Project #105760 - Hot Dog Brainstorm #2 - How Does Frank Know If He is Making Money

Lucky # 7...welcome!
 

I thought you would appreciate this infographic to help nail down the concept for this week.  We have all heard of depreciation and typically hear the adage "the car depreciates by XXX% as soon as you drive it off the lot!". However, the concept of depreciation is based on the accounting principle that deals with "matching". We need to match the expenses of the company with the revenues to which they directly (or indirectly) contribute. While this chapter and this accounting concept is not unique to cars, it is good to help us get our head around the different methods of depreciation that will be introduced.  This topic is typically more interesting than some of the others you will encounter in the accounting forum. Let's take that carrot and let it carry us through this week and into the next!

If needed, we will continue our discussion around the expenses for hot dog cart projects. Reminder: Six months have gone by and Frank is doing pretty well....he thinks...but when he is asked if he is making any money, he has to stop and consider, "Am I"? We are going to make some assumptions and help him determine whether or not there is a profit. We will take a different approach this week on the grading aspect of this discussion board.  This will be a group effort and as long as the discussion forum is rich and accurate, everyone will get the same (strong) grade!  Now, everyone must participate in order to have access to this shared score. I encourage you to really dig deep into your reservoir of knowledge to see how we can take the first few months of activity and analyze whether or not Frank has turned a profit.  Remember to reach out to me with any questions so I can help you understand what is required! 

 

Conclude the "Hot Dog Brainstorm #2 - How Does Frank know if He is Making Money" Discussion Board Forum

 

Also, my teacher took off points because the last assignment you gave to me didn't have individual expenses. please add those as well.

Continue the discussion with a focus on tracking expenses Identify all of the individual expenses. the attached file is incorporated with this part.

Subject Business
Due By (Pacific Time) 01/30/2016 02:00 pm
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