Homework Answers
rate positively ..
| Computation of gross profit = | |||
| sales = | 25000 | ||
| Less | Food used = | 8100 | |
| less | Employee meal= | 75 | |
| Gross profit= | 16825 | ||
| Ans = | 16825 | ||
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5120 Problem 3 m3 Stoo - 3150 The accounting records for a restaurant indicate that food...
(2.- Problem 1 A restaurantskarted the month with a food inventory of $3,000 in the storeroom....
(2.- Problem 1 A restaurantskarted the month with a food inventory of $3,000 in the storeroom. Durin month food purchases totaling $9,000 were delivered to the storeroom and food to $8,000 was issued from the storeroom. What was the cost of food available for the mon som and food totaling Problem 2 The accounting records for a restaurant indicate that food sales were $18,000, food used was $5,800, and employee meals at cost were $50. What is the cost of...
Problem 1 Compute the cost of sales from the following information. Food Sales Cost of Food...
Problem 1 Compute the cost of sales from the following information. Food Sales Cost of Food Used Employee Meals Served $80,000 23,000 500 Problem 2 Compute the gross profit from the following information: Sales Cost of Sales Payroll Operating Expenses $100,000 33,000 30,000 12,000
Hospitality Cost Accounting Exercise XYZ RESTAURANT SALES $1,400,000.00 100.00% FOOD BEVERAGE TOTAL SALES COST OF FOOD...
Hospitality Cost Accounting Exercise
XYZ RESTAURANT SALES $1,400,000.00 100.00% FOOD BEVERAGE TOTAL SALES COST OF FOOD SOLD $485,000.00 34.64% GROSS PROFIT $915,000.00 65.36% EXPENSES SALARY $180,000.00 12.86% WAGES $200,000.00 14.29% 4.64% 6.43% 9.29% EMPLOYEE $65,000.00 BENEFITS SUPPLIES $90,000.00 RENT $130,000.00 UTILITIES $120,000.00 TRASH REMOVAL $8,500.00 LEGAL & $20,000.00 ACCOUNTING 8.57% 0.61% 1.43% TOTAL EXPENSES $813,500.00 58.11% LEGAL & ACCOUNTING $20,000.00 1.43% TOTAL EXPENSES $813,500.00 58.11% PROFIT BEFORE DEPREC. AND INCOME TAXES $101,500.00 7.25% Please show all your work! a. Sales...
Answers the questions EXCEL EXERCISES X 35 15.) The financial records of the Colonial Restaurant reveal...
Answers the questions
EXCEL EXERCISES X 35 15.) The financial records of the Colonial Restaurant reveal the following figures for the year ending December 31, 20xx: Depreciation, $25,000 Food sales, $375,000 Cost of beverages sold, $30,000 Other controllable expenses, $60,000 Salaries and wages, $130,000 Beverage sales, $125,000 Employee benefits, $20,000 Cost of food sold, $127,500 Occupancy costs,$55,000 a. Following the form illustrated in Figure 1.1, prepare a statement of income for the business. b. Determine the following percentages: Food cost...
A restaurant at which the periodic inventory system is used had the following Food sales: &nbs
A restaurant at which the periodic inventory system is used had the following Food sales: $467,320 Last month’s ending inventory: $27,000 Purchases this month: $186,662 Ending inventory this month: $50,000 Employee meals: $100 Number of customers: 11,000 Seats occupied: 11,000 Seats not occupied: 600 a. what is the cost of food sales from this information? b. what is the food cost %? c. what is the average check?
Part I- Cost-per-order exercise (Value: 14 points) Accounting records indicate certain balances in the inventory accounts...
Part I- Cost-per-order exercise (Value: 14 points) Accounting records indicate certain balances in the inventory accounts for 20xx: 1/1/xx $ 25,000 Materials inventory Inventory of products in process (Work in Process ) Inventory of finished products 31/12/xx S 12.000 $ 23,000 $ 10,000 $ 25,000 Other data (apply to the period from 1/1/xx to 31/12/xx) The prime costs were $ 393,000. 10 times the amount of what was in stock inventory at the beginning of the year was purchased in...
Problem 8 ulate the cost of food sales under a periodic inventory system for the period...
Problem 8 ulate the cost of food sales under a periodic inventory system for the period ended October 31 given the following information: Inventory on October 31 is $7,000 Sales for the period were $200,000 Purchases for the period were $69,000 Inventory on September 30 was $8,000 loyee meals for the period were as follows: $500 Rooms Department 900 Food Department Administrative and General Department Free employee meals to
Comprehensive in class Problems Inventory special valuation Oct 26th Hector company’s records indicate the gross profit...
Comprehensive in class Problems Inventory special valuation Oct 26th Hector company’s records indicate the gross profit on sales at 40% and the following information: December 31st ending inventory $23,000 Purchases Jan 1 – June 30th $482,000 Freight cost on purchases $25,000 Sales Jan 1 – June 30th $860,000 Calculate cost of ending inventory using the gross profit method.
Problem 3 Sue restaurant purchased the following wine during month of June June 1, purchased 20...
Problem 3 Sue restaurant purchased the following wine during month of June June 1, purchased 20 bottles at $16 each June 6, purchased 36 bottles at $17.00 June 24, purchased 42 bottles at $15.50 each During June, 75 bottles were sold at $24 each Calculate the ending inventory, cost of sales, and gross profit using following: 1) First in- first out method 2) Last in- last out method 3) Weighted average method
Problem 4: McDowell's Restaurant Jack McDowell is the sole owner of McDowell's, a fast food restaurant...
Problem 4: McDowell's Restaurant Jack McDowell is the sole owner of McDowell's, a fast food restaurant modeled after a popular fast food chain. He is reviewing his financial results and has the following information: • Sandwiches Served: 10,000 Total Food Sales: $85,000 (all sandwiches are the same price) Total Drink Sales: $15,000 (all drinks are the same price) Cost of Food: $42,500 (Jack is very careful so that all food purchased is sold, there is no inventory) Cost of Drink:...
(2.- Problem 1 A restaurantskarted the month with a food inventory of $3,000 in the storeroom. Durin month food purchases totaling $9,000 were delivered to the storeroom and food to $8,000 was issued from the storeroom. What was the cost of food available for the mon som and food totaling Problem 2 The accounting records for a restaurant indicate that food sales were $18,000, food used was $5,800, and employee meals at cost were $50. What is the cost of...
Problem 1 Compute the cost of sales from the following information. Food Sales Cost of Food Used Employee Meals Served $80,000 23,000 500 Problem 2 Compute the gross profit from the following information: Sales Cost of Sales Payroll Operating Expenses $100,000 33,000 30,000 12,000
Hospitality Cost Accounting Exercise
XYZ RESTAURANT SALES $1,400,000.00 100.00% FOOD BEVERAGE TOTAL SALES COST OF FOOD SOLD $485,000.00 34.64% GROSS PROFIT $915,000.00 65.36% EXPENSES SALARY $180,000.00 12.86% WAGES $200,000.00 14.29% 4.64% 6.43% 9.29% EMPLOYEE $65,000.00 BENEFITS SUPPLIES $90,000.00 RENT $130,000.00 UTILITIES $120,000.00 TRASH REMOVAL $8,500.00 LEGAL & $20,000.00 ACCOUNTING 8.57% 0.61% 1.43% TOTAL EXPENSES $813,500.00 58.11% LEGAL & ACCOUNTING $20,000.00 1.43% TOTAL EXPENSES $813,500.00 58.11% PROFIT BEFORE DEPREC. AND INCOME TAXES $101,500.00 7.25% Please show all your work! a. Sales...
Answers the questions
EXCEL EXERCISES X 35 15.) The financial records of the Colonial Restaurant reveal the following figures for the year ending December 31, 20xx: Depreciation, $25,000 Food sales, $375,000 Cost of beverages sold, $30,000 Other controllable expenses, $60,000 Salaries and wages, $130,000 Beverage sales, $125,000 Employee benefits, $20,000 Cost of food sold, $127,500 Occupancy costs,$55,000 a. Following the form illustrated in Figure 1.1, prepare a statement of income for the business. b. Determine the following percentages: Food cost...
Part I- Cost-per-order exercise (Value: 14 points) Accounting records indicate certain balances in the inventory accounts for 20xx: 1/1/xx $ 25,000 Materials inventory Inventory of products in process (Work in Process ) Inventory of finished products 31/12/xx S 12.000 $ 23,000 $ 10,000 $ 25,000 Other data (apply to the period from 1/1/xx to 31/12/xx) The prime costs were $ 393,000. 10 times the amount of what was in stock inventory at the beginning of the year was purchased in...
Problem 8 ulate the cost of food sales under a periodic inventory system for the period ended October 31 given the following information: Inventory on October 31 is $7,000 Sales for the period were $200,000 Purchases for the period were $69,000 Inventory on September 30 was $8,000 loyee meals for the period were as follows: $500 Rooms Department 900 Food Department Administrative and General Department Free employee meals to
Problem 3 Sue restaurant purchased the following wine during month of June June 1, purchased 20 bottles at $16 each June 6, purchased 36 bottles at $17.00 June 24, purchased 42 bottles at $15.50 each During June, 75 bottles were sold at $24 each Calculate the ending inventory, cost of sales, and gross profit using following: 1) First in- first out method 2) Last in- last out method 3) Weighted average method
Problem 4: McDowell's Restaurant Jack McDowell is the sole owner of McDowell's, a fast food restaurant modeled after a popular fast food chain. He is reviewing his financial results and has the following information: • Sandwiches Served: 10,000 Total Food Sales: $85,000 (all sandwiches are the same price) Total Drink Sales: $15,000 (all drinks are the same price) Cost of Food: $42,500 (Jack is very careful so that all food purchased is sold, there is no inventory) Cost of Drink:...
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