EXCEL EXERCISES 35 15.) The financial records of the Colonial Restaurant reveal the following figures for the year ending December 31, 20XX: Depreciation, $25,000 Food sales, $375,000 Cost of beverages sold, $30,000 Other controllable expenses, $60,000 income for the business. b. Determine the following percentages: Salaries and wages, $130,000 Beverage sales, $125,000 Employee benefits, $20,000 Cost of food sold, $127,500 Occupancy costs, $55,000 a. Following the form illustrated in Figure 1.1. prepare a statement of Food cost percent Labor cost percent (payroll, plus payroll taxes and employee benefits) Beverage cost percent Combined food and beverage cost percent -Percentage of profit before income taxes c. Assuming the restaurant has 75 seats, determine food sales per seat for the year. 16. Define the key terms in this chapter.