Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need Income Statments for Smokin Hot BBQ needs year 2 and 3 Also calculate employment taxes and coporate taxes, and intrest for loan as well
Need Income Statments for Smokin Hot BBQ needs year 2 and 3
Also calculate employment taxes and coporate taxes, and intrest for loan as well
This is all I have no more info, the sales needs to by fluctuate and go by 20%, No more info
| Startup Statements - Smokin' Hot BBQ | |||||||||||
| Sources and Uses | Capital Equipment List | ||||||||||
| Sources of funds | |||||||||||
| Personal Funds | 23,700 | 5 year | Year 0 | Value at the end of year 1 | |||||||
| SBA 7(a) loan | 100,000 | Computer and software/website | 2,500 | 2,000 | |||||||
| Total Sources | 123,700 | iPad POS | 1,000 | 750 | |||||||
| Telephones | 500 | 400 | |||||||||
| Food Truck | 60,000 | 50,000 | |||||||||
| Uses of funds | Signage | 2,000 | 1,600 | ||||||||
| Retrofitted Food Truck | 60,000 | Total 5 year | 66,000 | 54,750 | |||||||
| Kitchen Supplies | 2,200 | $ 1100 depreciation per month | |||||||||
| Ingredients | 2,000 | 7 year | |||||||||
| Packaging | 3,000 | Furniture | 3,000 | 2,500 | |||||||
| Vehicle - maintenance | 500 | Kitchen equipment | 4,200 | 3,500 | |||||||
| Startup expenses | 51,000 | Total 7 year | 7,200 | 6,000 | |||||||
| Working capital (cash) | 5,000 | $86 depreciation per month | |||||||||
| 15 year | |||||||||||
| Total uses | 123,700 | Remodeling | 10,000 | 9,000 | |||||||
| Total 15 year | 10,000 | ||||||||||
| $56 depreciation per month | |||||||||||
| $1242 depreciation per month | |||||||||||
| Startup Expenses | |||||||||||
| Facilities | |||||||||||
| Initial rent | 2,000 | ||||||||||
| Deposits | 2,500 | ||||||||||
| Improvements | 1,000 | ||||||||||
| Equipment | |||||||||||
| Outdoor Furniture | 3,000 | ||||||||||
| Kitchen equipment | 4,200 | ||||||||||
| Computers/software | 1,000 | ||||||||||
| ipad POS | 1,000 | ||||||||||
| Telephones | 500 | ||||||||||
| Vehicles | 14,000 | ||||||||||
| Signage | 2,000 | ||||||||||
| Other | 2,000 | ||||||||||
| Materials | |||||||||||
| Starting Inventory | 1,000 | ||||||||||
| Office supplies | 300 | ||||||||||
| Marketing expenses | 3,000 | ||||||||||
| Other | 500 | ||||||||||
| Fees and other costs | |||||||||||
| Licenses/Permits/Patents | 2,500 | ||||||||||
| Accounting | 500 | ||||||||||
| Legal | 1,000 | ||||||||||
| Insurance | 1,000 | ||||||||||
| Website | 500 | ||||||||||
| Other | 500 | ||||||||||
| Starting salaries | 2,100 | ||||||||||
| Working capital | |||||||||||
| Starting cash | 5,000 | ||||||||||
| Total | 51,100 | ||||||||||
| Estimated Sales | Smokin' Hot BBQ | ||||||||||
| Mon. | Tues. | Wed. | Thurs. | Fri. | Sat. | Sun. | |||||
| Customers | 75 | Closed | 75 | 75 | 100 | 100 | 120 | ||||
| Lunch | |||||||||||
| Sales | $750 | Closed | 750 | 750 | 1000 | 1000 | 1200 | ||||
| Customers | 100 | Closed | 100 | 100 | 140 | 120 | 80 | ||||
| Dinner | |||||||||||
| Sales | $1,400 | Closed | 1,400 | 1,400 | 1,960 | 1,680 | 1,120 | ||||
| Total Revenue | $2,150 | $0 | $2,150 | $2,150 | $2,960 | $2,680 | $2,320 | ||||
| Weekly Total Revenue | $14,410 | ||||||||||
| Monthly Total Revenue | $62,443 | ||||||||||
| Annual Revenue | $749,320 | ||||||||||
| Assumptions | Average lunch price is $10.00 per person | ||||||||||
| Average dinner price is $14.00 per person | |||||||||||
| Wine and beer will be introduced after month 3. | |||||||||||
| Hours of Operation: 11am - 10pm daily (except on Tuesdays) | |||||||||||
| % sales per month | Jan. 60%, Feb. 70%, Mar. 80%, Apr. 90%, May 90%, June through Dec. 100% | ||||||||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started