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What is the current year budgeted profit

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Reference no: EM131573102

Problem -

The manager of the Spartanland restaurant is developing the operating budget for next year using the following financial information from the current year:

Item

Current Year's Amount

Next Year's Percentage Increase (Decrease)

Next Year's Amount ($)

Food revenue

$973,000

4%

-

Beverage revenue

$112,500

2%

-

Food cost

36%

1%

-

Beverage cost

23%

(1%)

-

Labor (including benefits)

$298,000

(2%)

-

Other operating costs

16%

same

-

Fixed costs

$70,000

same

-

a. What is the current year's budgeted profit (loss)?

b. Develop next year's budget: indicate the profit (loss)?

Reference no: EM131573102

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