28. You are the GM, and you have the following projection on the operation for the next year. (18 points) You have the following projections about a family restaurant operation for next year: . Net Income required: 10% after tax on the owners' present investment of $82,000 Income tax rate: 20% Depreciation: Present book value of furniture and equipment is $50,000 with depreciation rate of 20%. Interest: Interest rate on a loan outstanding of $30,000 is 10%. Known fixed costs: - Insurance $3,000 - License $ 2,500 - Utilities $7,400 - Maintenance $ 2,600 - Administration $3,800 - Salaries $23,600 Variable costs: - Food cost, 33% of sales revenue - Wage cost, 35% of sales revenue - Other cost, 18% of sales revenue Other information: - 60 Seats, 7 days operation, 2.5 Turnover 1) Calculate Required Revenues using the Bottom-Up Approach Revenue 28.7) - Variable cost (VC) 28.6) Contribution Margin (CM) 28.5) - Fixed Cost (FC) 28.4) Operating Income (OI) 28.3) - Tax 28.2) Net Income (NI) 28.1) 2) Calculate Required Average Check (3 points) 28.8) Required Average Check