Answer:
a. How much of the total sales revenue is expected to be paid incash?
b. How many customer transactions does the company expect inJanuary?
c. How much of the total sales revenue is expected to be paid with credit cards?
d. How many customer transactions will be paid for by customers using creditcards?
e. When budgeting for January's operating expenses, how much should the restaurant expect to incur in credit card transactionfees?
f. How much of the total sales revenue is expected to be paid with debit cards?
g. How many customer transactions will be paid for by customers using debitcards?
h. When budgeting for January's operating expenses, how much should the restaurant expect to incur in debit card transactionfees?
i. 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).
j. 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.
Explanation:
total sales $285,000 / $15 = 19,000 customers
- cash sales = $285,000 x 20% = $57,000
- credit cards = $285,000 x 60% = $171,000
- debit cards = $285,000 x 20% = $57,000
credit card fees = (11,400 x $0.60) + ($171,000 x 2%) = $10,260
debit card fees = (3,800 x $0.55) + ($57,000 x 1%) = $2,660
