Edward and Bella saved all their married life to open a bed and breakfast (B&B) named Cullen Bay Getaway. They invested $100 000 of their own money. The business then received a $100 000 bank loan to make up the $200 000 needed to get the business started. The business bought a run-down old colonial home in Cullen Bay for $80 000. It cost another $50 000 to renovate. They found most of the furniture at antique shops and flea markets; the total cost was $20 000. Kitchen equipment cost $10 000 and a computer cost $2 000 (to help them keep accounting records). Prior to their grand opening, the banker requests a report on their activities to date. Cullen Bay Getaway’s bank account statement shows a cash balance of $38 000. Edward and Bella believe that the $38 000 represents profit for the period and they feel pretty good about the results of their business. To better understand how well they are doing, they prepare the following income statement for presentation to the bank. Show transcribed image text Edward and Bella saved all their married life to open a bed and breakfast (B&B) named Cullen Bay Getaway. They invested $100 000 of their own money. The business then received a $100 000 bank loan to make up the $200 000 needed to get the business started. The business bought a run-down old colonial home in Cullen Bay for $80 000. It cost another $50 000 to renovate. They found most of the furniture at antique shops and flea markets; the total cost was $20 000. Kitchen equipment cost $10 000 and a computer cost $2 000 (to help them keep accounting records). Prior to their grand opening, the banker requests a report on their activities to date. Cullen Bay Getaway’s bank account statement shows a cash balance of $38 000. Edward and Bella believe that the $38 000 represents profit for the period and they feel pretty good about the results of their business. To better understand how well they are doing, they prepare the following income statement for presentation to the bank.
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