Here is the current years income statement and you are developing forecasts for the next two years in order to budget for the upcoming years.

End of Year 2020 Greenwood Country Club

Income: Bar Revenue Dining Revenue Membership Income Pro Shop Sales Total Income:	2020 Year $189,000 329,000 602,000 313,000 (Answer)
Cost of Goods Sold: COGS Bar COGS Dining COGS Pro Shop Total COGS: GROSS PROFIT:	67,500 124,000 51,000 (Answer) (Answer)
Expenses: General & Administrative Clubhouse Food & Beverage Pro Shop Ground Dept. Flood Mitigation Taxes Total Expense: NET OPERATING INCOME:	420,000 9,500 298,000 147,000 372,000 16,300 0 2000 0 (Non Profit Entity) (Answer) (Answer)
Other Income: Grant Award	50,000
Total Net Income:	(Answer)

Consider the following information as you project the 2021 and 2022 forecasted statements:

Bar Revenue will increase 6% from 2020 to 2021 - due to trends related to the pandemic. It is expected that this level of growth will be seen for the next three years due to price increases.

Dining Revenue will be up $30,000 compared to 2020 because of new members added and cost increases. In 2022, it is expected to grow 10% compared to 2021.

Member Income will be $64,000 more than 2020 in 2021 because the club decided to run a marketing promotion to increase membership. They anticipate they will see a 20% growth for 2022 when compared to 2021.

Pro Shop Revenue will increase 7% in 2021 and 12% in 2022.

Pro Shop COGS will increase 10% each year.

Bar COGS will increase 8% each year.

Dining COGS will be up 10% from 2020 because of the pandemic, and 3% for 2022.

G&A Expenses will be $418,000 for 2021 and $509,000 for 2022

Clubhouse Expenses will be $13,000 in 2021, and $45,000 in 2022.

Food & Beverage Expenses will be $5,000 more than they were in 2020 and $15,000 more than 2021 for 2022.

Pro Shop Expenses will increase $4,000 each year.

Grounds Dept Expenses will be up $20,000 from 2020 as new improvements are added, and up $70,000 for 2022 when compared to 2020.

Flood Expenses for $0 for 2021, and $2,000 for 2022.

No TAXES

Other Income for 2021 is expected to be $75,000 and $15,000 in 2022.