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Accounting Summary Report

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Submitted By AngeliqueGares
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Accounting Summary Report
Angelique Gares
BUS599 Introduction to Quantitative Principles
Dr. Raju Singh
April 12, 2010

This report is the study of a six day season of a company Tropical Thirst’s lemonade stand and to create a journal of its transactions and produce an income statement and balance sheet into the operation of the business. The summary report will explain the nature of the business based on the number as it relates to the health of the operation. Based on the findings of the report, there are some recommendations as to how to best improve the operations of the business that is can be more successful. Tropical Thirst is a two person partnership with an initial capital of $20.00 each primarily for the sale of lemonade refreshing drinks.
The transaction in the journal tells whether it’s an income statement account or a balance sheet amount. For example anything that is cash inventory, purchase of an asset, example equipment, are permanent account that goes into the balance sheet. The transactions then include revenue and expenses, example supplies used are temporary accounts that form the income statement.
The income statement reports a company’s revenues and expenses along with the resulting net income or loss ( cited in ROSS. Custom book for Ashford: BUS599: MBA Essentials. McGraw-Hill. pg. 27). From the company income statement, they generated revenues of $185.90 from a six day period from a total expense and supplies of $59.95 and produce a total net income of $125.95. The balance sheet reveals that, Tropical Thirst Corporation started with a capital of $40.00 and an initial investment of $9.00 in equipment and $10.05 in inventory over the 6 day operation. The corporation generated $185.90 in cash and had an accounts payable of $39.00 and retained earning of $125.95. The balance sheet showed that from the corporation operation the total...

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