Prepare an Annual Budgeted Income Statement for the second location for Year $2025($using the information from question $3.)$ Use as much detail as possible and a format appropriate for Managerial Accounting $($from Chapter $11$ Budgeting and Internal Controls packet $-$ USAR format with vertical analysis.$)$ Please do not use a condensed format. Write a short paragraph highlighting three main concerns regarding this budget. Consider reviewing the Restaurant Benchmarks document to see how the budgeted expenses compare to the benchmarks. $q,$

$q,$

$q,$

$q,$

$q,$

Using the Bottoms up Approach to Pricing, determin year the new restaurant and bar location will be open.

the minimum sales revenue required for the first

Desired Net In foctions for Second Location for Opening Januarv $1,2025.$

Income Tax Income for

Annual Rent Rate $=24\%$ Year from Second Location $=$$$150,000$

Insurance and $($Occupancy Cost$)=$$$60,000$

Utilities Exp Licenses Expense $=$$$6,500$

Repair

Adnirs and Maintenance $=$$$4,500$

Administrative and General Expense $=$$$13,500$

Management Salaries $=$$$140,000$

Operating Supplies Expense $=$$$20,000$

Depreciation $=$$$11,000$

Advertising and Promotion Expense $=$$$7,500$

Interest Expense $=$$$4,000$

Variable Cost $\%$ Projections include: Food COS at $30\mathrm{.}5\%$ & Beverage COS at $24\mathrm{.}5\%,$ with a TOTAL COS at $29\mathrm{.}3\%.$ Staff is estimated at $25\%$ and Benefits at $6\%$ of total sales. Include Other Variable Cost of $3\mathrm{.}5\%$

Seats $=100$

Projected Business $=60\%$ Dinner and $40\%$ Lunch, Food Sales $=80\%$ and Beverage Sales $=20\%$

Projected Seat Turns $=1\mathrm{.}6$ for Dinner and $1\mathrm{.}1$ for Lunch

Open $6$ days a Week. Closed $5$ additional days per year.