Accounting Summary Report

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

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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

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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