Seattle approves $15 minimum wage

originally posted by: Phage
a reply to: KnowledgeSeeker81
You're missing my point.
Go ahead any move advertising to non-controllable expenses. It doesn't change the bottom line. I'm don't really see why you're making such a big deal about what line it appears on.

Ask the IRS if it matters...it really does

Instead of linking pictures to people that do studies tell me how many of these monthly P&L reports you have actually done.

He is an accountant who has worked in the restaurant business for a long time. He consolidates information given to him by franchisees.

I've done my share of auditing and producing monthly financial statements. I have always calculated and made monthly adjusting entries myself. My books were reviewed on an annual basis by the CPA

Your CPA (not THE CPA) only reviewed your books annually? Really? Who did your monthly and quarterlies?

. Not in the restaurant business though, construction. How are you on work in progress adjustments? They can be tricky.

Work in progress? I would guess that would lean more towards the corporate direction after co-op meetings and feedback. They never go in the franchisees way and always favor the corporation itself....but the corporation is kinda the one that did the work to establish the name. People wouldn't franchise if it wasn't profitable, and after seeing the potential profit based on the premise that its "entry level" work they can exceedingly profit off, well they suck it up at those "progress adjustment" meetings and pass that proverbial crapped on buck to the worker AND the patron, only ensuring they do not lose a single dime at the expense of everyone bu themselves. Make no mistake I've had this exact conversation with my boss, and I accept the fact that since I don't have the finances to create my own entity, I will work most of my life trying to achieve it.

Like many employees of fast food jobs, I'm over-qualified but have no certificates saying I am, I can't afford them. I don't have a wealthy family, I don't have access to grants or education funding (which I don't need, I just need the paper saying I know it). It is more than ignorant to think ANY successful corporation could succeed without a strong employee base.

a reply to: ldyserenity

On the disagreement sentiment would you be more intrigued to apply for an 8 dollar an hour job that is hiring or a 10 dollar an hour job that is hiring for the same work. The 10 dollar an hour job gets more applicants therefore statistically providing more qualified successful employees. You know the interview process, if you are good you get hired or at least called for a 2nd interview. If you aren't, well thanks for your time.

a reply to: KnowledgeSeeker81

Ask the IRS if it matters...it really does

Operating expenses are operating expenses. How they are classified internally doesn't matter to the IRS.

Your CPA (not THE CPA) only reviewed your books annually? Really? Who did your monthly and quarterlies?

The CPA. The Certified Public Accountant who we were working with for more than twenty years. The Certified Public Accountant who was an owner and president of his accounting firm. Yes, an annual review. I did all the monthly and quarterly reporting, tax filing, handled insurance and union audits. The whole ball of wax. The stuff that most controllers do.

Work in progress? I would guess that would lean more towards the corporate direction after co-op meetings and feedback.

No. It has to do mostly with billings over and under costs and earned revenue. Balance sheet adjustments.

originally posted by: Phage
a reply to: KnowledgeSeeker81

Ask the IRS if it matters...it really does

Operating expenses are operating expenses. How they are classified internally doesn't matter to the IRS.

Again, it really does www.bizfilings.com...

Your CPA (not THE CPA) only reviewed your books annually? Really? Who did your monthly and quarterlies?

The CPA. The Certified Public Accountant who we were working with for more than twenty years. The Certified Public Accountant who was an owner and president of his accounting firm. Yes, an annual review. I did all the monthly and quarterly reporting, tax filing, handled insurance and union audits. The whole ball of wax. The stuff that most controllers do.

Usually "the" CPA is referred to as 'MY" CPA. You are comparing construction costs/contracts to a day-to-day turn-key op expense in the food industry, not even slightly ranking in comparison.[b/]

Work in progress? I would guess that would lean more towards the corporate direction after co-op meetings and feedback.

No. It has to do mostly with billings over and under costs and earned revenue. Balance sheet adjustments.

That again would be the perspective from a construction overview, and the last I checked usually construction doesn't happen in a day (unless you do this rt.com... The food industry is quite different. It is daily, unpredictable, and profitable.

originally posted by: Phage
The stuff that most controllers do.

I just noticed, and this is the most disturbing statement I've EVER seen phage make

Hitler also believed that individuals within a nation battled with each other for survival, and that such ruthless competition was good for the health of the nation

So he was a Republican?!

a reply to: KnowledgeSeeker81

Again, it really does www.bizfilings.com...

That says nothing about internal classification. As far as the IRS is concerned advertising expenses are listed under advertising expenses. There is no classification for controllable or uncontrollable expenses on IRS forms.

Usually "the" CPA is referred to as 'MY" CPA.

Not usually, not for me. Sort of a silly position to be arguing though.

You are comparing construction costs/contracts to a day-to-day turn-key op expense in the food industry, not even slightly ranking in comparison.

Yes, I know. That's what I said "Not in the restaurant business though, construction."

The food industry is quite different. It is daily, unpredictable, and profitable.

Quite different, no doubt. But accounting principles don't vary much (good old GAAP) and construction is also quite profitable. Also, everyone gets substantially more than minimum wage.

a reply to: KnowledgeSeeker81

Yeah. Accounting can be terrifying.

The best thing about raising the minimum wage is the magic that is used to keep operating cost from being transferred to the consumers and the minimum wage earners.

The second best thing is: business hate taking advantage of a situation to get a little extra profit when having to raise prices.
I'm sure they would only increase the prices of their product based solely on the minimum wage increase and not add any extra padding.
Plus if they added any extra padding it would cut the middle class and the just slightly above the minimum wage earners buying power , as they don't get comparable salary hikes. While the minimum wage earners maintain at best the same buying power.
Luckily keeping it fair for the consumers is a business owners most important concern even over profit margin.


Luckily we got both: magic and business owners that care more about the just above minimum wage earners and the middle class than money. What an easy and great gift for the low income earners and middle class.



The only part I don't understand is why stop at 15? After all, we got magic and consumer advocate business owners who rather help consumers than make a little extra buck. Surely they could handle 20 or maybe even 30 bucks an hour minimum with magic?

originally posted by: Phage
a reply to: KnowledgeSeeker81

Again, it really does www.bizfilings.com...

That says nothing about internal classification. As far as the IRS is concerned advertising expenses are listed under advertising expenses. There is no classification for controllable or uncontrollable expenses on IRS forms.

Until you are audited and have to show those additional marketing expenditures, or that $150 at the bar.... I know right? It's just a technicality.

Usually "the" CPA is referred to as 'MY" CPA.

Not usually, not for me. Sort of a silly position to be arguing though.

You've had the same CPA for 20 years and don't refer to him as "your" CPA? I wouldn't be offended in his position as she/he's getting paid for their service, but recognition goes a way. Word-of-mouth IS the best free advertisement. As your 20-year accountant i would hope you would refer me, and "the" CPA doesn't do that by any means.

You are comparing construction costs/contracts to a day-to-day turn-key op expense in the food industry, not even slightly ranking in comparison.

Yes, I know. That's what I said "Not in the restaurant business though, construction."

That's why I'm calling you out Phage. you are referencing P&L mock charts that don't include actual need-to-know info, compared to my first hand knowledge for over a decade.

The food industry is quite different. It is daily, unpredictable, and profitable.

Quite different, no doubt. But accounting principles don't vary much (good old GAAP) and construction is also quite profitable. Also, everyone gets substantially more than minimum wage.


They vary substantially when your product of sale includes customer service. THAT IS THE HUGE DIFFERENCE FROM CONSTRUCTION. You are barking up the tree you have no knowledge of, throw one of your construction guys in a customer service oriented position and see how that goes.

ALL wage increase costs can be covered by a SMALL price increase, that goes for any business. It's a question of HOW greedy as an owner are you

a reply to: KnowledgeSeeker81

Until you are audited and have to show those additional marketing expenditures, or that $150 at the bar.... I know right? It's just a technicality.

Which has nothing to do with "controllable" or "uncontrollable" costs.

You've had the same CPA for 20 years and don't refer to him as "your" CPA? I wouldn't be offended in his position as she/he's getting paid for their service, but recognition goes a way.

It depends on the context. Usually I refer to him as Carl. You really think this really has something to do with the topic?

That's why I'm calling you out Phage. you are referencing P&L mock charts that don't include actual need-to-know info, compared to my first hand knowledge for over a decade.

You are nitpicking about internal classifications.

They vary substantially when your product of sale includes customer service. THAT IS THE HUGE DIFFERENCE FROM CONSTRUCTION. You are barking up the tree you have no knowledge of, throw one of your construction guys in a customer service oriented position and see how that goes.

Agreed. Put one of your customer service guys on a D8 and see how that goes. Give me a look at your financials and I'll tell you your company's financial status. Give me a week and I'll handle your payroll, AP, AR, and taxes. I'm not saying that there are other aspects of your job that would be as easily assimilated or that your situation would be different in my position.

ALL wage increase costs can be covered by a SMALL price increase, that goes for any business. It's a question of HOW greedy as an owner are you

Ok, like the man said. Lets raise the minimum wage to $40 then.

a reply to: Phage

Solar, Wind etc. Technologies should provide for the basic requirements of life. Any additional purchasing power beyond a monthly allowance for (entertainment, luxuries, etc) can only be afforded by those who choose to work (maintaining the grid, teaching, asteroid defense).

Purchasing power should only relate to luxuries. Bare life essentials would be a right. Population limit could be bought out of if you provide enough service or collect enough purchasing points by providing artwork/music etc that people would be willing to spend their allowances/earnings on.

The ideal society is not that far away.

originally posted by: Phage
a reply to: KnowledgeSeeker81

Until you are audited and have to show those additional marketing expenditures, or that $150 at the bar.... I know right? It's just a technicality.

Which has nothing to do with "controllable" or "uncontrollable" costs.

When you get audited, yes...yes it does Phage, c'mon you HAVE to know that

You've had the same CPA for 20 years and don't refer to him as "your" CPA? I wouldn't be offended in his position as she/he's getting paid for their service, but recognition goes a way.

It depends on the context. Usually I refer to him as Carl. You really think this really has something to do with the topic?

More a reference to how you automatically have assimilated your personal CPA to a business expense. If you can't reference a personal friend, well

That's why I'm calling you out Phage. you are referencing P&L mock charts that don't include actual need-to-know info, compared to my first hand knowledge for over a decade.

You are nitpicking about internal classifications.
Not at all, I don't even understand your mindset here. I am referencing you my knowledge of before and after profit levels. I've done this stuff for years, but I don't have a school that says I did.

They vary substantially when your product of sale includes customer service. THAT IS THE HUGE DIFFERENCE FROM CONSTRUCTION. You are barking up the tree you have no knowledge of, throw one of your construction guys in a customer service oriented position and see how that goes.

Agreed. Put one of your customer service guys on a D8 and see how that goes. Give me a look at your financials and I'll tell you your company's financial status. Give me a week and I'll handle your payroll, AP, AR, and taxes. I'm not saying that there are other aspects of your job that would be as easily assimilated or that your situation would be different in my position.

Train me a full 80 hour week on that D8 and I'll be able to train another. I can't make that guarantee with low wage labor though, as integrity is sacrificed. you though, as the owner don't care about that cost.

ALL wage increase costs can be covered by a SMALL price increase, that goes for any business. It's a question of HOW greedy as an owner are you

Ok, like the man said. Lets raise the minimum wage to $40 then.

Sensational a bit? Lets raise it to $15 and see where it goes

a reply to: BlubberyConspiracy

TANSTAAFL

a reply to: KnowledgeSeeker81

Sensational a bit? Lets raise it to $15 and see where it goes

Done...in a few years.

The experiment is afoot...in a city that invented the $5 cup of coffee.

originally posted by: Phage
a reply to: KnowledgeSeeker81

Sensational a bit? Lets raise it to $15 and see where it goes

Done...in a few years.

The experiment is afoot...in a city that invented the $5 cup of coffee.

I bet it goes good, just like that $5 a cup coffee company

a reply to: interupt42

is your post all sarcasm or just partial? The suffering franchisees are still making well while the employee files for benefits

originally posted by: KnowledgeSeeker81
a reply to: interupt42

is your post all sarcasm or just partial? The suffering franchisees are still making well while the employee files for benefits

Pretty much all of it.

The amount of dollars you make is not as relevant as the buying power of the dollar.

Raising the minimum wage is just political B$ and only brings the middle class and the near minimum wage earners 15.01 + closer down to the minimum wage earners . Not the other way around.

1. The end result will be the existing minimum wage earners buying power will at best stay the same after business increase prices to account for the overhead increase.

2. The middle class and the just above the 15.01 + minimum wage earners will loose buying power because their wages will not be increased in proportion to the price hikes.

3. The upper class who are mostly the business owners will not only compensate for the hourly wage increase but will also add a little extra.

Most business owners are aware that customers don't like price hikes and when they need to raise prices they make sure to add some extra to minimize the frequency of doing it. In addition , most customer will be more understanding of the price hikes due to the wage increase.Hence they will take advantage of that.

This will also further impact the middle class buying power because not only did their wage not go up proportional but prices also went up a higher.

While the lower earners lose some buying power because the products they buy not only went up in price to make up the wage increase but because a little extra was added.

The upper class makes a little extra buying power because they not only passed cost of doing business to the consumer but they added a little extra. In addition as the gap between the middle class and the low income earners closes in the upper class will get more buying power .

a reply to: interupt42

I applaud your capitalistic mindset as a business owner. Get rich and while the public isn't looking get richer. How will your business run with no employees?

a reply to: Phage

Haha, I had to look up what that meant but that is the truth.