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This 2 page Class Notes was uploaded by Jessie Frank on Sunday March 27, 2016. The Class Notes belongs to MQM 223 at Illinois State University taught by Terry Lowe in Spring 2016. Since its upload, it has received 9 views. For similar materials see Intro to Small Business Management in Business, management at Illinois State University.
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Date Created: 03/27/16
Tuesday March 22, 2016 Chapter 13 Discussed donut shop that is going to open. Our concerns: Traffic. Competition. Only donuts, really? 24 seats. Volume is not there. Accounting Worksheet. Balance sheet and income statement. a. 356,428 – income statement: Sales Rev b. $6,000 – c. $79,300 – BS: current assets d. $105,200 – IS: costs of goods sold e. $149,300 – BS: total assets f. $135,228 – BS: net income g. $85,300 – BS: Total owners’ equity (retained earnings) h. $70,000 – IS: total operating expenses i. $50,000 – BS: Longterm mortgage j. $79,000 – $14,000 = 5.66 a. If 2.0 or higher, then you are in great shape. So yes. Book. Pg. 426 Inflows and Outflows of the business. Good idea to look at Checking Account bank statements. Book. Pg. 431 Breakeven. Basic Breakeven formula: BE (in units) = Fixed Costs (Selling prince per unit –Variable cost per unit) Budgetary Control Worksheet. Chapter 14 Don’t pay your taxes because they are due. Book. Pg.476 – pie chart Next week… we will learn more about how to get money, and where to get it. Thursday March 24, 2016 No Class – Hybrid Day Assignment due on ReggieNet. Work on group projects.
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