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Elizabeth Harry is the owner of Harry's Grill&Bars. Elizabeth is preparing 2021 operations budget. Based upon her sales histories, sales projections, and cost records,
Elizabeth Harry is the owner of Harry's Grill&Bars. Elizabeth is preparing 2021 operations budget. Based upon her sales histories, sales projections, and cost records, Elizabeth predicted following changes in the operations for 2021 over 2020: 1 Increase in food sales revenue 2 Increase in beverage sales revenue 3 Food and beverage cost percentages will remain the same in 2021. (You need to calculate these percentages for 2020 so you can use for 2021). 4 Salaries and wages cost will increase 5 Benefits will increase 6 An increase in all other operating expenses (except depreciation) 7 No change in annual depreciation 8 Interest payments for loans will total 9 Tax payments are estimated to be 3.09% 5.29% 7.09% 5.09% 1.99% $1,197 per month 21% of income before income taxes Required: Prepare Harry's Grill&Bars' operations budget for 2021 in the budget worksheet using the information provided above. No hardcoded numbers are allowed. You need to enter formulas to make the calculations in the 2021 Budget column.
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