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Bill Anderson owns The Eatery in Miami, Florida. The Eatery is an affordable restaurant located near tourist attractions. Bill accepts cash and checks. Checks are deposited immediately. The bank charges $0.50 per check; the amount per check averages $75. Bad checks that Bill cannot collect make up 2 percent of check revenue. During a typical month, The Eatery has sales of $75,000. About 75 percent are cash sales. Estimated sales for the next three months are as follows:July ................... $60,000August ................ 75,000September ............ 80,000
Bill thinks that it may be time to refuse to accept checks and to start accepting credit cards. He is negotiating with VISA/MasterCard and American Express, and he would start the new policy on April 1. Bill estimates that with the drop in sales from the no-checks policy and the increase in sales from the acceptance of credit cards, the net increase in sales will be 20 percent. The credit cards involve added costs as follows:VISA/MasterCard: Bill will accumulate these credit card receipts throughout the month and will submit them in one bundle for payment on the last day of the month. The money will be credited to his account by the fifth day of the following month. A fee of 3.5 percent is charged by the credit card company. American Express: Bill will accumulate these receipts throughout the month and mail them to American Express for payment on the last day of the month. American Express will credit his account by the sixth day of the following month. A fee of 5.5 percent is charged by American Express. Bill estimates the following breakdown of revenues among the various payment methods:Cash .............................5%VISA/Mastercard .............75%American Express ............20%Required:1. Prepare a schedule of cash receipts for August and September under the current policy of accepting checks.2. Prepare a schedule of cash receipts for August and September that incorporates the changes in policy.
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