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8 03 7. (10 marks) (You don't need to show your work. Just insert numbers in shaded areas) Magnificent Muffins Inc. requires a minimum cash balance of $500 at the end of each quarter. Complete the cash budget for Magnificent Muffins Inc. by filling in the shaded areas below. Magnificent Muffins inc. Cash Budget For the Year ending December 31, 2020 91 22 Cash (Beginning) $700 ? 2 2 Cash receipts Cash from Sales 1,300 1,060 ? 1,850 Collections from Credit ? 1.440 900 2.150 Customers total Cash Available 3.000 21 ? Cash Payments Inventory Purchases ? 850 General & Admin Expense 625 1.150 ? 940 Capital Expenditures 875 1,200 700 800 Dividend Payment 1001 440 total Cash Payments ? ? 2,400 2 2 660 560 ol Cash excess (deficit) $1,000 ? (5400) ? ? Financing requirements Loan Borrowings Loan Repayments ending Cash Balance (a $500) 8. (8 marks) (For this question you must show your work!) A restaurant with an average check of $15 per guest has the following monthly figures: Sales Revenue: $800,000 Variable Costs: 480,000 Fixed Costs: 160,000 a. What is the breakeven sales revenue? b. If actual sales revenue was $700,000, what would the restaurant's operating income be