from her parents. She signed a lease on a small store for one year, agreeing to pay $350 per month in rent. During the first year of operations, Marilyn purchased fresh flowers from a local nursery for $2,500, paid $1,200 for utilities, and generated floral sales totaling $12,000. (all transactions were cash transactions) Marilyn was hoping to be able to repay her parents one-half of the borrowed money at the end of the first year. Prepare an income statement, balance sheet, and balance of cash flow for the floral shop. Can Marilyn achieve her goal of repaying one-half of the $15,000 loan at the end of the first year of operations?

Reference no: EM13906817

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