Calculate and Total the Following Guest Checks

question 25

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Calculate and total the following guest checks. Two guests had dinner, and they had an entertainment card that qualified them for a discount. They had three glasses of wine @ each; a veal entr e @ ; and a pork tenderloin entr e @ . The card gave them a discount of 10%. What was the total of the check? (without taxes) $_______________

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Definitions:

Realizable Value

An estimate of the amount for which an asset can be sold or a liability settled under current market conditions.

Expense Recognition

An accounting principle that dictates the timing of reporting an expense in the financial statements.

Dishonors

Refers to the failure to accept or pay a bill of exchange or promissory note when due.

Dishonored Note

A promissory note that has not been paid by the maker at maturity.