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an owner invested $180,000 in a new family-style restaurant, of which $160,000 was immediately used to purchase equipment and $20,000 was retained for working cash.estimates for the first year of business are as follows:
*menu selling prices to be established to give a markup of 150% over cost of food sold
*variables wages,28% of sales revenue
*fixed wages,$51,600
*other variables costs,7%of sales revenue
*rent,$36,000
*insurance,$4,800
*depreciation on equipment,20%
*return on investment desired,12%
*income tax rate,30%
the restaurant has 60 seats and is open 5 days for lunch and dinner only.lunch revenues is expected to be 40% of total volume with 2 seat turnovers.dinner revenue will be 60% of total volume with 1.25 turnovers.
calculate the average check per meal period that will cover all costs including desired retun on investment.
ANYONE WHO IS EXPERT IN HOSPITALITY MGT ACC.,PLZ HELP ME SOLVE THIS CALCULATION
an owner invested $180,000 in a new family-style restaurant, of which $160,000 was immediately used to purchase equipment and $20,000 was retained for working cash.estimates for the first year of business are as follows:
*menu selling prices to be established to give a markup of 150% over cost of food sold
*variables wages,28% of sales revenue
*fixed wages,$51,600
*other variables costs,7%of sales revenue
*rent,$36,000
*insurance,$4,800
*depreciation on equipment,20%
*return on investment desired,12%
*income tax rate,30%
the restaurant has 60 seats and is open 5 days for lunch and dinner only.lunch revenues is expected to be 40% of total volume with 2 seat turnovers.dinner revenue will be 60% of total volume with 1.25 turnovers.
calculate the average check per meal period that will cover all costs including desired retun on investment.
ANYONE WHO IS EXPERT IN HOSPITALITY MGT ACC.,PLZ HELP ME SOLVE THIS CALCULATION