Question

Juliette's Lemonade Stands The Background: In the upcoming summer, thirteen-year-old Juliette wanted to make some cash the old-fashioned way: by getting someone else to earn it for her. Who better than her two younger brothers Victor and Sam? After all, they were eager and would work for chocolate. Who knows, maybe her parents would even pay to get rid of them engage the boys in some intellectual activity... Planning for Lemonade Season: Juliette decided to withdraw $300 from her savings account to start two lemonade stands, one each for Victor and Sam. She spent $60 each on two used tables, which had about six seasons remaining. She bought packages of cups and lemonade mix. Juliette also spared no expense to secure two high-quality glass pitchers at a cost of $42 total. The pitchers should last three seasons, or at least that's what the ad said. She skipped buying chairs figuring the boys could stand for a good two hours without complaint or permanent back problems. She also figured she would have to pay them $2 each day they decided to work (yes, violating every child labor law in existence, but she was only 13 and unlikely to see hard jail time). Since each stand would be within walking distance of their home, they could get ice from the freezer as needed, and retrieve water from the garden hose out front. Victor's Set-Up: She set Victor's lemonade stand up first and provided him with 100 plastic cups (cost of $5 total) and four pounds of lemonade mix (cost of $20 total), and she gave him a table and a pitcher. He also got $10 in cash to use for change. Walking away, she was confident that her $116 investment would pay off. As soon as Juliette rounded the corner, Victor called for their mommy and asked to borrow $7 to buy a big umbrella to shelter his delicate skin from the harmful UV rays. Victor is now officially ready for Lemonade Season. Sam's Set-Up: Juliette next turned her sights to Sam's lemonade stand, which would be around the corner. Since he was younger, she only provided him with 50 plastic cups (costing $3 total), and two pounds of lemonade (cost of $10 total). She provided him with his table and glass pitcher. She then gave him only $2 to use for change because she didn't trust him with the cash. She was glad she'd only got $96 invested into Sam's lemonade stand as she didn't think he was going to work very hard. On the other hand, she figured people might buy more junk from younger kids, so who knows? Sam proceeded to watch his big sister head into the house, stirred up the first pitcher of lemonade, made a big "CONTRIBUTIONS WELCOME" sign, then headed over to his buddy's house to play. Of course he poured a couple of cups for the road - after all, they might get thirsty. Juliette hid the remaining money under her mattress just in case it was needed for a good reason in the first couple weeks of the season, then put on her bathing suit. As she headed to the beach with her friends, Juliette couldn't help but wonder if she should have left her hard-earned money in the bank, earning 5% interest guaranteed.
Please explain how to make the balance sheets for post seasons and the income statments

Answer 1

Pre Season Balance sheet

Victor Balance sheet ( Pre season)

Asset	Liability & Owners Equity
Umbrella 7 Table 60 Glass pitcher 21 Inventory 100 Plastic cups 5 Four Pound Lemonade mix 20 Cash in hand 10	Loan from Julliete 123
Total 123	Total 123

Sam Balance sheet ( Pre Season)

Assets	Liability & Owners Fund
Table 60 Glass Pitcher 21 Inventory 50 Plastic Cups 3 2 Pounds Lemenode 10 Cash in Hand 2	Loan From Julliette 96
Total 96	Total 96

Victor Income Statement

Expenses	Income
Opening Stock 100Plastic Cups 5 4 Pounds Lemonade 20 Net profit 210.5	Sales 90 Cups @ 2 each 180 Closing Stock 10 Plastic Cups 0.5 1 pound Lemonade 5 Income per day from Julieete 50
Total 235.5	Total 235.5

Sam Income Statement

Expenses	Income
Opening Stock 50 Plastic Cups 3 2 Pounds of Lemonade 10 Pintcher was loss 21 Provision for loss 60 (Opening cash + total sale - + income per day received Amount taken by Julliette for pizza - Closing cash) Payment to Neighbour 4 Depreciation for Table 20 (60*1/3) Loss of Stock ( 5 Cups) 0.3 Profit 65	Sales 45 Cups of Lemonade 153 Closing Stock 5 Cups 0.3 Salary per day from Julliette 30
Total 183.3	Total 183.3

Victor Balance Sheet ( Post Season)

Assets	Liability & Owners Equity
Table 60 Glass Pitcher 21 Umbrella 7 Closing Stock 10 Plastic Cups 0.5 1 Pound of Lemonade 5 Income per Day Receivable 50 Cash in Hand 160 Debtors 20	Loan From Julieete 113 123-4-6 Profit from season 210.5
Total 323.5	Total 323.5

Sam Balance Sheet ( Post Season)

Assets	Liability & Equity Funds
Table 40 Cash 117	Loan From Julieette 88 96-8 ( For Pizza) Profit 65 Liability For Neighbours 4
Total 157	Total 157