Exercise 7-2B Preparing a sales budget 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 July August September $25,000 15,000 Food sales Beverage and liquor sales Total budgeted revenues $40.000 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
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