Accounting Summary Repor1

Accounting Summary Repor1 - Summary Report 1 Accounting...

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Unformatted text preview: Summary Report 1 Accounting Summary Report Gregory Darryl Unthank, Sr. Business 599 November 5, 2010 Dr. C.R. Roberts Summary Report 2 Balance Sheet Assets Cash 2600 Inventorie s 123.75 Equipmen t 50.00 Total Assets 2773.75 Liabilities Accounts Payable 110 Total Liabilities 110 Equity Owner's Capital 1600 Retain Earnings 1063.75 Total Equity 2263.75 Total Equity and Liability 2773.75 The balance sheet shows that the available cash for the lemonade stand started with a cash balance of $2600. The beginning cash balance came from two investment partners. Each partner started with an initial investment of $800 each. The company’s inventories assets totaled $123.74 which came from ten pitchers @$4.50 each, 5 spoons @$2.75 each, 500 cups worth $5.00 and 20 tubs of lemonade mix @$3 Summary Report 3 each. The company’s only equipment, an ice maker totaled $50.00 towards the company’s assets. The company’s liabilities are $110 which comes from a $50.00 credit for the ice maker and $60 for the purchase of the lemonade mixture. The equity for the company totals $2,263.75 from $1600 of owner’s capital and $1063.75 from retained earnings. The total of equity and liability equals the total for total assets. The balance sheet shows that the total of assets equals the total of equity and liabilities for the company. Income Statement for Se ason One Revenue 2600 Expenses 10 Earnings 2590 A company’s income statement is a summary of the revenues and expenses of a business entity for a certain time period. The income statement for Season One shows revenue of $2600 from “the gross increase in owner’s equity as a result of business and professional activities that earn income (Fess, 2002, pg 19). The owner’s started with an initial investment of $1600 with a $1000 in earned income. Summary Report 4 Journ al for Seaso n One Debit s Credit s Date Descr iption Acco unt Amou nt Acco unts Amou nt 1 Form Partne rship Cash 800 Owne r's Equit y 800 1 Buy 10 Pitche rs & 5 Equip ment 63.75 Acco unt Payab le 108.7 5 spoon s & cups 1 Purch ase suppli es Invent ories 123.7 5 Acco unt Payab le 123.75 1 Sold [email protected] .50 Cash 47.5 Reven ue 47.5 1 Suppl ies used Expen ses 10 Reven ue Invent ory 10 2 Purch ase suppli es Invent ories 9 Acco unt payab le 9 2 Sold 150@ .50 Cash 77.5 Reven ue 77.5 2 Suppl ies used Expen ses 10.25 Invent ory 10.25 3 Purch ase suppli es Invent ory 6 Acco unt Payab le 6 3 sold 75@. 50 Cash 37.5 Reven ue 37.5 3 Suppl ies used Expen ses 6.95 Invent ory 6.95 4 Paid Store accou nt Acco unt Payab le 50 Cash 50 Purch Acco Summary Report 5 Journ al for Seaso n One Debit s Credit s Date Descr iption Acco unt Amou nt Acco unts Amou nt 1 Form Partne rship Cash 800 Owne r's Equit y 800 1 Buy 10 Pitche rs & 5 Equip ment 63.75 Acco unt Payab le 108.7 5 spoon s & cups 1 Purch ase suppli es Invent ories 123.7 5 Acco unt Payab le 123.75 1 Sold [email protected] .50 Cash 47.5 Reven ue 47.5 1 Suppl ies used Expen ses 10 Reven ue Invent ory 10 2 Purch ase suppli es Invent ories...
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This note was uploaded on 07/07/2011 for the course BUSINESS 350 taught by Professor Mitchell during the Fall '09 term at Troy.

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Accounting Summary Repor1 - Summary Report 1 Accounting...

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