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F. Naz
F. Naz, Bachelor's Degree
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an economic summary report (plus income & expense report and

Customer Question

an economic summary report (plus income & expense report and balance sheet both with all appropriate ratios) presenting the economic viability of the Lemonade Stand Business.

Submitted: 1 year ago.
Category: Business and Finance Homework
Expert:  F. Naz replied 1 year ago.

F. Naz :

Please provide detail and your deadline, thanks.

Customer :

Due On the 21th

F. Naz :

Sorry what is to be done is not clear, please be specific thanks.

Customer :

Write an economic summary report (plus income & expense report and balance sheet both with all appropriate ratios) presenting the economic viability of the Lemonade Stand Business.

F. Naz :

The images you have sent does not belong to Lemonade Stand Business

Customer :

Sample Reports for Season Two
Balance Sheet Season 1 Season 2
Assets
Cash $ 185.90 $ 425.65
Inventories $ 10.05 $ 14.85
Equipment $ 9.00 $ 14.75
Total Assets $ 204.95 $ 455.25
Liabilities
Account Payables $ 39.00 $ 58.00
Total Liabilities $ 39.00 $ 58.00
Equity
Owner Capital $ 40.00 $ 40.00
Retain Earnings $ 125.95 $ 357.25
Total Equity $ 165.95 $ 397.25
Total Equity & Liabilities $ 204.95 $ 455.25
Income Statement
Revenue $ 185.90 $ 328.00
Expenses $ 59.95 $ 96.70
Earnings $ 125.95 $ 231.30
Financial Report
ROE 75.9% 58.2%
ROA 61.5% 50.8%
Profit Margin 67.8% 70.5%
Inventory Turnover 5.97 6.51
Asset Turnover 0.907 0.720
Current Ratio 5.02 7.59
Cash Ratio 4.77 7.34
Debt-Equity Ratio 0.235 0.146
Page 2
Journal entries for season one used for reports on Page 1
Journal First Season
Debit Credits
Date Description Account Amount Account Amount
1 Form Partnership Cash $ 40.00 Owner Equity $ 40.00
1 Buy 1 pitchers & 1 spoon Equipment $ 5.75
Account
Payable $ 5.75
1 Purchase supplies Inventory $ 13.75
Account
Payable $ 13.75
1 Sold 56 @ 0.30 Cash $ 16.80 Revenue $ 16.80
1 Supplies used Expenses $ 8.67 Inventory $ 8.67
2 Purchase supplies Inventory $ 6.75
Account
Payable $ 6.75
2 Supplies used Expenses $ 8.76 Inventory $ 8.76
2 Sold 52 @ 0.40 Cash $ 20.80 Revenue $ 20.80
3 Purchase supplies Inventory $ 13.75
Account
Payable $ 13.75
3 Sold 56 @ 0.50 Cash $ 28.00 Revenue $ 28.00
3 Supplies used Expenses $ 8.67 Inventory $ 8.67
4 Paid Store Account
Account
Payable $ 40.00 Cash $ 40.00
4 Purchase supplies Inventory $ 9.25
Account
Payable $ 9.25
4 Supplies used Expenses $ 8.64 Inventory $ 8.64
4 Sold 52 @ 0.60 Cash $ 31.20 Revenue $ 31.20
5 Buy 1 pitchers Equipment $ 3.25
Account
Payable $ 3.25
5 Purchase supplies Inventory $ 10.50
Account
Payable $ 10.50
5 Supplies used Expenses $ 12.99 Inventory $ 12.99
5 Sold 68 @ 0.60 Cash $ 40.80 Revenue $ 40.80
6 Purchase supplies Inventory $ 16.00
Account
Payable $ 16.00
6 Supplies used Expenses $ 12.22 Inventory $ 12.22
6 Sold 45 @ 0.70 Cash $ 48.30 Revenue $ 48.30
Total Debits $ 404.85 Total Credits $ 404.85
Page 3
Journal entries for season two used for reports on Page 1
Journal Second Season
Debit Credits
Date Description Account Amount Account Amount
1 Paid Store Account
Account
Payable $ 39.00 Cash $ 39.00
1 Purchase supplies Inventory $ 12.50
Account
Payable $ 12.50
1 Sold 108 @ 0.40 Cash $ 43.20 Revenue $ 43.20
1 Supplies used Expenses $ 16.60 Inventory $ 16.60
2 Buy 1 pitchers & 1 spoon Equipment $ 5.75
Account
Payable $ 5.75
2 Purchase supplies Inventory $ 28.50
Account
Payable $ 28.50
2 Supplies used Expenses $ 15.83 Inventory $ 15.83
2 Sold 100 @ 0.50 Cash $ 50.00 Revenue $ 50.00
3 Purchase supplies Inventory $ 3.50
Account
Payable $ 3.50
3 Sold 106 @ 0.50 Cash $ 53.00 Revenue $ 53.00
3 Supplies used Expenses $ 16.63 Inventory $ 16.63
4 Paid Store Account
Account
Payable $ 49.25 Cash $ 49.25
4 Purchase supplies Inventory $ 17.50
Account
Payable $ 17.50
4 Supplies used Expenses $ 14.32 Inventory $ 14.32
4 Sold 83 @ 0.60 Cash $ 49.80 Revenue $ 49.80
5 Purchase supplies Inventory $ 31.00
Account
Payable $ 31.00
5 Supplies used Expenses $ 16.69 Inventory $ 16.69
5 Sold 109 @ 0.60 Cash $ 65.40 Revenue $ 65.40
6 Purchase supplies Inventory $ 9.50
Account
Payable $ 9.50
6 Supplies used Expenses $ 16.63 Inventory $ 16.63
6 Sold 111 @ 0.50 Cash $ 66.60 Revenue $ 66.60
Total Debits $ 621.20 Total Credits $ 621.20
Page 4
Sample data from Game for season one used for the journal on Page 2
First season
Day 1 - Weather was normal
Partnership formed using $20 cash from each of two partner as initial capital so after forming partnership
starting inventory: cash = $40. Purchases charged today are 1 pitchers for $3.25, 1 mixing spoons for $2.5, 150
drinking cups for $4.5, 15 tubs of lemonade mix for $7.5, 1 bags of ice for $1.75. Today sales = $16.8 (56 @
0.3) out of 98 in 4.25 hours. Inventory used 64 drinking cups value at $1.92, 10 tubs of lemonade mix value at
$5, 1 bags of ice value at $1.75. Ending cash was $56.8 and the store balance was $19.5
Day 2 - Weather was normal
Starting Inventory: cash = $56.8, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 86
worth $2.58, tubs of lemonade mix = 5 worth $2.5. Purchases charged today are 10 tubs of lemonade mix for $5,
1 bags of ice for $1.75.
Today sales = $20.8 (52 @ 0.4) out of 93 in 3.75 hours.
Inventory used 67 drinking cups value at $2.01, 10 tubs of lemonade mix value at $5, 1 bags of ice value at
$1.75. Ending cash was $77.6 and the store balance was $26.25
Day 3 - Weather was sunny
Starting Inventory: cash = $77.6, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 19
worth $0.57, tubs of lemonade mix = 5 worth $2.5. Purchases charged today are 150 drinking cups for $4.5, 15
tubs of lemonade mix for $7.5, 1 bags of ice for $1.75. Today sales = $28 (56 @ 0.5) out of 105 in 3.5 hours.
Inventory used 64 drinking cups value at $1.92, 10 tubs of lemonade mix value at $5, 1 bags of ice value at
$1.75. Ending cash was $105.6 and the store balance was $40
Day 4 - Weather was normal
Paid store charge account balance of $40. Starting Inventory: cash = $65.6, pitchers = 1 worth $3.25, mixing
spoons = 1 worth $2.5, drinking cups = 105 worth $3.15, tubs of lemonade mix = 10 worth $5. Purchases
charged today are 15 tubs of lemonade mix for $7.5, 1 bags of ice for $1.75. Today sales = $31.2 (52 @ 0.6) out
of 100 in 4.75 hours. Inventory used 63 drinking cups value at $1.89, 10 tubs of lemonade mix value at $5, 1
bags of ice value at $1.75. Ending cash was $96.8 and the store balance was $9.25
Day 5 - Weather was normal
Starting Inventory: cash = $96.8, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 42
worth $1.26, tubs of lemonade mix = 15 worth $7.5. Purchases charged today are 1 pitchers for $3.25, 150
drinking cups for $4.5, 5 tubs of lemonade mix for $2.5, 2 bags of ice for $3.5. Today sales = $40.8 (68 @ 0.6)
out of 125 in 5 hours. Inventory used 83 drinking cups value at $2.49, 14 tubs of lemonade mix value at $7, 2
bags of ice value at $3.5. Ending cash was $137.6 and the store balance was $23
Day 6 - Weather was normal
Starting Inventory: cash = $137.6, pitchers = 2 worth $6.5, mixing spoons = 1 worth $2.5, drinking cups = 109
worth $3.27, tubs of lemonade mix = 6 worth $3. Purchases charged today are 25 tubs of lemonade mix for
$12.5, 2 bags of ice for $3.5. Today sales = $48.3 (69 @ 0.7) out of 132 in 4.75 hours. Inventory used 74
drinking cups value at $2.22, 13 tubs of lemonade mix value at $6.5, 2 bags of ice value at $3.5. Ending cash
was $185.9 and the store balance was $39
Page 5

Customer :

Sample data from Game for season two used for the journal on Page 3
Second season
Day 1 - Weather was sunny
Paid store charge account balance of $39. Starting Inventory: cash = $146.9, pitchers = 2 worth $6.5, mixing
spoons = 1 worth $2.5, drinking cups = 35 worth $1.05, tubs of lemonade mix = 18 worth $9. Purchases charged
today are 100 drinking cups for $3, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales = $43.2
(108 @ 0.4) out of 169 in 4.75 hours. Inventory used 120 drinking cups value at $3.6, 19 tubs of lemonade mix
value at $9.5, 2 bags of ice value at $3.5. Ending cash was $190.1 and the store balance was $11.5
Day 2 - Weather was normal
Starting Inventory: cash = $190.1, pitchers = 2 worth $6.5, mixing spoons = 1 worth $2.5, drinking cups = 15
worth $0.45, tubs of lemonade mix = 9 worth $4.5. Purchases charged today are 1 pitchers for $3.25, 1 mixing
spoons for $2.5, 250 drinking cups for $7.5, 35 tubs of lemonade mix for $17.5, 2 bags of ice for $3.5. Today
sales = $50 (100 @ 0.5) out of 132 in 5.25 hours. Inventory used 111 drinking cups value at $3.33, 18 tubs of
lemonade mix value at $9, 2 bags of ice value at $3.5. Ending cash was $240.1 and the store balance was $45.75
Day 3 - Weather was sunny
Starting Inventory: cash = $240.1, pitchers = 3 worth $9.75, mixing spoons = 2 worth $5, drinking cups = 154
worth $4.62, tubs of lemonade mix = 26 worth $13. Purchases charged today are 2 bags of ice for $3.5. Today
sales = $53 (106 @ 0.5) out of 132 in 4 hours. Inventory used 121 drinking cups value at $3.63, 19 tubs of
lemonade mix value at $9.5, 2 bags of ice value at $3.5. Ending cash was $293.1 and the store balance was
$49.25
Day 4 - Weather was normal
Paid store charge account balance of $49.25. Starting Inventory: cash = $243.85, pitchers = 3 worth $9.75,
mixing spoons = 2 worth $5, drinking cups = 33 worth $0.99, tubs of lemonade mix = 7 worth $3.5. Purchases
charged today are 300 drinking cups for $9, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales
= $49.8 (83 @ 0.6) out of 121 in 5 hours. Inventory used 94 drinking cups value at $2.82, 16 tubs of lemonade
mix value at $8, 2 bags of ice value at $3.5. Ending cash was $293.65 and the store balance was $17.5
Day 5 - Weather was sunny
Starting Inventory: cash = $293.65, pitchers = 3 worth $9.75, mixing spoons = 2 worth $5, drinking cups = 239
worth $7.17, tubs of lemonade mix = 1 worth $0.5. Purchases charged today are 55 tubs of lemonade mix for
$27.5, 2 bags of ice for $3.5. Today sales = $65.4 (109 @ 0.6) out of 155 in 4.25 hours. Inventory used 123
drinking cups value at $3.69, 19 tubs of lemonade mix value at $9.5, 2 bags of ice value at $3.5. Ending cash
was $359.05 and the store balance was $48.5
Day 6 - Weather was sunny
Starting Inventory: cash = $359.05, pitchers = 3 worth $9.75, mixing spoons = 2 worth $5, drinking cups = 116
worth $3.48, tubs of lemonade mix = 37 worth $18.5. Purchases charged today are 200 drinking cups for $6, 2
bags of ice for $3.5. Today sales = $66.6 (111 @ 0.6) out of 139 in 4 hours. Inventory used 121 drinking cups
value at $3.63, 19 tubs of lemonade mix value at $9.5, 2 bags of ice value at $3.5. Ending cash was $425.65 and
the store balance was $58

Customer :

Sample Reports for Season Three
Balance Sheet Season 1 Season 2 Season 3
Assets
Cash $ 185.90 $ 425.65 $ 679.40
Inventories $ 10.05 $ 14.85 $ 1.59
Equipment $ 9.00 $ 14.75 $ 14.75
Total Assets $ 204.95 $ 455.25 $ 695.74
Liabilities
Account Payables $ 39.00 $ 58.00 $ 21.25
Total Liabilities $ 39.00 $ 58.00 $ 21.25
Equity
Owner Capital $ 40.00 $ 40.00 $ 40.00
Retain Earnings $ 125.95 $ 357.25 $ 634.49
Total Equity $ 165.95 $ 397.25 $ 674.49
Total Equity & Liabilities $ 204.95 $ 455.25 $ 695.74
Accounting Income Statement
Revenue $ 185.90 $ 328.00 $ 404.00
Expenses $ 59.95 $ 96.70 $ 126.76
Earnings $ 125.95 $ 231.30 $ 277.24
Financial Report
ROE 75.9% 58.2% 41.1%
ROA 61.5% 50.8% 39.8%
Profit Margin 67.8% 70.5% 68.6%
Inventory Turnover 5.97 6.51 79.72
Asset Turnover 0.907 0.720 0.581
Current Ratio 5.02 7.59 32.05
Cash Ratio 4.77 7.34 31.97
Debt-Equity Ratio 0.235 0.146 0.032
Economic Profit Report
Explicit Revenue $ 185.90 $ 328.00 $ 404.00
Implicit Revenue $ 75.00 $ 50.00 $ 50.00
Total Revenues $ 260.90 $ 378.00 $ 454.00
Explicit Expenses $ 59.95 $ 96.70 $ 126.76
Implicit Expenses $ 156.00 $ 177.13 $ 210.25
Total Costs $ 215.95 $ 273.83 $ 337.01
Economic Profits $ 44.95 $ 104.18 $ 116.99
Page 2
Notes for Economic Profit Report
Implicit Revenue includes $50 for the value of being one own boss for each season plus
$25 for season one for learning about running a business. (In your report these need to
be justified.)
Implicit epenses are the number of hours worked times $6 for season one, $6.50 for
season two, and $7.25 for season three. (In your report these need to be justified.)
Explicit Revenue is the same as Revenues from the “Accounting” Income Statement.
Explicit Expenses is the same as Expenses from the “Accounting” Income Statement.
Page 3
Sample data from Game for season one used for the reports on Page 1
First season
Day 1 - Weather was normal
Partnership formed using $20 cash from each of two partner as initial capital so after forming partnership
starting inventory: cash = $40. Purchases charged today are 1 pitchers for $3.25, 1 mixing spoons for $2.5, 150
drinking cups for $4.5, 15 tubs of lemonade mix for $7.5, 1 bags of ice for $1.75. Today sales = $16.8 (56 @
0.3) out of 98 in 4.25 hours. Inventory used 64 drinking cups value at $1.92, 10 tubs of lemonade mix value at
$5, 1 bags of ice value at $1.75. Ending cash was $56.8 and the store balance was $19.5
Day 2 - Weather was normal
Starting Inventory: cash = $56.8, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 86
worth $2.58, tubs of lemonade mix = 5 worth $2.5. Purchases charged today are 10 tubs of lemonade mix for $5,
1 bags of ice for $1.75.
Today sales = $20.8 (52 @ 0.4) out of 93 in 3.75 hours.
Inventory used 67 drinking cups value at $2.01, 10 tubs of lemonade mix value at $5, 1 bags of ice value at
$1.75. Ending cash was $77.6 and the store balance was $26.25
Day 3 - Weather was sunny
Starting Inventory: cash = $77.6, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 19
worth $0.57, tubs of lemonade mix = 5 worth $2.5. Purchases charged today are 150 drinking cups for $4.5, 15
tubs of lemonade mix for $7.5, 1 bags of ice for $1.75. Today sales = $28 (56 @ 0.5) out of 105 in 3.5 hours.
Inventory used 64 drinking cups value at $1.92, 10 tubs of lemonade mix value at $5, 1 bags of ice value at
$1.75. Ending cash was $105.6 and the store balance was $40
Day 4 - Weather was normal
Paid store charge account balance of $40. Starting Inventory: cash = $65.6, pitchers = 1 worth $3.25, mixing
spoons = 1 worth $2.5, drinking cups = 105 worth $3.15, tubs of lemonade mix = 10 worth $5. Purchases
charged today are 15 tubs of lemonade mix for $7.5, 1 bags of ice for $1.75. Today sales = $31.2 (52 @ 0.6) out
of 100 in 4.75 hours. Inventory used 63 drinking cups value at $1.89, 10 tubs of lemonade mix value at $5, 1
bags of ice value at $1.75. Ending cash was $96.8 and the store balance was $9.25
Day 5 - Weather was normal
Starting Inventory: cash = $96.8, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 42
worth $1.26, tubs of lemonade mix = 15 worth $7.5. Purchases charged today are 1 pitchers for $3.25, 150
drinking cups for $4.5, 5 tubs of lemonade mix for $2.5, 2 bags of ice for $3.5. Today sales = $40.8 (68 @ 0.6)
out of 125 in 5 hours. Inventory used 83 drinking cups value at $2.49, 14 tubs of lemonade mix value at $7, 2
bags of ice value at $3.5. Ending cash was $137.6 and the store balance was $23
Day 6 - Weather was normal
Starting Inventory: cash = $137.6, pitchers = 2 worth $6.5, mixing spoons = 1 worth $2.5, drinking cups = 109
worth $3.27, tubs of lemonade mix = 6 worth $3. Purchases charged today are 25 tubs of lemonade mix for
$12.5, 2 bags of ice for $3.5. Today sales = $48.3 (69 @ 0.7) out of 132 in 4.75 hours. Inventory used 74
drinking cups value at $2.22, 13 tubs of lemonade mix value at $6.5, 2 bags of ice value at $3.5. Ending cash
was $185.9 and the store balance was $39
Page 4
Sample data from Game for season two used for the reports on Page 1
Second season
Day 1 - Weather was sunny
Paid store charge account balance of $39. Starting Inventory: cash = $146.9, pitchers = 2 worth $6.5, mixing
spoons = 1 worth $2.5, drinking cups = 35 worth $1.05, tubs of lemonade mix = 18 worth $9. Purchases charged
today are 100 drinking cups for $3, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales = $43.2
(108 @ 0.4) out of 169 in 4.75 hours. Inventory used 120 drinking cups value at $3.6, 19 tubs of lemonade mix
value at $9.5, 2 bags of ice value at $3.5. Ending cash was $190.1 and the store balance was $11.5
Day 2 - Weather was normal
Starting Inventory: cash = $190.1, pitchers = 2 worth $6.5, mixing spoons = 1 worth $2.5, drinking cups = 15
worth $0.45, tubs of lemonade mix = 9 worth $4.5. Purchases charged today are 1 pitchers for $3.25, 1 mixing
spoons for $2.5, 250 drinking cups for $7.5, 35 tubs of lemonade mix for $17.5, 2 bags of ice for $3.5. Today
sales = $50 (100 @ 0.5) out of 132 in 5.25 hours. Inventory used 111 drinking cups value at $3.33, 18 tubs of
lemonade mix value at $9, 2 bags of ice value at $3.5. Ending cash was $240.1 and the store balance was $45.75
Day 3 - Weather was sunny
Starting Inventory: cash = $240.1, pitchers = 3 worth $9.75, mixing spoons = 2 worth $5, drinking cups = 154
worth $4.62, tubs of lemonade mix = 26 worth $13. Purchases charged today are 2 bags of ice for $3.5. Today
sales = $53 (106 @ 0.5) out of 132 in 4 hours. Inventory used 121 drinking cups value at $3.63, 19 tubs of
lemonade mix value at $9.5, 2 bags of ice value at $3.5. Ending cash was $293.1 and the store balance was
$49.25
Day 4 - Weather was normal
Paid store charge account balance of $49.25. Starting Inventory: cash = $243.85, pitchers = 3 worth $9.75,
mixing spoons = 2 worth $5, drinking cups = 33 worth $0.99, tubs of lemonade mix = 7 worth $3.5. Purchases
charged today are 300 drinking cups for $9, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales
= $49.8 (83 @ 0.6) out of 121 in 5 hours. Inventory used 94 drinking cups value at $2.82, 16 tubs of lemonade
mix value at $8, 2 bags of ice value at $3.5. Ending cash was $293.65 and the store balance was $17.5
Day 5 - Weather was sunny
Starting Inventory: cash = $293.65, pitchers = 3 worth $9.75, mixing spoons = 2 worth $5, drinking cups = 239
worth $7.17, tubs of lemonade mix = 1 worth $0.5. Purchases charged today are 55 tubs of lemonade mix for
$27.5, 2 bags of ice for $3.5. Today sales = $65.4 (109 @ 0.6) out of 155 in 4.25 hours. Inventory used 123
drinking cups value at $3.69, 19 tubs of lemonade mix value at $9.5, 2 bags of ice value at $3.5. Ending cash
was $359.05 and the store balance was $48.5
Day 6 - Weather was sunny
Starting Inventory: cash = $359.05, pitchers = 3 worth $9.75, mixing spoons = 2 worth $5, drinking cups = 116
worth $3.48, tubs of lemonade mix = 37 worth $18.5. Purchases charged today are 200 drinking cups for $6, 2
bags of ice for $3.5. Today sales = $66.6 (111 @ 0.6) out of 139 in 4 hours. Inventory used 121 drinking cups
value at $3.63, 19 tubs of lemonade mix value at $9.5, 2 bags of ice value at $3.5. Ending cash was $425.65 and
the store balance was $58
Page 5
Sample data from Game for season three used for the reports on Page 1
Third season
Day 1 - Weather was sunny
Paid store charge account balance of $58. Starting Inventory: cash = $367.65, pitchers = 3 worth $9.75, mixing
spoons = 2 worth $5, drinking cups = 195 worth $5.85, tubs of lemonade mix = 18 worth $9. Purchases charged
today are 550 drinking cups for $16.5, 120 tubs of lemonade mix for $60, 3 bags of ice for $5.25. Today sales =
$60.8 (152 @ 0.4) out of 182 in 5 hours. Inventory used 168 drinking cups value at $5.04, 28 tubs of lemonade
mix value at $14, 3 bags of ice value at $5.25. Ending cash was $428.45 and the store balance was $81.75
Day 2 - Weather was sunny
Starting Inventory: cash = $428.45, pitchers = 3 worth $9.75, mixing spoons = 2 worth $5, drinking cups = 577
worth $17.31, tubs of lemonade mix = 110 worth $55. Purchases charged today are 3 bags of ice for $5.25.
Today sales = $65.5 (131 @ 0.5) out of 171 in 4.75 hours. Inventory used 143 drinking cups value at $4.29, 24
tubs of lemonade mix value at $12, 3 bags of ice value at $5.25. Ending cash was $493.95 and the store balance
was $87
Day 3 - Weather was sunny
Starting Inventory: cash = $493.95, pitchers = 3 worth $9.75, mixing spoons = 2 worth $5, drinking cups = 434
worth $13.02, tubs of lemonade mix = 86 worth $43. Purchases charged today are 3 bags of ice for $5.25.
Today sales = $69.5 (139 @ 0.5) out of 175 in 4.75 hours. Inventory used 154 drinking cups value at $4.62, 26
tubs of lemonade mix value at $13, 3 bags of ice value at $5.25. Ending cash was $563.45 and the store balance
was $92.25
Day 4 - Weather was normal
Paid store charge account balance of $92.25. Starting Inventory: cash = $471.2, pitchers = 3 worth $9.75,
mixing spoons = 2 worth $5, drinking cups = 280 worth $8.4, tubs of lemonade mix = 60 worth $30. Purchases
charged today are 3 bags of ice for $5.25. Today sales = $42 (70 @ 0.6) out of 111 in 4.75 hours. Inventory
used 84 drinking cups value at $2.52, 14 tubs of lemonade mix value at $7, 3 bags of ice value at $5.25. Ending
cash was $513.2 and the store balance was $5.25
Day 5 - Weather was sunny
Starting Inventory: cash = $513.2, pitchers = 3 worth $9.75, mixing spoons = 2 worth $5, drinking cups = 196
worth $5.88, tubs of lemonade mix = 46 worth $23. Purchases charged today are 3 bags of ice for $5.25. Today
sales = $74.4 (124 @ 0.6) out of 147 in 4.75 hours. Inventory used 132 drinking cups value at $3.96, 22 tubs of
lemonade mix value at $11, 3 bags of ice value at $5.25. Ending cash was $587.6 and the store balance was
$10.5
Day 6 - Weather was sunny
Starting Inventory: cash = $587.6, pitchers = 3 worth $9.75, mixing spoons = 2 worth $5, drinking cups = 64
worth $1.92, tubs of lemonade mix = 24 worth $12. Purchases charged today are 100 drinking cups for $3, 5
tubs of lemonade mix for $2.5, 3 bags of ice for $5.25. Today sales = $91.8 (153 @ 0.6) out of 176 in 5 hours.
Inventory used 161 drinking cups value at $4.83, 26 tubs of lemonade mix value at $13, 3 bags of ice value at
$5.25. Ending cash was $679.4 and the store balance was $21.25

F. Naz :

Still not clear you have provided balance sheet income statement and ratios to be used as sample or report should be based on these financial statements and ratios already given by you. Or I have to make entries, t accounts, trial balance, income statement, balance sheet, ratios and then to write a report, please clarify, thanks.

Customer :

Page 1
Sample Data from Game
First season
Day 1 - Weather was normal
Partnership formed using $20 cash from each of two partner as initial capital so after forming partnership
starting inventory: cash = $40. Purchases charged today are 1 pitchers for $3.25, 1 mixing spoons for $2.5, 150
drinking cups for $4.5, 15 tubs of lemonade mix for $7.5, 1 bags of ice for $1.75. Today sales = $16.8 (56 @
0.3) out of 98 in 4.25 hours. Inventory used 64 drinking cups value at $1.92, 10 tubs of lemonade mix value at
$5, 1 bags of ice value at $1.75. Ending cash was $56.8 and the store balance was $19.5
Day 2 - Weather was normal
Starting Inventory: cash = $56.8, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 86
worth $2.58, tubs of lemonade mix = 5 worth $2.5. Purchases charged today are 10 tubs of lemonade mix for $5,
1 bags of ice for $1.75.
Today sales = $20.8 (52 @ 0.4) out of 93 in 3.75 hours.
Inventory used 67 drinking cups value at $2.01, 10 tubs of lemonade mix value at $5, 1 bags of ice value at
$1.75. Ending cash was $77.6 and the store balance was $26.25
Day 3 - Weather was sunny
Starting Inventory: cash = $77.6, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 19
worth $0.57, tubs of lemonade mix = 5 worth $2.5. Purchases charged today are 150 drinking cups for $4.5, 15
tubs of lemonade mix for $7.5, 1 bags of ice for $1.75. Today sales = $28 (56 @ 0.5) out of 105 in 3.5 hours.
Inventory used 64 drinking cups value at $1.92, 10 tubs of lemonade mix value at $5, 1 bags of ice value at
$1.75. Ending cash was $105.6 and the store balance was $40
Day 4 - Weather was normal
Paid store charge account balance of $40. Starting Inventory: cash = $65.6, pitchers = 1 worth $3.25, mixing
spoons = 1 worth $2.5, drinking cups = 105 worth $3.15, tubs of lemonade mix = 10 worth $5. Purchases
charged today are 15 tubs of lemonade mix for $7.5, 1 bags of ice for $1.75. Today sales = $31.2 (52 @ 0.6) out
of 100 in 4.75 hours. Inventory used 63 drinking cups value at $1.89, 10 tubs of lemonade mix value at $5, 1
bags of ice value at $1.75. Ending cash was $96.8 and the store balance was $9.25
Day 5 - Weather was normal
Starting Inventory: cash = $96.8, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 42
worth $1.26, tubs of lemonade mix = 15 worth $7.5. Purchases charged today are 1 pitchers for $3.25, 150
drinking cups for $4.5, 5 tubs of lemonade mix for $2.5, 2 bags of ice for $3.5. Today sales = $40.8 (68 @ 0.6)
out of 125 in 5 hours. Inventory used 83 drinking cups value at $2.49, 14 tubs of lemonade mix value at $7, 2
bags of ice value at $3.5. Ending cash was $137.6 and the store balance was $23
Day 6 - Weather was normal
Starting Inventory: cash = $137.6, pitchers = 2 worth $6.5, mixing spoons = 1 worth $2.5, drinking cups = 109
worth $3.27, tubs of lemonade mix = 6 worth $3. Purchases charged today are 25 tubs of lemonade mix for
$12.5, 2 bags of ice for $3.5. Today sales = $48.3 (69 @ 0.7) out of 132 in 4.75 hours. Inventory used 74
drinking cups value at $2.22, 13 tubs of lemonade mix value at $6.5, 2 bags of ice value at $3.5. Ending cash
was $185.9 and the store balance was $39
Page 2
Journal generated from Sample Data on Page 1
Journal First Season
Debit Credits
Date Description Account Amount Account Amount
1 Form Partnership Cash $ 40.00 Owner Equity $ 40.00
1 Buy 1 pitchers & 1 spoon Equipment $ 5.75
Account
Payable $ 5.75
1 Purchase supplies Inventory $ 13.75
Account
Payable $ 13.75
1 Sold 56 @ 0.30 Cash $ 16.80 Revenue $ 16.80
1 Supplies used Expenses $ 8.67 Inventory $ 8.67
2 Purchase supplies Inventory $ 6.75
Account
Payable $ 6.75
2 Supplies used Expenses $ 8.76 Inventory $ 8.76
2 Sold 52 @ 0.40 Cash $ 20.80 Revenue $ 20.80
3 Purchase supplies Inventory $ 13.75
Account
Payable $ 13.75
3 Sold 56 @ 0.50 Cash $ 28.00 Revenue $ 28.00
3 Supplies used Expenses $ 8.67 Inventory $ 8.67
4 Paid Store Account
Account
Payable $ 40.00 Cash $ 40.00
4 Purchase supplies Inventory $ 9.25
Account
Payable $ 9.25
4 Supplies used Expenses $ 8.64 Inventory $ 8.64
4 Sold 52 @ 0.60 Cash $ 31.20 Revenue $ 31.20
5 Buy 1 pitchers Equipment $ 3.25
Account
Payable $ 3.25
5 Purchase supplies Inventory $ 10.50
Account
Payable $ 10.50
5 Supplies used Expenses $ 12.99 Inventory $ 12.99
5 Sold 68 @ 0.60 Cash $ 40.80 Revenue $ 40.80
6 Purchase supplies Inventory $ 16.00
Account
Payable $ 16.00
6 Supplies used Expenses $ 12.22 Inventory $ 12.22
6 Sold 45 @ 0.70 Cash $ 48.30 Revenue $ 48.30
Total Debits $ 404.85 Total Credits $ 404.85
Page 3
Sample T Accounts for Season One using the Journal on Page 2
Cash Account Payable
Day Description Debit Credit Day Description Debit Credit
1 Form Partnership $ 40.00 1
Buy 1 pitcher & 1
spoon $ 5.75
1 Sold 56 @ 0.30 $ 16.80 1 Purchase supplies $ 13.75
2 Sold 52 @ 0.40 $ 20.80 2 Purchase supplies $ 6.75
3 Sold 56 @ 0.50 $ 28.00 3 Purchase supplies $ 13.75
4 Paid Store Account $ 40.00 4 Paid Store Account $40.00
4 Sold 52 @ 0.60 $ 31.20 4 Purchase supplies $ 9.25
5 Sold 68 @ 0.60 $ 40.80 5 Buy 1 pitchers $ 3.25
6 Sold 45 @ 0.70 $ 48.30 5 Purchase supplies $ 10.50
Total $ 225.90 $ 40.00 6 Purchase supplies $ 16.00
Cash $ 185.90 Total $40.00 $ 79.00
Account Payable $ 39.00
Inventory Revenue
Day Description Debit Credit Day Description Debit Credit
1 Purchase supplies $ 13.75 1 Sold 56 @ 0.30 $ 16.80
1 Supplies used $ 8.67 2 Sold 52 @ 0.40 $ 20.80
2 Purchase supplies $ 6.75 3 Sold 56 @ 0.50 $ 28.00
2 Supplies used $ 8.76 4 Sold 52 @ 0.60 $ 31.20
3 Purchase supplies $ 13.75 5 Sold 68 @ 0.60 $ 40.80
3 Supplies used $ 8.67 6 Sold 45 @ 0.70 $ 48.30
4 Purchase supplies $ 9.25 Total $ - $ 185.90
4 Supplies used $ 8.64 Revenue $ 185.90
5 Purchase supplies $ 10.50
5 Supplies used $ 12.99
6 Purchase supplies $ 16.00
6 Supplies used $ 12.22
Total $ 70.00 $ 59.95
Inventory $ 10.05
Equipment Expenses
Day Description Debit Credit Day Description Debit Credit
1
Buy 1 pitchers & 1
spoon $ 5.75 1 Supplies used $ 8.67
5 Buy 1 pitchers $ 3.25 2 Supplies used $ 8.76
Total $ 9.00 $ - 3 Supplies used $ 8.67
Equipment $ 9.00 4 Supplies used $ 8.64
5 Supplies used $12.99
6 Supplies used $12.22
Total $59.95 $ -
Expenses $59.95
Page 4
Sample Reports for Lemonade Stand generated from T Accounts on Page 3
Balance Sheet for Day 6 of Season One
Assets
Cash $ 185.90
Inventories $ 10.05
Equipment $ 9.00
Total Assets $ 204.95
Liabilities
Account Payables $ 39.00
Total Liabilities $ 39.00
Equity
Owner Capital $ 40.00
Retain Earnings $ 125.95
Total Equity $ 165.95
Total Equity & Liabilities $ 204.95
Income Statement For Season One
Revenue $ 185.90
Expenses $ 59.95
Earnings $ 125.95
Statement of Owner's Equity Ending Day 6 of Season One
Partnership, Capital, Day 0 $ -
Plus
Investment by Owner $ 40.00
Earnings $ 125.95
$ 165.95
Less Withdrawals by Owner $ -
Partnership, Capital, Day 6 $ 165.95
Statement of Cash Flows for Season One
Cash flow from Operation
Revenue $ 185.95
Account Payables $ (40.00)
Net cash provided by operations $ 145.95
Cash flow from Financing
Investment By Owners $ 40.00
Net cash provided by financing $ 40.00
Net increases in cash $ 185.95
Cash Day 0 0
Cash Day 6 $ 185.95

Customer :

hi

F. Naz :

I am opting out so other expert may help you, as I am not picking what is to be done exactly, thanks.

Expert:  Josie-Mod replied 1 year ago.
Hi, I’m Josie a moderator for this topic. It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

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Customer: replied 1 year ago.

no i did not got an answer, as yet and its due tomorrow


 

Expert:  Josie-Mod replied 1 year ago.
Hello

Thank you, XXXXX XXXXX continue to look for a professional to assist you. We can not predict or guarantee response time, just because the volume of questions, number of professionals online, complexity of questions, and other factors vary. Please let me know if I can be of any further assistance while you wait.

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Customer: replied 1 year ago.

I need this paper today, so if i will not have by 11; 50 its ok.

Customer: replied 1 year ago.

i need an economic summary report (plus income & expense report and balance sheet both with all appropriate ratios) presenting the economic viability of the Lemonade Stand Business.

base on the the information

 

 

Notes for Economic Profit Report

Implicit Revenue includes $50 for the value of being one own boss for each season plus
$25 for season one for learning about running a business. (In your report these need to
be justified.)

Implicit epenses are the number of hours worked times $6 for season one, $6.50 for
season two, and $7.25 for season three. (In your report these need to be justified.)

Explicit Revenue is the same as Revenues from the “Accounting” Income Statement.

Explicit Expenses is the same as Expenses from the “Accounting” Income Statement.

Customer: replied 1 year ago.
can I get the report and a memo of 150 words by Thursday 10pm please
Expert:  Angela--Mod replied 1 year ago.

 

Thank you for your patience while we continue to search for a professional to assist you. I have marked your question high priority and you’ll receive an email notification as soon as you have a new reply.

Customer: replied 1 year ago.
I would like to get a my report and memo by the due date thank which is Thursday 10pm
Expert:  Josie-Mod replied 1 year ago.
Hello

I'm sorry to say we have exhausted all our efforts at this time to find the right professional to assist you with your question.

While we were not able to assist you with this question, please keep in mind that JustAnswer and Pearl.com have multiple categories, from Cars to Home Improvement, to assist you with any lingering question you may need answered.

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Thank you,

Josie~Moderator

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