Concepts (10 pts each): You have decided to open a business selling specific auto parts. Each part sells for $20. The cost of each is $5. Assume a tax rate of 40%. Illustrate the income statement, cash flow statement and balance sheet flows under the following scenarios:

1. The raw material for 100 products is purchased; an AP account is created to fund the cost.

2. A. 25 products are sold in cash.

3. B. What is the total balance sheet after 1 and 2 are complete?

4. 50 more products are sold on credit.

5. B. What is the total balance sheet after 1, 2, and 3 are complete?

6. 6. A. The remaining 25 products are sold, 15 in cash and 10 on credit.

7. What is the total balance sheet after 1, 2, 3 and 4 are complete?

8. All receivables are collected and all payables are paid.

9 . What is the total balance sheet after 1, 2, 3, 4, and 5 are complete?