Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Blue Ribbon Restaurant has the following Income Statement. Please fill in the blanks by calculating the appropriate amounts and percentages, so that the restaurant
The Blue Ribbon Restaurant has the following Income Statement. Please fill in the blanks by calculating the appropriate amounts and percentages, so that the restaurant has a complete statement. Please do not type dollar ($) and (%) characters. Just numbers. For dollar amounts, please use the following format: XXXXXXX For percentages, please round up to one digit only, according to the following format: XXX For percentages, please do NOT use the format.XX. For example, for a percentage of 40.1%, please type 40.1 and NOT .40 Assume that income tax is 35% Last Percentage (%) SALES year ($) Food 3,124,000 Beverage 605,000 Total Sales 100.00 COST OF SALES Food 1,300,800 Beverage 140,220 Beverage 605,000 Total Sales 100.00 COST OF SALES Food 1,300,800 Beverage 140,220 Total Cost of Sales 38.6 GROSS PROFIT Food Beverage Total Gross Profit OPERATING EXPENSES Salaries and Wages 850,000 Employee Benefits 112,100 3.0 Salaries and Wages 850,000 Employee Benefits Direct Operating Expenses Music and Entertainment Marketing Utility Services Repairs and Maintenance Administrative and General 112,100 145,300 2,500 62,500 90,200 41,200 73,020 3.0 3.9 0.1 1.7 2.4 1.1 2.0 Total Operating Expenses Operating Income Interest Occupancy Depreciation 125,300 185,750 72,800 3.4 5.0 2.0 Income before Income Taxes Income Taxes 184,559 4.9 Net income Tierest Occupancy Depreciation 185,750 72,800 5.0 2.0 Income before Income Taxes Income Taxes 184,559 4.9 Net income Please fill in the blanks below by using Yes or No. If the restaurant had the goal of exceeding 8% in Net Income %, did the restaurant accomplish its goal? Yes or No? If the restaurant had the goal of not exceeding 25% in Food Cost %, did the restaurant accomplish its goal? Yes or No? If the restaurant had the goal of not exceeding 25% in Beverage Cost %, did the restaurant accomplish its goal? Yes or No? If the restaurant had the goal of not exceeding 40% in Income before Income Taxes %, did the restaurant accomplish its goal? Yes or No
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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