The owner of a gas station must prepare financial statements.
Balance Sheet at May 1 & June 30
Income Statement for May and June
Gas station Alternatives
Income Statement 2
Prepare a May 1 and a June 30 balance sheet for Julio Trevino’s service station and an income statement for the intervening period.
Has Julio Trevino’s investment in the gasoline station been a good one for him? Has his return on his investment been greater or less than he would have received had he invested his funds at 15% elsewhere?