Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

salary of $32,500 per year ncludes benefits). The hourly workers will he paid $3.25 an hour. Monday through Fridays the owner expects an average of

image text in transcribed
salary of $32,500 per year ncludes benefits). The hourly workers will he paid $3.25 an hour. Monday through Fridays the owner expects an average of 15 customers an hour. Saturdays and Sundays the owner expects an ayerage of 40 customers an hour. Demand Rate: On average. lid of all customer will huyshrimp. lid of the customers will buy oysters. 1M will buy Calamari. and 1t2 customers will buy Catfish. 314 of them will buy a salad. all of them buyfrench fries. and eyerycustomer will purchase a soda. Start-up costs for the diner includes: Kitchen equipment: $10,250 Cash register and sales equipment $1,250 Initial inyentory: $5,500 Pre-opening marketing: $3,500 Diner fixtures (chairs. tables etc.): $4,500 Dil painting of your client's momma to hang on the wall: $350 Licenses: $1,025 Security deposit: $6,500 First Insurance Payment: $350 Your client has $10,000 and plans to borrow the rest from the bank with a fiye-year loan at 5.1% interest. You are to calculate the monthly loan payment using the appropriate financial function. Assume a tax rate of 23% if Income Before Taxes (lBT) is equal to or is greater than $23,500. Assume atax rate of 13% if IBT is less than $23,500. You are to calculate the monthly tax payment using the appropriate logical function. Assume that sales will grow at an ayerage of 2.25% per month. Assume that each month contains 4.2 weeks

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Engineering Mathematics

Authors: ERWIN KREYSZIG

9th Edition

0471488852, 978-0471488859

More Books

Students also viewed these Mathematics questions