PLEASE USE EXCEL WILL GIVE THUMBS UP

10. Harry and Flo Simone are planning to start a restaurant. Stoves, refrigerators, other kitchen equipment, and furniture are expected to cost $50,000, all of which will be depreciated straight line over five years. Construction and other costs of getting started will be $30,000. The Simones expect the following revenue stream (5000): Year 1 2 3 4 5 6 7 Sales $60 $90 $140 $160 $180 $200 $200 Food costs are expected to be 35% of revenues, while other variable expenses are forecast at 25% of revenues. Fixed overhead will be $40,000 per year. All operating expenses will be paid in cash, revenues will be collected immediately, and inventory is negligible, so working capital need not be considered. Assume the combined state and federal tax rate is 25%. Do not assume a tax credit in loss years, and ignore tax loss carry forwards. (Taxes are simply zero when EBT Is a loss.) Develop a cash flow forecast for the Simones' restaurant