Five Senior Citizens, 10 non-senior / non-PWD and 5 PWDs who are also Senior Citizens ordered P20,000 worth of group meal in a restaurant. Assuming the P20,000 amount is net of VAT, how much is the Output VAT?
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Five Senior Citizens, 10 non-senior / non-PWD and 5 PWDs who are also Senior Citizens ordered P20,000 worth of group meal in a restaurant. Assuming the P20,000 amount is net of VAT, how much is the Output VAT?
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- EM Company, a grocery retailer, operates a customer loyalty program. The entity grants program members loyalty points when they spend a specified amount on groceries. Program members can redeem the points for further groceries. The points have no expiry date. During2019, the sales amounted to P7,000,000 and the entity have granted 10,000points. Management expects that only 80% of the points will be redeemed. The cost of each loyalty point is P100. As of December 31, 2019, 4,800 points have already been redeemed. In2020, the management revised its expectations to 90% of the points will be redeemed. As of December 31, 2020, the entity redeemed 2,400 points. What amount should be reported as revenue earned from loyalty points in 2020? A.P700,000B.P210,000C.P175,000D.P200,000MARYJANE, IN., a grocery business, operates a customer loyalty program. MARYJANE grants its program members points when they spend a specified amount of purchases. The points have no expiry date, and they can use the points for further purchases. During 2021, the customers earned 80,000 points, but management expects that 75% of these points will be redeemed. The stand-alone selling price of each loyalty point is estimated at Php 20. The sales during 2021 amounted to Php 6,800,000 on stand-alone selling price. On December 31, 2021, 28,800 points have been redeemed. In 2022, the management revised its expectations and now expects 85% of the points to be redeemed. In 2022, the 12,000 points were redeemed. a. 1,367,481 b. 1,200,000 c. 1,020,000 d. 1,295,238 What amount of the transaction price should be allocated to the groceries?A nonprofit decides to provide free food for the homeless in Thanksgiving holidays. The manager wants to write a proposal to raise money from their donors. Assume that the project requires a fixed cost of $5,000 for staff and equipment. The variable cost such as utensils and food is $5 per person served. Based on the manager's experience, the manager estimates there will be 200 homeless people to serve. What is the price per person that the manager should put into his/her proposal? a.$5 b.$30 c.$25 d.$5,000
- 1. You have a small business selling cans of HuntBi, a reasonably nasty-tasting energy drink. You sell each can of HuntBi for $12.00. Each can costs you $5.00 to purchase from the manufacturer. You pay your salesperson a 20% commission on all sales on top of a base salary of $1,800 per month. Your rent is $1,000 per month. Other miscellaneous costs (insurance, utilities, etc.) average $512 per month. You are pretty sure you can sell 1,000 cans per month at the $12.00 price point. A. How many cans do you need to sell to breakeven each month (round up to the nearest whole can)? B. How much monthly operating income will you have if you sell 1,000 cans per month? C. If tax rates are 24%, how much net income will you make if you sell 1,000 cans? You are considering offering a $1.00 off coupon for each can to increase sales. You think sales will increase to 1,500 cans per month (assuming each can will be purchased with a coupon). A fixed coupon processing fee of $288 will be incurred each…A Restaurant is open only for 25 days in a month. Expenses for the restaurant include raw material for each sandwich at $6.00 per slice, $1,224.00 as monthly rental and $431.00 monthly as insurance. They consider the cost of lost sales as $6.00 per item. They are able to sell any leftover sandwiches for $3. They prepares 200.00 sandwiches and sells them at a rate of $11.00/sandwich. Today there was a party at nearby office so the demand for sandwiches rose to 225.00. How much profit did the restaurant earn today? Submit Answer format: Currency: Round to: 0 decimal places.A car rental agency rents 200 cars per day at a rate of $30 per day. For each $1 reduction, 10 more cars are rented. At what rate should the cars be rented to produce the maximum revenue? What is the maximum revenue?
- ABC Kitchen sells dishwashers and garbage disposals to customers. The company buys the dishwashers and garbage disposals from a wholesaler and it costs the company $7,000 for each dishwasher and $4,000 for each garbage disposal. The company sells its dishwashers for $10,000 and garbage disposals for $6,080 each. ABC Kitchen will install the dishwashers and garbage disposals for $1,000 each. On Dec 26, 2021, during Boxing day sales, ABC Kitchen offered a deal to its customers where they could buy a dishwasher, garbage disposal, including full installation package for a total price of $14,000. The Company sold 100 packages. The dishwashers and garbage disposals were shipped and delivered on Jan 18, company completed half the installations on Jan 22, 2022 and the 2022 remaining installations were done on Jan 29, 2022. *Question: Prepare all the required journal entryA Restaurant is open only for 25 days in a month. Expenses for the restaurant include raw material for each sandwich at $4.00 per slice, $1,130.00 as monthly rental and $223.00 monthly as insurance. They consider the cost of lost sales as $5.00 per item. They are able to sell any leftover sandwiches for $3. They prepares 200.00 sandwiches and sells them at a rate of $12.00/sandwich.Today there was a party at nearby office so the demand for sandwiches rose to 224.00. How much profit did the restaurant earn today?Mr. John Villamin wanted to sell cupcakes to his friends. He spends Php 22.50 per cupcake with corresponding mark up of 140%. For the month of February 2022, he sold 100 pcs on the 1st 15 days of the month, and 125 pcs on the remaining days of the month. Other expenses are 10% of the total ingredients cost. How much is the income or loss of Mr. Villamin for the month of February 2022 (indicate if income or loss and show your computation)?