(DAY 1 in computer lab) Page 1B:
This practice SAE is an example of entrepreneurship; therefore (if it were completely real), you would have received all income while also being responsible for all expenses. Change everything to 100% to reflect that you are responsible for earning and spending everything. Start date should be set as Jan. 1 and end date as Dec. 31. (record books run for one calendar year, even if you only actually did the SAE for a month or two). We will update this record book again as we progress with the lip balm.
List at least 2 entries under “school instruction.” These entries should be about learning about records, finances, etc. School year is 2010. Use one hour for each entry.
List at least 3 entries under planned activities. You should be able to find planned activities on your planning assignment sheet. (#7-step 1, step 2, etc.).
All information for this page is found on your planning assignment sheet. Under “products to be sold or used”, enter 1,280 in the quantity and $1 for the price. Leave the other income lines blank. In the expenses column, change both operating and fixed expenses to reflect our specific operating and fixed expenses. You should have 3 operating and 2 fixed. For “value,” enter the total cost of each expense.
Pages 3B and 4B:
These pages are for placement SAEs only (to be filled out with worksite info, supervisor info, etc.). This Practice SAE is supposed to be entrepreneurship, so leave these pages blank.
You should only have 2 entries so far: what did we do on day 1 (Monday, March 22)? And what did we do on day 2 (Tuesday, March 23)?
This is where you fill-in total hours for the end of the month. Since we are not yet at the end of this month, leave this page blank for now.
This is where you enter your actual expenses. In this case, our actual expenses are exactly what we predicted they would be when we set up the budget. Again, use the info on your planning assignment sheet. First, edit “caption 1” to say “supplies.” Don’t bother with the other captions. Then, click on “add record.” For date of expense, use March 17 (the day we set-up our budget) for all entries. On the drop down list, choose “cash-operating expenses” (the first one listed). Under “detailed description” list one operating expense at a time. For example, the first one should be “tube containers for lip balm.” Leave “no.” and “lbs.” blank and fill-in the TOTAL cost under supplies. For example, the tube containers had a total cost of $256. Do the same thing for your other two operating expenses.
Non-Depreciable items are supplies you own that help with your business, but aren’t “big” enough to be subject to depreciation. In this case, we have two items that should be in our inventory: the electric burner and the measuring items. They did not get “used up” during production, we still own them and can use them again. This is the start of the year, we are not at the end of the year, so ignore the end of the year entry area. The point is to see how your inventory changed from the start of the year to the end of the year. So, after clicking on “Add record” choose “supplies.” Enter one item at a time under “item description”. Use only the “quantity” and “price/unit” cells.
Stop here. No other entries for today. We will add more as the lip balm practice continues.