2. An entrepreneur with $52,500 plans to open a convenience store called Kevin's Convenience Store on...

 

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2. An entrepreneur with $52,500 plans to open a convenience store called Kevin's Convenience Store on June 1, 2020, following a two-month start-up phase. Using the schedule of start-up costs provided below, create a pro forma pre-revenue balance sheet and a pro forma start-up phase expense statement, including reconciliations of cash and owner's equity, for Kevin's Convenience Store, LLC. Kevin's Convenience Store, LLC Schedule of Start-up Costs For the Two April 2020 Мay Months Ended 2020 May 31, 2020 Rent $ 4,000 $ 2,000 $ 6,000 Utilities 400 400 800 Insurance 600 300 900 Cleaning and maintenance 200 200 400 Food inventory 10,000 10,000 Non-food inventory 7,500 7,500 Checkout counters and equipment 8,500 8,500 Racks and shelving 6,000 6,000 Computers and software 5,000 5,000 Security system 4,500 4,500 Total $29,200 $20,400 $49,600 Notes: Rent is paid in the month previous to the month to which it applies. Utilities are paid in the month after the services are used. Insurance is paid in the month previous to the month to which it applies. All other costs are paid in the same month as incurred. 2. An entrepreneur with $52,500 plans to open a convenience store called Kevin's Convenience Store on June 1, 2020, following a two-month start-up phase. Using the schedule of start-up costs provided below, create a pro forma pre-revenue balance sheet and a pro forma start-up phase expense statement, including reconciliations of cash and owner's equity, for Kevin's Convenience Store, LLC. Kevin's Convenience Store, LLC Schedule of Start-up Costs For the Two April 2020 Мay Months Ended 2020 May 31, 2020 Rent $ 4,000 $ 2,000 $ 6,000 Utilities 400 400 800 Insurance 600 300 900 Cleaning and maintenance 200 200 400 Food inventory 10,000 10,000 Non-food inventory 7,500 7,500 Checkout counters and equipment 8,500 8,500 Racks and shelving 6,000 6,000 Computers and software 5,000 5,000 Security system 4,500 4,500 Total $29,200 $20,400 $49,600 Notes: Rent is paid in the month previous to the month to which it applies. Utilities are paid in the month after the services are used. Insurance is paid in the month previous to the month to which it applies. All other costs are paid in the same month as incurred.