Question

schedule Problem 8 is an excellent food manager but needs your assistance in preparing the nent schedule for 20X8 according to the USALI. Andrew Bromley is an exc food department sch $850,000 45,000 12,000 2,000 Revenue information: Venue food revenue Service charges Meeting room rentals Allowances Expense information: Food purchases Transfers from beverage department Cost of employee meals Complimentary food-marketing Transfers to beverage department Salaries (management) Wages (non-management) 300,000 500 10,000 1,000 300 70,000 200,000

Answer 1

Answert Required page; oi department schedule in accordance with food the USALLI Department Summary statement d income food depoort ment schedule for the year ended 20x8. Revenues Details Amount (8) $ 850,000 outlet food service charges meeting room rentals $ 45,000 $12000, Allowances - $2000 Total Revenue ($ 850,000+$45000+ $12000 - 2000) B 905000

page 102 -cost of sales cost of food sold $ 286/200 Total cost of sales $ 286, 200 (905000- 286200) Gross profit =4618800 SUTA expenses operating Expenses Salaries 70,000 vages $ 200,000 | FICA 'expenses $ 20,000 $3000 FUTA expenses · 1000 tealth insurance $ 25000 other employee benefits $10,000 utensils 1200 - uniforms $ 5400 8000 L launday $20500 2000 operating supplies __Training Telecommunication contract services | $ 3500 € 25000

Page-03 & 6500 china Glassware & 3600 licneses $ 1500 linen € 5400 Miscellaneous $3200 Total operating txpenses 414,800 operating income $ 204,000 interest Expense net income before income taxes $ 204,000 income fares L net income $ 204,000 working cost of food wed - ( Beginning inventory + purchases) . - Ending inventory 15000+ $ 300000)-$ cost of food used : 18000 cost $ food used = $297,000 cost of food seda ( cost & food used - Employee meaks - complimentary food ... Transfers to beverage departm- - ent) & Transfers from beverage department

Page o4 С} 99 1,000 - + 0,бро. # tooo - 200)+ Е ФО , % 285 Hpo+ { 500 : + 86400