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% |
