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Horatio Restaurant is opening for business in a new shopping center. Carl Mendoza, the owner, is preparing a sales budget

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Horatio Restaurant is opening for business in a new shopping center. Carl Mendoza, the owner, is preparing a sales budget for the next three months. After consulting friends in the same business, Mr. Mendoza estimated July revenues as shown in the following table. He expects revenues to increase 4 percent per month in August and September.
Horatio Restaurant is opening for business in a new shopping

Required
a. Complete the sales budget by filling in the missing amounts.
b. Determine the total amount of revenue Horatio Restaurant will report on its quarterly pro forma income statement.

Transcribed Image Text:

July $25,000 15,000 $40,000 August September Food sales Beverage and liquor sales Total budgeted revenues

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a Revenues Budget July August September Food sales 25 000 26 0…View the full answer


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Fundamental Managerial Accounting Concepts

Fundamental Managerial Accounting Concepts

ISBN: 978-1259569197

8th edition

Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Olds

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Question Posted: December 27, 2016 07:31:16
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