Assignment Task:
Task:
Weston Franklin discovered he had a skill and fondness for developing great lawns at an early age. Helping Dad with mowing and tree-pruning was his top hobby going up, but gardening with Mom was a close second. By grade 10, Weston was earning great money maintaining lawns around the neighbourhood.
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Get Help Now!Weston is now 18 and he has decided not to go to college despite protests from his family members. Instead, he will follow his passion and attempt to grow his business. He knows that he is already too busy to keep up with all his customers’ requests, so he will need to train someone to help out.
Luckily, his friend Devon is interested. He isn’t sure about going to college and has agreed to quit his job as a salesperson to work with Weston. They have already discussed working together for a while until Devon learns the trade, then splitting up so they can tackle different projects individually.
Weston has offered an hourly rate of $16 while they work together and subsequently $20 per hour when Devon completes projects on his own. Weston even has plans to get Devon training other people eventually, so the process of onboarding new employees isn’t completely on him!
Weston currently has $5,000 in a 2.25% savings account and he plans to use most of the money to buy equipment for Devon to use (he isn’t sure which purchases he should prioritize). He also wants to invest in marketing to attract clients in ways other than repeat business and word-of-mouth.
Here is a list of new tools Weston is considering (he understands the tools would likely be used beyond one year but there is uncertainty with Devon sticking with him long-term). The expected income increase does NOT include the capital cost of the asset itself (ex. a $500 income increase for a $500 asset purchased this year would mean a net zero cash flow for the year):
Tool Cost Expected increase in annual income
Push lawnmower $500 $200
Electric hedge trimmer $100 $80
Riding lawnmower (used) $2,000 $1,200
Work truck (used) $3,000 $1,000
Power washer $200 $200
Small box of common tools $150 $75
Electric leaf blower $400 $250
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