A 120-seat family restaurant is open Mondays to Saturdays only for lunch and dinner. On Sundays and holidays, totaling 60 days annually, the restaurant is open for dinner only. During the coming year, the owner anticipates the following:

Â	Seat Turnover	Average Check
Weekday lunch	1.50	$ 8.50
Weekday dinner	1.25	$18.50
Sunday and holiday dinner	2.00	$21.00

In addition, the restaurant has a small private party room and estimates its food revenue to be $144,000 next year. Beverage revenue is 12 percent of lunch food sales revenue and 25 percent of weekday dinner food sales revenue (no beverages are served Sundays and holidays). In addition, beverage sales revenue for private party room averages 40 percent of its total food sales revenue. Food cost averages 37 percent of total food revenue, and beverage cost averages 33 percent of total beverage revenue. Fixed salaries are estimated to be $284,000. The variable wage cost averages 15 percent of total restaurant revenue. Employee benefits average 12 percent of total fixed and variable wage cost. Other operating costs are expressed as percentages of total sales revenue from all food and beverage sales:

Cost	Percentage
China, glass, silver, linen	1.7%
Laundry	1.5
Supplies	3.2
Menus and beverage lists	0.8
Advertising	2.0
Repairs and maintenance	1.5
Miscellaneous expense	1.0
Total variable operating costs	11.7%
Fixed Operating Overhead Costs	Â
Administration and general	$48,000
Licenses	15,000
Rent	90,000
Equipment depreciation	73,400

Prepare the restaurant’s budgeted income statement for next year using the preceding information. For purposes of this problem, ignore income tax. Also, round figures to the nearest whole dollar where necessary.