Complete the following table on your own. Show your calculation to support your answer Follow the steps
Question:
Complete the following table on your own. Show your calculation to support your answer
Follow the steps outlined below: (5marks)
Calculate $Total Sales based on Beverage Sales
Calculate the $Food sales as a percentage of the Total sales.
Calculate the Food cost as a percentage of the Food sales.
Calculate the Beverage cost as a percentage of the Beverage sales
Calculate the dollar figure of the Total costs.
Determine the Total cost% based on the Total sales
Calculate the $Payroll and $Expenses, based on the Total sales
Gross Profit = Total sales - Cost of Goods Sold
Determine the Gross profit% based on the Total sales.
Net Profit = Gross Profit - (Payroll + Expenses)
Determine the Net profit % based on Total sales.
(Rounded to nearest cent)
1.Sales | $ | % |
Food | ? |
|
Beverage | 32,200 | 40 |
Total Sales | ? |
|
2.Cost |
|
|
Food | ? | 28 |
Beverage | ? | 32 |
Total Cost | ? | ? |
3.Gross Profit | ? | ? |
Payroll | ? | 34 |
Expenses | ? | 12 |
4. Net Profit | ? | ? |
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill