It is spring of 2020, you have not been able to find work As a clever...

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Accounting

It is spring of 2020, you have not been able to find work As aclever forward-looking business student, you have decided to getexperience by starting and operating your own business, a lemonadestand you have named “spring cookie”. In your planning you haveidentified that there is potential to build a sustaining company,and as such you set up an accounting system and formal businessstructure and you have no business partners.
Set up all the required Financial Statements, with properformatting
show the equation structure for each, and give examples of allaccounting items that will likely be included in each statement
also, Pick an option for your business for "spring cookie" andsupport your reasoning for why it is most appropriate?
you will have to follow IFRS or ASPE and why?

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3.9 Ratings (407 Votes)

Financial statemens as per IFRS Continuing operations Revenue Revenue from lemonade sale a Cost of sales of goods Cost of materialslemons sugar salt water soda ice b Cost of providing services Labor costs c Gross profit d abc Distribution costs packagings of lemondaeglass straws e Administrative expenses Electricity accounting rent stationerydepreciation of equipments etc f Net impairment losses on financial and contract assets NA g Other income rent interest sale of assets etc h Other gainslosses net NA i Operating profit jdefghi Finance income Interest of investments if any k Finance costs Cost of borrowed funds for starting business l Finance costs mkl Share of net profit of associates and joint ventures accounted for using the equity method NA as newely started business n Profit before income tax ojmn Income tax expense p Profit from continuing operations qop Profit from discontinued operation NA as new business there are no other segments r Profit for the period sqr Other comprehensive income income from gain of See Answer

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