Use the following summaries of a answer questions 1 and 2 nwving summaries of a

Question

Use the following summaries of a answer questions 1 and 2 nwving summaries of a foodservice balan'd a profit-and s BALANCE SHEET $ 86,000 51,000 6,500 Assets account Accounts receivable Inventory 5155,900 Total current assets 5 62,000 Equipment and furnishings 112,000 Building and grounds 329,900 Total assets Liabilities 37,400 Accounts payable 8,500 Note payable in 30 days Vacation payable Taxes payable Total current liabilities $50,900 Mortgage payable 108,000 Total liabilities and ownership 329,900 Profit-and Loss Statement Gross sales $878,000 Cost of goods sold Gross profit Operating Expenses Labor Other operating expenses Capital and Occupation Costs. Total operating expenses 270,000 $608,000 $265,000 181,000 86,000 $532,000 Profit before taxes Reserve for taxes Net profit $ 23,000 pter 12 The Menu and the Financial Plan

Explanation / Answer

a. Fixed Asset Equipments and Furniture      62,000.00 buuildings and ground    112,000.00    174,000.00 b. Current Asset cash      86,000.00 payroll account      51,000.00 account receivable        6,500.00 inventories      12,400.00    155,900.00 c. Current Liabilities accounts payable      37,400.00 note payable        8,500.00 vocation payable        1,800.00 tax payable        3,200.00      50,900.00 d. Outside Liabilities Mortgage Loan    108,000.00 e. Investment(a+b-c-d)    171,000.00 f. gross profit    608,000.00 g. operating Expenses    532,000.00 h. Profit before tax      76,000.00 i. tax      23,000.00 j. profit after tax0      53,000.00 k. Capital and occupation cost      86,000.00 l. Investment -e    171,000.00 m. return on initial investment (k/l*100) %              50.29 n Total asset (a+b)    329,900.00 o % of profit on total asset (j/n*100)              16.07

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