C 1 & 2 - The University of Texas at Austin McCombs...

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The University of Texas at Austin McCombs School of Business, Business Foundations Program ACC 310F: Foundations of Accounting Class Notes – Chapters 1 and 2 Page 1
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LIABILITY ASSETS Owner 280 Bank 100 Cash (11.60) Inventory 11.60 Cash 100 Equipment 249.99 Cash (249.99) 11 Cash 268.40 Inventory11.60 0 280 Overview In sports like football, baseball and soccer, you know whether your team is winning or losing a game based on the score. Likewise in business, companies need to know how they are performing. In this section, you'll learn not only how accounting helps measure a company's success or failure, but also the various groups who use accounting information. You decide to start a beverage company to make some extra money. What resources do you need to start the business? Lemons, ice, stand Where can you get these resources? Yourself, bank, investors What information do you need to help run the business? Source Documents and Transactions Financial Reports (Balance Sheets) Page 2
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Not in game (and those below) Lemonade Tycoon Page 3
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Financial Statements Income Statement B/S (@ end of day) Revenue 14.70 Assets Expense cash 283.10 Cost of goods sold 5.92 Inven 5.52 C.O.G.S- lost Lib. 0 Page 4
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(melted ice, etc) .16 OE capital 280 Net Income 8.62 RE 8.62 Apple, Inc. Financial Statements Page 5
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Financial Statement Relationships Page 8
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Major Types of Accounting Financial Managerial Tax Lemonade Tycoon Basic Information We will play the game in “challenge mode” for a maximum of 30 days with each section playing as a team against the other two sections. You will help run your team’s company by managing the aspects of your lemonade stand (price, location, recipe, etc.). Your objective is to maximize your company’s profits and end the game in the best financial position possible. Lemonade Tycoon Tips (from game help) Weather and Temperature Keep a close eye on weather and temperature. This will help you estimate how many potential customers you should meet and decide on an appropriate recipe and price. Keep in mind that what you see every morning is a forecast and as such it may (and will) differ from the weather and temperature you’ll experience during the day. Choosing your Recipe Page 9
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Try different combinations of ingredients and see what works best. Remember to keep a good balance between lemon and sugar; you don’t want your lemonade to be too sweet or too sour. It’s good to add ice cubes when the temperature is higher; it keeps the lemonade cool, plus it allows you to serve more cups per pitcher. Beware that when you are adding ice you need to keep the balance with the other ingredients. Buying Supplies
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This note was uploaded on 03/01/2011 for the course ACC 310F taught by Professor Verduzco during the Spring '07 term at University of Texas at Austin.

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C 1 & 2 - The University of Texas at Austin McCombs...

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