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Using the Bottoms up Approach to Pricing, determine the minimum sales revenue required for the first year the business will be open.

Estimates and Projections for Second Location

Desired Net Income for 1st Year from Second Location = $85,000

Income Tax Rate = 24%

Annual Rent (Occupancy Cost) = $60,000

Insurance and Licenses Expense= $6,000

Utilities Expense = $5,000

Repairs and Maintenance= $4,500

Administrative and General Expense = $13,500

Management Salaries = $150,000

Operating Supplies Expense = $20,000

Depreciation = $11,000

Advertising and Promotion Expense= $5,000

Interest Expense = $4,000

Variable Cost % Projections include: Food & Beverage COS at 32.5% and Labor at 34.5%. Include Other

Variable Cost of 2.5%. Employee benefits are included in the estimates.

Seats = 100

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

Projected Seat Turns = 1.6 for Dinner and 1.1 for Lunch

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

Prepare an Annual Budgeted Income Statement for the second location (using the information from question above)

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 your three main concerns regarding this budget. Additionally, comment on the revenue projections compared to the original location and identify if you believe any incremental adjustments to the budget should be implemented.