Financial Statement: Operating Budget
using the percentage values and the formulas populated in your last assignment, develop an operating budget for forecasted sales value of $64,500 for the same month next year.
Using your last assignment as the basis for your budget development, create the operating budget in a new Microsoft Excel document. Be sure to use Excel formulas for each item on the income statement.
In a Word doc, describe how you computed your costs and expenses and determined your net income.
Current Income Statement
| ||
Food Revenue
|
47500
|
100%
|
Expenses
| ||
Cost of Food Sales
|
16415
|
34.56%
|
Wages Expense
|
11885
|
25.02%
|
Supplies Expense
|
350
|
0.74%
|
Utilities
|
1200
|
2.53%
|
Advertising
|
300
|
0.63%
|
Depreciation Expense
|
160
|
0.34%
|
Rent Expense
|
775
|
1.63%
|
Interest Expense
|
120
|
0.25%
|
Laundry Expense
|
560
|
1.18%
|
Kitchen Fuel
|
150
|
0.32%
|
Radio Advertising
|
1200
|
2.53%
|
Administrative Expense
|
2200
|
4.63%
|
Repairs and Maintenance
|
600
|
1.26%
|
Total Expenses
|
35915
|
75.61%
|
Net Income
|
11585
|
24.39%
|
Increase needed
|
1738
|
3.66%
|
New Profit
|
13323
|
28.05%
|
