George Robinson recently fulfilled his long-time dream of opening a gym that offers spinning exercise classes for $10 per person. To differentiate his gym and better serve his clients, George provides a towel, a bottle of water, and an after-workout protein shake to each person participating in a class, at a cost of $1.90 per person. George employs four part-time instructors and pays them each $2,500 per month. He also pays himself a monthly salary of $7,000. George's other monthly costs are $3,000 for rent, $2,000 for depreciation on his 34 bikes, and $1,775 in utilities and insurance.

George Robinson recently fulfilled his long-time dream of opening a gym that offers spinning exercise classes for $10 per person. To differentiate his gym and better serve his clients, George provides a towel, a bottle of water, and an after-workout protein shake to each person participating in a class, at a cost of $1.90 per person. George employs four part-time instructors and pays them each $2,500 per month. He also pays himself a monthly salary of $7,000. George's other monthly costs are $3,000 for rent, $2,000 for depreciation on his 34 bikes, and $1,775 in utilities and insurance.

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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