APPLE CART COMPANY (day #1) (for discussion only; no right or wrong answers; please participate!) This morning you have $12 of your own money in your pocket. You plan to start your own business selling apples from a wagon. First thing, you give your brother $3 to rent his wagon for two days. Next, you buy the 15 best apples at Fred Meyer Grocery; each apple costs $.25. You're ready for business. Setting up outside the Fred Meyer, you price your apples for $.50 each. You advertise to potential customers that your apples are of better quality than those in the store. After a couple hours you have sold 10 apples: 8 apples for cash; and one customer without any money wanted 2 apples, he promised to deliver one dollar tomorrow. You agreed. You've worked hard, so you quit for the day and go home to analyze the day's operations.

QUESTION 1: In your honest opinion, how much "profit" (or loss) should APPLE CART COMPANY report for day #1? Could be at least 5 reasonable answers to the above question. Some reasonable answers are PROFIT values, while other reasonable answers are a (LOSS) values. QUESTION 2: If you are a practicing accountant and following U.S. accounting rules and standards, how much "profit (or loss) should APPLE CART COMPANY report for day #1? For 24 out of 25 accountants working in the U.S., the PROFIT valuation would be