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Question - John is the manager of the Corner restaurant. The restaurant has 125 seats and has been open for 12 years. Historically the restaurant was fully booked every day, however lately this has changed. John has been reviewing the numbers for June, he is disappointed to see that the overall revenues are still down. Since the start of the vear John was concerned to see that the overall revenues for the restaurant kept trending down and decided to introduce a new updated menu in June hoping it would attract more customers. Chef Jenny decided to only use local products only for the new menu. The new menu prices were determined by using a traditional pricing model Product Cost Percentoge. The cost prices of the local products are higher and by using this model the selling price for the menu items increased automatically. However, because of the quality of these local products, John and Jenny were convinced people would be happy to pay more for these new menu items. John and Jenny are desperate what to do next?
Reading the facts in the case study, do you believe the restaurant market for the Corner restaurant is Elastic or Inelastic? Explain why it important for John to understand why the market is elastic or inelastic?
The company uses the weighted-average method of process costing. At the beginning of the month, the forming department has 33,000 units in inventory.
A contingency was evaluated at year-end and considered to have a remote possibility of becoming an actual liability
Determine the percentage of total Personnel Department services that was provided to the Payroll Department
Sigfried Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable. Prepare the journal entry to record the proceeds of the note.
How much is the net realizable value of accounts receivable as of December 31, 2019? Accounts receivable (January 1) - 205,000
What are the facts, problems, issues surrounding the Unprofessional Conduct Case? What are the facts, problems, issues surrounding the Premier Inc. Case?
A balanced scorecard is used to align the business activities to the vision and strategy of the organization, improve internal and external communications.
Having internal controls in a company is very important. It helps prevent fraud and detected errors. However, if more than one person has access to accounting
given the following incremental cash flow for 2 alternatives determine a the rate of return on the incremental cash
Compute the amount of underapplied or overapplied overhead in each department at the end of 2014 and explain most likely reasons why the underapplication or overapplication has taken place.
On January 1 you win $50,000,000 in the state lottery. If the current interest rate is 12%, determine the present value of your winnings
1. discuss the advantages and disadvantages associated with the decision to implement the new system using the big bang approach versus the phased-in approach. 2. Identify the internal control procedures (classified per COSO) that could prevent or de..
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