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The Greenville Restaurant, which is independently owned and operated by the Greenlee Family, is located in a small historical town frequented by antique shoppers and other tourists attempting to glimpse at American history. Mr. Anderson Greenlee, son of the owners, recently graduated from a hospitality program in which he focused his studies on finance and accounting. While Mr. Greenlee wants to continue the family business, he would also like to branch out and open restaurants in other locations, perhaps even franchising the Greenville Restaurant. One of his first steps in this process is to evaluate the state of the restaurant’s working capital. He needs to get the current restaurant into good financial shape before venturing out and opening additional stores. Even though Anderson’s parents are good businesspeople, finance and accounting are not their strongest areas. Upon examining their records, he notices the following: ■ The Greenlees currently manage two bank accounts for their restaurant. One account is for immediate access to pay bills and does not draw any interest. The second account is strictly for savings to pay for problems that may arise, such as an oven going out. This savings account has an average balance of $10,000 and receives 0.5% interest. ■ The restaurant does a significant amount of catering business for local companies and allows them to pay half the bill up front. A bill is sent for the remaining 50%, which is payable within 30 days. Approximately 80% of these customers mail in their payments. ■ The Greenville Restaurant accepts MasterCard, VISA, and American Express credit cards as a form of payment. American Express is currently charging the restaurant a 6% fee on all transactions, while MasterCard and VISA are charging 5.5%. 1. Evaluate Greenville Restaurant’s banking situation. Can you give any tips to the restaurant to better manage their situation? 2. As the Greenlees open new restaurants what banking services are available to them? 3. How can the Greenlees better manage their credit card payments? How can they better manage fees as the business grows?