Business Analysis Of A Lemonade Stand

1130 words - 5 pages

The information illustrated from the journal, to the income statement, to the balance sheet discloses the original expenditures of the Lemonade stand's fixed assets and the accumulated financial loss transcribed over Season One, which includes six days of revenues and expenses, which shows the standard practices of accounting methods appearing on the journal, income statements, and balance sheet attached for the Lemonade stand. The accounting data format sets up a proportion of financial statements at any time the company wants to know how things stand in fiscal matters for the lemonade stand. For just about every company, a financial statement is prepared at some point in time of each calendar month, quarter, and annually reporting periods. For the purpose of the Lemonade stand, the financial statements will be prepared on the 6th day of the Season, which is the ending period and the close of business of the last day of the profit reporting period. So for all purposes of the Lemonade stand, the company's balance sheet should be in alignment with their income statement.
There are a couple formal practices for accounting systems or methods for keeping track of the Lemonade stand's financial state of affairs, which is called a cash and accrual basis accounting system. Cash basis accounting acknowledges transactions when the hard cash exchanges hands. A small business like the Lemonade stand with relatively few transactions each month can uses this system as well. For the purposes of the paper, the accrual basis accounting method was used to demonstrate the Lemonade stand position. Accrual basis accounting realizes income when it is earned and expenditures when they are incurred. Under the accrual method, a bill like the store account from day four must be paid by the company and it's included as a liability and money that the Lemonade stand is owes also known as accounts payable is listed as an asset on financial statements. Accrual basis accounting affords to provide a more straightforward financial representation than cash basis accounting.
A journal is in writing of an idea that prognoses income also known as revenue and expenses, which is the Lemonade stand's spending for a specific period of time. Stated in monetary units and descriptions, the journal is based on the Lemonade stand goals and guarantees practical preparation for sales based on factors like the weather, supplies and the customers. A journal indicates expected revenue, foreseen expenses, and a predicted net income or loss. The journal lists a description of activities on day to day basis showing accounts under the debit columns and amounts on credit columns of expenditures and revenues profits in single file format, which results in the ending balance equaling the amount of debits and credits. This report, also known as a Statement of Operations or a Statement of Receipts and Disbursements, gives a picture of how much money was earned (revenue) by the company and how...

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