The Thai Noodle, a local Thai restaurant, expects sales to be $220,000 in January. Its average customer restaurant bill is $20. Only 20% of the restaurant bills are paid with cash; 50% are paid with credit cards and 30% with debit cards. The transaction fees charged by the credit and debit card issuers are as follows Credit cards: $0.20 per transaction + 3% of the amount charged Debit cards: $0.30 per transaction + 1% of the amount charged Read the requirements. Requirement 1. How much of the total sales revenue is expected to be paid in cash? The total sales revenue expected to be paid in cash is Requirements 1. How much of the total sales revenue is expected to be paid in cash? 2. How many customer transactions does the company expect in January? 3. How much of the total sales revenue is expected to be paid with credit cards? 4. How many customer transactions will be paid for by customers using credit cards? 5. When budgeting for January's operating expenses, how much should the restaurant expect to incur in credit card transaction fees? 6. How much of the total sales revenue is expected to be paid with debit cards? 7. How many customer transactions will be paid for by customers using debit cards? - X 8. When budgeting for January's operating expenses, how much should the restaurant expect to incur in debit card transaction fees? 9. How much money will be deposited in the restaurant's bank account during the month of January related to credit and debit card sales? Assume the credit and debit card issuers deposit the funds on the same day the transactions occur at the restaurant (there is no processing delay). 10. What is the total amount of money that the restaurant expects to deposit in its bank account during the month of January from cash, credit card, and debit card sales? Again assume the credit and debit card issuers deposit the funds on the same day that the transaction occurs.
The Thai Noodle, a local Thai restaurant, expects sales to be $220,000 in January. Its average customer restaurant bill is $20. Only 20% of the restaurant bills are paid with cash; 50% are paid with credit cards and 30% with debit cards. The transaction fees charged by the credit and debit card issuers are as follows Credit cards: $0.20 per transaction + 3% of the amount charged Debit cards: $0.30 per transaction + 1% of the amount charged Read the requirements. Requirement 1. How much of the total sales revenue is expected to be paid in cash? The total sales revenue expected to be paid in cash is Requirements 1. How much of the total sales revenue is expected to be paid in cash? 2. How many customer transactions does the company expect in January? 3. How much of the total sales revenue is expected to be paid with credit cards? 4. How many customer transactions will be paid for by customers using credit cards? 5. When budgeting for January's operating expenses, how much should the restaurant expect to incur in credit card transaction fees? 6. How much of the total sales revenue is expected to be paid with debit cards? 7. How many customer transactions will be paid for by customers using debit cards? - X 8. When budgeting for January's operating expenses, how much should the restaurant expect to incur in debit card transaction fees? 9. How much money will be deposited in the restaurant's bank account during the month of January related to credit and debit card sales? Assume the credit and debit card issuers deposit the funds on the same day the transactions occur at the restaurant (there is no processing delay). 10. What is the total amount of money that the restaurant expects to deposit in its bank account during the month of January from cash, credit card, and debit card sales? Again assume the credit and debit card issuers deposit the funds on the same day that the transaction occurs.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The Thai Noodle, a local Thai restaurant, expects sales to be $220,000 in January. Its average customer restaurant bill is $20. Only 20% of the restaurant bills are paid with cash; 50% are paid with credit cards and 30% with debit cards. The transaction fees charged by the credit
and debit card issuers are as follows:
Credit cards: $0.20 per transaction + 3% of the amount charged
Debit cards: $0.30 per transaction + 1% of the amount charged
Read the requirements.
Requirement 1. How much of the total sales revenue is expected to be paid in cash?
The total sales revenue expected to be paid in cash is
Requirements
1. How much of the total sales revenue is expected to be paid in cash?
2. How many customer transactions does the company expect in January?
3. How much of the total sales revenue is expected to be paid with credit cards?
4.
How many customer transactions will be paid for by customers using credit
cards?
5. When budgeting for January's operating expenses, how much should the
restaurant expect to incur in credit card transaction fees?
6.
How much of the total sales revenue is expected to be paid with debit cards?
7. How many customer transactions will be paid for by customers using debit
cards?
8. When budgeting for January's operating expenses, how much should the
restaurant expect to incur in debit card transaction fees?
9. How much money will be deposited in the restaurant's bank account during
the month of January related to credit and debit card sales? Assume the credit
and t car suers deposit the on the same day the transactions
occur at the restaurant (there is no processing delay).
10. What is the total amount of money that the restaurant expects to deposit in its
bank account during the month of January from cash, credit card, and debit
card sales? Again assume the credit and debit card issuers deposit the funds
on the same day that the transaction occurs.
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