Make an income statement:-

Using the attached Summary Statement of Income as your format, use Excel to create a one-year profit projection for a restaurant of your choosing. It must be done as an Excel Worksheet; when you hand it in. I will be checking your formulas using a built-in auditing tool, so please ensure youre doing the work in Excel using the formulas weve discussed. You must: a. Create a food and beverage sales projection for the year b. Project what each of your expenses will be in both dollars and percentages c. Determine the Cost of Sales in both dollars and percentages d. Determine the Gross Profit in both dollars and percentages e. Determine the total of Operating Expenses in both dollars and percentages f. Determine the Operating Income in both dollars and percentages g. Determine the Net Income in both dollars and percentages h. Show all percentages to two decimal places Your guidelines are: 1. The yearly sales will be $3,526,425 2. Food and Beverage Cost should be 34.00% 3. Staff Wages should be 21.00 % 4. Management Salaries should be 4.50% 5. Employee Benefits should be 2.50% 6. Operating supplies should be .95% 7. Music and Entertainment should be .43% 8. Advertising and Marketing should be 2.50% 9. Utilities should be 2.75% 10. Professional fees should be $42,000 per year 11. Repairs and Maintenance should be between .95% 12. Occupancy Cost should be $175,000 per year 13. Depreciation should be $125,000 per year 14. Interest Expense should be $90,000 per year Keep in mind: Sales are always 100.00% Always calculate your percentages to two decimal places, rounding up or down as needed As we practiced in class, when you know the dollar figure, you get the percentage by dividing the dollar expense by the sales dollar total. As we practiced in class, when you know the percentage, you get the dollar total by multiplying the percentage by the sales dollar total

Summary Statement of Income Name of Restaurant: Period Covered by Statement: Amounts Percentages $ % SALES: Food and Beverage COST OF SALES: Food and Beverage Gross Profit OPERATING EXPENSES: Staff Wages Management Salaries Employee Benefits Operating Supplies Music and Entertainment Advertising and Marketing Utility Services Professional Fees Repairs and Maintenance Occupancy Costs (Rent/Mortgage) Depreciation Interest Expense Total Operating Expenses NET INCOME (Gross Profit minus Total Operating Expenses)