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 gross profit. Provide negative and positive observation

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
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 gross profit. Provide negative and positive observation.
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
Transcribed Image Text: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
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Capital Gains and Losses
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education