Jaguar tea shop located at Davao city has been established in 2010. It has a total of 100 seating capacity and a total cover of 46908 for the year 2020 and 54344 for 2021.Required:Assess the revenue part. Provide negative and positive observation.Answer this for an upvote. Income Statement2019 and 2020Revenue202020212,490,7601,524,340990,5685,005,6683,780,0002,140,0001,021,9606,941,960Food SalesBeverage SalesMerchandise SalesTotal SalesCost of Sales1,131,194644,270350,1222,125,5861,452,110861,681420,0392,733,830Food CostBeverage CostMerchandise CostTotal Cost of SalesGross Profit2,327,8901,278,319601,9214,208,130Food1,359,566880,070640,4462,880,082BeverageMerchandiseTotal Gross ProfitOperating Expenses48,000180,00050,000183,80080,00097,680540,0001,843,500141,88056,800150,6703,372,330AccountingDepreciationDonation32,000100,00020,000133,60080,00067,880480,0001,423,160141,88051,400105,9202,635,840UtilitiesInsuranceAdvertisingRentalsSalariesMaintenanceTelephoneTransportationTotal Operating ExpensesOperating Income244.24294,879835,80094,880InterestIncome beforeIncome TaxesIncome Taxes149,363740,92088,91017,924Net Profit/Loss131,439652,010

Solution:- As per the above question, We need to assess the revenue position of the company in both…

aguar tea shop located at Davao city has been established in 2010. It has a total of 100 seating capacity and a total cover of 46908 for the year 2020 and 54344 for 2021. Required: Assess the revenue part. Provide negative and positive observation. Answer this for an upvot

aguar tea shop located at Davao city has been established in 2010. It has a total of 100 seating capacity and a total cover of 46908 for the year 2020 and 54344 for 2021. Required: Assess the revenue part. Provide negative and positive observation. Answer this for an upvot

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

100%

Jaguar tea shop located at Davao city has been established in 2010. It has a total of 100 seating capacity and a total cover of 46908 for the year 2020 and 54344 for 2021. Required: Assess the revenue part. Provide negative and positive observation. Answer this for an upvote.

Income Statement
2019 and 2020
Revenue
2020
2021
2,490,760
1,524,340
990,568
5,005,668
3,780,000
2,140,000
1,021,960
6,941,960
Food Sales
Beverage Sales
Merchandise Sales
Total Sales
Cost of Sales
1,131,194
644,270
350,122
2,125,586
1,452,110
861,681
420,039
2,733,830
Food Cost
Beverage Cost
Merchandise Cost
Total Cost of Sales
Gross Profit
2,327,890
1,278,319
601,921
4,208,130
Food
1,359,566
880,070
640,446
2,880,082
Beverage
Merchandise
Total Gross Profit
Operating Expenses
48,000
180,000
50,000
183,800
80,000
97,680
540,000
1,843,500
141,880
56,800
150,670
3,372,330
Accounting
Depreciation
Donation
32,000
100,000
20,000
133,600
80,000
67,880
480,000
1,423,160
141,880
51,400
105,920
2,635,840
Utilities
Insurance
Advertising
Rentals
Salaries
Maintenance
Telephone
Transportation
Total Operating Expenses
Operating Income
244.242
94,879
835,800
94,880
Interest
Income before
Income Taxes
Income Taxes
149,363
740,920
88,910
17,924
Net Profit/Loss
131,439
652,010

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