Develop a simple set of financial statement that support your answers. TOM'S CLEANING COMPANY[1] Tom Willis is

Develop a simple set of financial statement that support your answers. 

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TOM'S CLEANING COMPANY[1] Tom Willis is a 26-year-old ex-army man and a lifelong resident of Brockville, Ontario. Brockville is a beautiful summer resort area situated on the St. Lawrence in the Thousand Island region. The permanent population is about 20,000, and this more than triples in the summer months. Tom spent seven years in the Canadian Forces after high school graduation. Returning home in June 2000, Tom decided to go into business for himself because he couldn't find a good job in the Brockville area. He set up Tom's Cleaning Company. Tom felt that his savings would allow him to start the business without borrowing any money. His estimates of required expenditures were $3,900 for a used panel truck, $475 for a steam-cleaning machine adaptable to carpets and furniture, $330 for a heavy-duty commercial vacuum cleaner, $50 for special brushes and attachments, $75 for the initial supply of cleaning fluids and compounds, and $200 for insurance and other incidental expenses. This total of $5,030 still left Tom about $2,800 in savings to cover living expenses while getting started. One of the reasons Tom chose this line of work is his previous work experience. From the time he was 16, Tom had worked part-time for Joel Bidwell. Mr. Bidwell operated the only other successful carpet-cleaning company in Brockville. (One other company was in Brockville, but it was near bankruptcy.) Mr. Bidwell prided himself on quality work and had a loyal clientele. Specializing in residential carpet cleaning, Bidwell has been able to build a strong customer franchise. For 35 years, Bidwell's major source of new business has been retailer recommendations and satisfied customers who tell friends about the quality service received from Mr. Bidwell. He is so highly thought of that the leading carpet and furniture stores in Brockville always recommend Bidwell's for preventive maintenance in quality carpet and furniture care. Often Bidwell is trusted with the keys to Brockville's finest homes for months at a time when owners are out of town and want his services. Bidwell's customers are so loyal, in fact, that a national household carpet-cleaning franchise found it next to impossible to compete with him. Even price-cutting was not an effective weapon against Mr. Bidwell. 5 TOM'S CLEANING COMPANY[1] Tom Willis is a 26-year-old ex-army man and a lifelong resident of Brockville, Ontario. Brockville is a beautiful summer resort area situated on the St. Lawrence in the Thousand Island region. The permanent population is about 20,000, and this more than triples in the summer months. Tom spent seven years in the Canadian Forces after high school graduation. Returning home in June 2000, Tom decided to go into business for himself because he couldn't find a good job in the Brockville area. He set up Tom's Cleaning Company. Tom felt that his savings would allow him to start the business without borrowing any money. His estimates of required expenditures were $3,900 for a used panel truck, $475 for a steam-cleaning machine adaptable to carpets and furniture, $330 for a heavy-duty commercial vacuum cleaner, $50 for special brushes and attachments, $75 for the initial supply of cleaning fluids and compounds, and $200 for insurance and other incidental expenses. This total of $5,030 still left Tom about $2,800 in savings to cover living expenses while getting started. One of the reasons Tom chose this line of work is his previous work experience. From the time he was 16, Tom had worked part-time for Joel Bidwell. Mr. Bidwell operated the only other successful carpet-cleaning company in Brockville. (One other company was in Brockville, but it was near bankruptcy.) Mr. Bidwell prided himself on quality work and had a loyal clientele. Specializing in residential carpet cleaning, Bidwell has been able to build a strong customer franchise. For 35 years, Bidwell's major source of new business has been retailer recommendations and satisfied customers who tell friends about the quality service received from Mr. Bidwell. He is so highly thought of that the leading carpet and furniture stores in Brockville always recommend Bidwell's for preventive maintenance in quality carpet and furniture care. Often Bidwell is trusted with the keys to Brockville's finest homes for months at a time when owners are out of town and want his services. Bidwell's customers are so loyal, in fact, that a national household carpet-cleaning franchise found it next to impossible to compete with him. Even price-cutting was not an effective weapon against Mr. Bidwell. 5

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