Fast forward a few months.Your friend asks you how your business is doing and you are unsure how exactly to answer. In fact, you are not necessarily sure how your business is going since you are so new to this! This part of the project will help you to organize your thoughts and come up with a more formalized process for financial reporting and demonstrate your success (or lack thereof!).
Determine a way to determine profit and financial position for your hot dog business. Expand your Excel spreadsheet from Part 1 of the hot dog project by adding an additional tab in the excel workbook. There is no specific format for this. Data should be reasonable based on your projections from Part 1 and include all expenses. Your grade is not dependent on whether you are making a profit.
Use the momentum from the discussion forums from Week 6 and Week 7 where we collectively brainstormed methods of (a) if the business was profitable and (b) how to measure profitability in a professional format.
Include a narrative summarizing your findings in a professional manner.
This part of the project should be approximately 2 – 4 pages including the financial statements.