Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 6.00

loan outstanding

P6.1You have the following projections about the costs in a family restaurant

for next year:

Net income required: 22% after income tax on the owner’s present

investment of $80,000, income tax rate is 28%.

Depreciation: Present book value (consolidated) of furniture

and equipment is $76,000, depreciation rate is

20%.

Interest: Interest on a loan outstanding of $35,000 is 8%.

Known Costs Variable Costs

Insurance $ 3,000 Food cost, 38% of sales revenue

License 2,500 Wage cost, 34% of sales revenue

Utilities 8,400 Other costs, 12% of sales revenue

Maintenance 3,600

Administration 9,800

Salaries 41,600

a.What sales revenue would the restaurant have to achieve next year in

order to acquire the desired net income after tax?

b.What is the required average check needed to achieve the annual sales

revenue objective if the restaurant is open 365 days, had 60 seats, and

had an average seat turnover of 2.5 times per day?

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 03:09 PM My Price 6.00

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