An income statement and balance sheet.

    Describe the purpose and content of the income statement and balance sheet. Prepare Income Statements and Balance Sheets for a hypothetical business. Read the following situation then complete the three items below including a well written essay discussing the state of the business based on the statements (400-500 words). Include the requested statements as an appendix to your essay or as a separate Excel spreadsheet. Include sources and citations where appropriate and a reference list at the end of your essay. Adhere to all APA 7th ed. rules. Describe the purpose and content of the income statement and balance sheet. Prepare Income Statements and Balance Sheets for a hypothetical business. Prompt: Review Lesson 3 and its resources, as well as Chapter 9, Accounting and Cash Flow of your textbook Small Business Management in the 21st Century Read the following situation then complete the three items below including a well written essay discussing the state of the business based on the statements (400-500 words). Include the requested statements as an appendix to your essay or as a separate Excel spreadsheet. Include sources and citations where appropriate and a reference list at the end of your essay. Adhere to all APA 7th ed. rules. 9.2 Financial Accounting Statements - Exercises from Chapter 9, Accounting and Cash Flow of your textbook Small Business Management in the 21st Century Edwina Haskell was an accomplished high school student who looked forward to attending Southern New England University (SNEU). SNEU was unique in that it operated on a trimester basis, its policy was to actively foster independent development among the students. Edwina's mother and father each own their own small businesses. Soon after freshman orientation at SNEU, Edwina recognized a need among the students that could be the basis for developing a small business. Freshman students could not bring their cars on the campus. In effect, they were confined to the dorm; if they wished to travel, they had to take school-provided buses that operated on a fixed schedule. Further, the university's cafeteria closed at eight in the evening. Students who wanted to have some food or snacks after 8:00 p.m. had to call local restaurants that delivered. The few restaurants in the neighborhood around SNEU that had delivery services often were late in their deliveries, and hot food, such as pizza, was frequently delivered cold.