Take me to the text The following is Alpha Hotel's income statement for the year ended July 31, 2020. Alpha Hotel Income Statement For the Year Ended July 31, 2020 Revenues $760.000 Expenses Administrative Costs $29,000 Marketing $16.000 Variable Wages $257.000 Management Salaries $101,000 Rent $175,000 Utilities $25.000 Total Expenses Net Income $603,000 $157,000 Alpha Hotel is a limited-service hotel with 18 rooms and no food and beverage operations. Management does not intend to spend a lot of time and

time and money on budgeting. The manager has determined the 2021 budgeted income statement should simply reflect the following predicted changes from the 2020 income statement:

Revenues will increase by 1.5%

Marketing costs will decrease by 3%

Management salaries will increase by 2% Variable wages will remain consistent as a percentage of revenue Utilities will increase b 5% Administrative costs and rent will remain the same

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Prepare the budgeted income statement for the year ending July 31, 2021 using the incremental budgeting approach.

Alpha Hotel

Budgeted Income Statement

For the Year Ended July 31, 2021

Revenue

Expenses

Administrative Costs $

Marketing

Variable Wages

Management Salaries $

Rent

$

$

Utilities

Total Expenses

Net Income

s

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