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Question - You have the following projections about the costs in a family restaurant for next year. Net income required is 22% on the owner's present investment of $80,000. The income tax rate is 28%. A depreciation rate of 20% should be considered on the book value ($76,000) of furniture and equipment. Interest on a loan outstanding of $35,000 is 18%. The variable costs breakdown is as follows: food cost 38% of sales revenue, wage cost 34% of sales revenue and other costs 10% of sales revenue. Some of the known fixed costs are: Insurance $ 3,000, License $ 2,500, Utilities $ 8,400, Maintenance $ 3,600, Administration $ 9,800 and Salaries $41,600. What is the required before-tax profit (in $, round to the nearest integer, no decimals)?
a. $17,600
b. $20,600
c. $24,444
d. $28,444
e. None of the above
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