Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Chipotle Mexican Grill began with a single location in 1993 and now operates more than 2,450 restaurants. Adapted versions of the company's income statements (in
Chipotle Mexican Grill began with a single location in 1993 and now operates more than 2,450 restaurants. Adapted versions of the company's income statements (in $000s) are as follows:
2017 | 2016 | |||
Revenue | $4,476,412 | $3,904,384 | ||
Restaurant operating costs | ||||
Food, beverage, and packaging | 1,535,428 | 1,365,580 | ||
Labor | 1,205,992 | 1,105,001 | ||
Occupancy | 327,132 | 293,636 | ||
Other operating costs | 651,644 | 641,953 | ||
General and administrative expenses | 296,388 | 276,240 | ||
Depreciation and amortization | 163,348 | 146,368 | ||
Pre-opening costs | 12,341 | 17,162 | ||
Loss on disposal of assets | 13,345 | 23,877 | ||
Total operating expenses | 4,205,618 | 3,869,817 | ||
Income from operations | 270,794 | 34,567 | ||
Interest and other income (expense), net | 4,949 | 4,172 | ||
Income before income taxes | 275,743 | 38,739 | ||
Provision for income taxes | 99,490 | 15,801 | ||
Net income | $176,253 | $22,938 |
Put together a common-size income statement for each year. (Round answers to 1 decimal place, e.g. 50.1%.)
2017 | 2016 | |||
Revenue | enter percentages % | enter percentages % | ||
Restaurant operating costs | ||||
Food, beverage, and packaging | enter percentages % | enter percentages % | ||
Labor | enter percentages % | enter percentages % | ||
Occupancy | enter percentages % | enter percentages % | ||
Other operating costs | enter percentages % | enter percentages % | ||
General and administrative expenses | enter percentages % | enter percentages % | ||
Depreciation and amortization | enter percentages % | enter percentages % | ||
Pre-opening costs | enter percentages % | enter percentages % | ||
Loss on disposal of assets | enter percentages % | enter percentages % | ||
Total operating expenses | enter percentages % | enter percentages % | ||
Income from operations | enter percentages % | enter percentages % | ||
Interest and other income (expense), net | enter percentages % | enter percentages % | ||
Income before income taxes | enter percentages % | enter percentages % | ||
Provision for income taxes | enter percentages % | enter percentages % | ||
Net income | enter percentages % | enter percentages % |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started