Stock holders Equity Total Liabilities & Stockholders' Equity $263 900 $839 400 $304 100 859 300 Golden Bay Hotel Income Statement for the year ending 31 December 2019 Revenue Sales revenue* Cost of sales Gross Margin Direct Operating Expenses Payroll expenses Other expenses Total Direct Operating Expenses Operating Income Undistributed Operating Expenses Administrative and general expenses Marketing expenses Property operation and maintenance Energy expenses Total Undistributed Operating Expense Income before fixed expenses Property taxes Insurance expense Depreciation expense Total Fixed Expenses Income Before Interest and Income Tax Interest expense Income before income tax Income tax (@32%) $1,175,200 (394,800) $ 780,400 $305,100 117.300 422,400 $ 358,000 $ 60,280 17,088 27,222 21,100 (125,690) $ 232,310 $ 43,334 11,750 82,064 (137,148) $95,162 (26,044) $69,118 (22.118) $47.000 Net Income Total sales revenue on average consisted of 28% cash sales, 62% credit card sales and 10% accounts receivables. From the information given, calculate the following: 1. Working capital for Years 2018 and 2019 (2 marks) 2. Current ratio for Years 2018 and 2019 (2 marks) 3. Credit card receivables turnover ratio based on credit card revenue for Year 2019 (1 mark) 4. Accounts receivable turnover ratio based on accounts receivable credit revenue for Year 2019 (1 mark) 5. Total assets to total liabilities for Years 2018 and 2019 (2 marks) 6. Total liabilities to stockholders' equity for Years 2018 and 2019 (2 marks) 2024/2025- Semester 2 Hospitality Management Accounting 7. Net return on total assets for Year 2019 (1 mark) 8. Number of times interest is earned for Year 2019 (1 mark) 9. 10. 11. Net income to total revenue ratio for Year 2019 Return on stockholders' equity for Year 2019 Food inventory turnover ratio for Year 2019 (1 mark) (1 mark) (1 mark) 12. Fixed assets turnover ratio for Year 2019 (1 mark) 13. Comment on any of the calculated ratios that appear unusually high or low or totally out of range of what is considered acceptable. 14. Cover Page conforming to the APA 7th ed style guidelines (2 marks) (2 marks) (Total 50 marks) Assets Current Assets Cash Credit card receivables Accounts receivable Marketable securities Food Inventories Prepaid expenses Total Current Assets Golden Bay Balance Sheet as at December 31 Year 2018 Year 2019 $ 18,500 9,807 $ 29,400 11,208 5,983 6,882 15,400 2,000 12,880 14,700 10 800 14 900 73370 79 090 Property Plant & Equipment Land Building Equipment Furnishings $ 60,500 828,400 114,900 75,730 (330,100) 16 600 766 030 839 400 $ 60,500 884,400 157,900 81,110 (422,000) 18 300 7 80 210 859 300 Net: Accumulated depreciation China, glass, silver, & linen Total Assets Liabilities & Stockholders' Equity Current Liabilities Accounts payable Accrued expenses payable Taxes payable Current mortgage payable Total Current assets $ 19,200 4,200 12,400 26 900 62 700 $16,500 5,000 20,900 26 000 68 400 Long-term liabilities Mortgage payable Total Liabilities $ $512 800 $486 400 575 500 $555 200 Stockholders' Equity Common stock ($5 par. 40,000 shares issued & OS) $200,000 Retained earnings $200,000 63 900 104 100

Stock holders Equity Total Liabilities & Stockholders' Equity $263 900 $839 400 $304 100 859 300 Golden Bay Hotel Income Statement for the year ending 31 December 2019 Revenue Sales revenue* Cost of sales Gross Margin Direct Operating Expenses Payroll expenses Other expenses Total Direct Operating Expenses Operating Income Undistributed Operating Expenses Administrative and general expenses Marketing expenses Property operation and maintenance Energy expenses Total Undistributed Operating Expense Income before fixed expenses Property taxes Insurance expense Depreciation expense Total Fixed Expenses Income Before Interest and Income Tax Interest expense Income before income tax Income tax (@32%) $1,175,200 (394,800) $ 780,400 $305,100 117.300 422,400 $ 358,000 $ 60,280 17,088 27,222 21,100 (125,690) $ 232,310 $ 43,334 11,750 82,064 (137,148) $95,162 (26,044) $69,118 (22.118) $47.000 Net Income Total sales revenue on average consisted of 28% cash sales, 62% credit card sales and 10% accounts receivables. From the information given, calculate the following: 1. Working capital for Years 2018 and 2019 (2 marks) 2. Current ratio for Years 2018 and 2019 (2 marks) 3. Credit card receivables turnover ratio based on credit card revenue for Year 2019 (1 mark) 4. Accounts receivable turnover ratio based on accounts receivable credit revenue for Year 2019 (1 mark) 5. Total assets to total liabilities for Years 2018 and 2019 (2 marks) 6. Total liabilities to stockholders' equity for Years 2018 and 2019 (2 marks) 2024/2025- Semester 2 Hospitality Management Accounting 7. Net return on total assets for Year 2019 (1 mark) 8. Number of times interest is earned for Year 2019 (1 mark) 9. 10. 11. Net income to total revenue ratio for Year 2019 Return on stockholders' equity for Year 2019 Food inventory turnover ratio for Year 2019 (1 mark) (1 mark) (1 mark) 12. Fixed assets turnover ratio for Year 2019 (1 mark) 13. Comment on any of the calculated ratios that appear unusually high or low or totally out of range of what is considered acceptable. 14. Cover Page conforming to the APA 7th ed style guidelines (2 marks) (2 marks) (Total 50 marks) Assets Current Assets Cash Credit card receivables Accounts receivable Marketable securities Food Inventories Prepaid expenses Total Current Assets Golden Bay Balance Sheet as at December 31 Year 2018 Year 2019 $ 18,500 9,807 $ 29,400 11,208 5,983 6,882 15,400 2,000 12,880 14,700 10 800 14 900 73370 79 090 Property Plant & Equipment Land Building Equipment Furnishings $ 60,500 828,400 114,900 75,730 (330,100) 16 600 766 030 839 400 $ 60,500 884,400 157,900 81,110 (422,000) 18 300 7 80 210 859 300 Net: Accumulated depreciation China, glass, silver, & linen Total Assets Liabilities & Stockholders' Equity Current Liabilities Accounts payable Accrued expenses payable Taxes payable Current mortgage payable Total Current assets $ 19,200 4,200 12,400 26 900 62 700 $16,500 5,000 20,900 26 000 68 400 Long-term liabilities Mortgage payable Total Liabilities $ $512 800 $486 400 575 500 $555 200 Stockholders' Equity Common stock ($5 par. 40,000 shares issued & OS) $200,000 Retained earnings $200,000 63 900 104 100

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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