Assessment 3.docx - Assessment 3 Establish budgets allocate...

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Assessment 3: Establish budgets & allocate funds You are the manager of a restaurant and you have been asked to prepare a budget for the 2017 financial year. The organisation requirements are that a budget is prepared based on the previous year’s actual results. You have been supplied with the actual results for 2015 and 2016 and you are to prepare a budget using an accounting program or a spreadsheet program. The management have made the following estimations for the 2017 year based on the 2016 figures: Increase in sales of takeaways of 5% Increase in eat in meals of 5% Alcohol sales to increase by 10% Additional 20% is to be spent on an advertising campaign to increase sales Expected increase in wage cost due to changes in the award of 2.7% Food purchases will increase in the same ratio than the total sales income increased between 2015 and 2016 financial year All the other figures are assumed to be the same as in the 2016 financial year Please show your workings how you arrived at your answer!
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