Use the following information and the Hubbart formula to answer the next 4 questions:

150-seat restaurant

$8,000,000 is needed to construct the restaurant; no additional investment is needed in working capital

The owners have 6,000,000 in cash and borrow the rest from the bank at 5%

The projected average seat turnover is 2 (use 320 days open in a year)

The stockholders require a 15% return on their investment annually

The restaurant pays income taxes at the rate of 25%

The restaurants estimated undistributed expenses, not including income taxes, total $2,000,000

The forecasted cost of food sold and variable labor is 50 percent of sales

1. What is the projected Net Income?

2. What is the projected total revenue?

3. What is the projected annual total number of covers?

4. What is the required average dinner check?