The information illustrated from the newspaper, to the income statement, to the balance sheet reveals the original expenses of the fixed assets of the lemonade stand and the accumulated financial loss transcribed during the first season, which includes six days of income and expenses, showing the standard practices of accounting methods that appear in the attached journal, income statements and balance sheet for the Lemonade stand. The accounting data format establishes a part of the financial statement at any time when the company wants to know how things stand in tax matters for the lemonade stand. For almost all businesses, a financial statement is prepared at some point in each calendar month, quarter, and annual reporting period. For the purposes of the Lemonade stand, the financial statement will be prepared on the 6th day of the season, which is the closing period and close of business on the last day of the earnings reporting period. So, for all purposes of the Lemonade stand, the company's balance sheet should be in line with the income statement. There are a couple of formal accounting systems practices or methods to track the financial status of the Lemonade stand, which is called cash. and accrual-based accounting system. Cash accounting recognizes transactions when cash is exchanged. Even a small business like the Lemonade stand with relatively few transactions each month can use this system. For the purposes of this document, the accrual method of accounting was used to demonstrate the location of the Lemonade stand. Accrual accounting realizes revenues when they are earned and expenses when they are incurred. With the accrual method, an invoice like that of the ac shop...... half of the paper... method to have more than one jug. Launchers were an unnecessary purchase from the perspective of purchasing excessive amounts of equipment. From a revenue versus expense perspective, Lemonade's position proved to be profitable, leaving a net income and profit from the beginning to the end of the reporting period. Accounts payable uses half of the owner's equity, which was helpful because the money was money invested to start the business, which reduces the amount of liabilities presented on the balance sheet. Overall, Lemonade's booth was successful. From the first to the third day, the stores' closing balances and cash balances continue to increase. On the fourth day, the stand paid the store's bill reducing the revenue for that day. On the fifth and sixth day, cash sales for those days increased and expenses decreased by 3 cents, which was smaller but helpful to revenue.