What is the percentage decrease in gross receipts for Jim's restaurant from Q2 2019 to Q2 2020?

To determine the percentage decrease in gross receipts for Jim's restaurant from Q2 2019 to Q2 2020, we first need to understand how to calculate the percentage decrease. The formula for calculating the percentage decrease is:

[

\text{Percentage Decrease} = \left( \frac{\text{Old Value} - \text{New Value}}{\text{Old Value}} \right) \times 100

]

In this context, the "Old Value" refers to the gross receipts in Q2 2019, and the "New Value" refers to the gross receipts in Q2 2020.

If we assume that Jim's restaurant had gross receipts of $100,000 in Q2 2019 (as an example for easy calculation), and in Q2 2020, the gross receipts dropped to $50,000. By applying the formula:

1. Old Value = $100,000 (Q2 2019)

2. New Value = $50,000 (Q2 2020)

3. Calculation:

[

\text{Percentage Decrease} = \left( \frac{100,000 - 50,000}{100,000} \