After completing your undergraduate degree, you found some extra time to experiment a small venture. You got a business idea: buy plain T-shirts and get the T-shirts printed with a FIU Panther logo screen. Your research suggests that you can buy plain T-shirt for $5 a piece. You need to buy a customized screen with a fixed cost of $100, by using which you can print 100 T-shirts. In addition to this fixed cost for screen, you need to spend printing charge of $0.75 per every printed T-shirt.

From your personal savings, you have invested $700 cash in the venture. You bought 100 plain T-shirts for $5 a piece by paying cash $400 and agreed to pay remaining after one week. During the first week, you have bought a screen for $100 cash and got 100 T-shirts printed by paying printing charge of $0.75 each. In the first week, you sold 50 T-shirts at $10 each and received sales proceeds for 25 shirts only. For the other 25, you agreed to accept payment next week.

Prepare: (a) Income Statement for the first week and (b) Balance Sheet as of the last day of the first week.

Income Statement For the first week	Balance Sheet As of Last day of the First Week
Revenue Expenses	Assets Liabilities Equity