TOTAL Year 1 Sales Budget Hot Beverages Cald Beverages JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 12,400 14,000 17,360 18,000 18,600 18.000 17,360 24.800 18,600 18.000 21,700 23,560 24,000 9.000 228,380 3,100 3,528 4,350 4,500 9.300 10,500 15.750 15,750 10,850 9.300 113,928 Food items 3,000 3,720 4.340 9,000 9,300 9,000 8,680 10,540 11,400 11,780 13,200 16,120 110,080 Caffee and Tea - bulk 1,116 1.260 1,674 1,755 1,953 2,295 2,511 2,650 2,700 2,930 3,105 3,348 27,297 Gift Cards 310 560 620 600 1,240 750 775 775 900 900 1,600 2,100 11,130 Gross Sales 19,926 23,068 28,344 33,855 40,393 40,545 45,076 50,565 52,450 50,020 50,905 55,668 490.815 Less: Returns & Allowances Net Sales 19,926 23,068 28,344 33,855 40,393 40,545 45.076 50,565 52,450 50,020 50,905 55,668 490,815 Other Income Total Income 19,926 23,068 28,344 33,855 40,393 40,545 45.076 50,565 52,450 50.020 50,905 55,668 490,815 Credit Management Sales (cash) 19,926 23.048 28,344 33,855 40,393 40,545 45,076 50,565 52,450 50,020 50,905 55,668 490,815 Sales (credit) Bad Debt Experse - Accrual Received on Account Bad Debt - Cash Flow Assumptions- Year 1 Hot Beverages Cald Beverages Coffee, latte, cappuccino, chai tea Average price $4 Soft drinks, juice, water, tea, frozen coffee drinks Average price $2 Food items Pastries, bagels, desserts Average price $4 for individualS 15 for whole desserts Coffee by the pound; tea bags and loose tea Average price $9 per pound Caffee and Tea - bulk Git Cards Available in any amount Less: Returns & Allowances Other Income Sales (canh) Sales (credit) Bad Debt Experse - Accrual Received on Account Bad Debt - Cash Flow YEAR 1 YEAR 1 YE AR 1 YEAR YE AR 1 YE AR 1 YE AR 1

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 1.3C

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Question

You have been provided with monthly sales projections for year one for Maggie’s Coffee Café. Use these projections to answer the following:

Based on the sales projections for Maggie’s Coffee Cafe determine:

Sales per day for the first month they are open (January) ______________

Sales per day for the 6^th month they are open (June) ______________

Sales per day for the 12^th month they are open (December) ______________

(assume the business is open 7 days/week; Jan and Dec have 31 days; June has 30)

Which month has the highest sales? Which month has the lowest sales? Why do you think this is so?

TOTAL
Year 1
Sales Budget
Hot Beverages
Cald Beverages
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
12,400
14,000
17,360
18,000
18,600
18.000
17,360
24.800
18,600
18.000
21,700
23,560
24,000
9.000
228,380
3,100
3,528
4,350
4,500
9.300
10,500
15.750
15,750
10,850
9.300
113,928
Food items
3,000
3,720
4.340
9,000
9,300
9,000
8,680
10,540
11,400
11,780
13,200
16,120
110,080
Caffee and Tea - bulk
1,116
1.260
1,674
1,755
1,953
2,295
2,511
2,650
2,700
2,930
3,105
3,348
27,297
Gift Cards
310
560
620
600
1,240
750
775
775
900
900
1,600
2,100
11,130
Gross Sales
19,926
23,068
28,344
33,855
40,393
40,545
45,076
50,565
52,450
50,020
50,905
55,668
490.815
Less: Returns & Allowances
Net Sales
19,926
23,068
28,344
33,855
40,393
40,545
45.076
50,565
52,450
50,020
50,905
55,668
490,815
Other Income
Total Income
19,926
23,068
28,344
33,855
40,393
40,545
45.076
50,565
52,450
50.020
50,905
55,668
490,815
Credit Management
Sales (cash)
19,926
23.048
28,344
33,855
40,393
40,545
45,076
50,565
52,450
50,020
50,905
55,668
490,815
Sales (credit)
Bad Debt Experse - Accrual
Received on Account
Bad Debt - Cash Flow
Assumptions- Year 1
Hot Beverages
Cald Beverages
Coffee, latte, cappuccino, chai tea Average price $4
Soft drinks, juice, water, tea, frozen coffee drinks Average price $2
Food items
Pastries, bagels, desserts Average price $4 for individualS 15 for whole desserts
Coffee by the pound; tea bags and loose tea Average price $9 per pound
Caffee and Tea - bulk
Git Cards
Available in any amount
Less: Returns & Allowances
Other Income
Sales (canh)
Sales (credit)
Bad Debt Experse - Accrual
Received on Account
Bad Debt - Cash Flow
YEAR 1 YEAR 1 YE AR 1 YEAR
YE AR 1 YE AR 1 YE AR 1

Expert Solution

Step 1

1.)

Formula:

Step 2

Sales per day for January:

Hence, the Sales per day for the first month they are open (January) is $642.77.

Step 3

Sales per day for June:

Hence, the Sales per day for the 6^th month they are open (June) is $1,351.50.

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