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Problem 9 The Warwick Motel's income statement for 20X6 is provided below: Warwick Motel Income Statement For the year ended December 31, 20X6 Labor Costs Net Cost of & Related Other Income Revenue Sales Expenses Expenses (Loss) Operated Departments $380,000 $ - $ 92,000 54,000 $30,000 $258,000 Rooms 180,000 69,000 20,000 37,000 Food 1,000 296,000 Miscellaneous Income 1,000 Total Operated Departments 561,000 54,000 161,000 50,000 Lindistributed Operating Expenses: Administrative and General 43,250 10,000 53,250 Info. & Telecom. Systems Marketing Prop. Op. Maint. Energy Costs 20,000 10,000 30,000 10,000 10,000 20,000 20,000 27,000 27,000

Problem 9 The Warwick Motel's income statement for 20X6 is provided below: Warwick Motel Income Statement For the year ended December 31, 20X6 Labor Costs Net Cost of & Related Other Income Revenue Sales Expenses Expenses (Loss) Operated Departments $380,000 $ - $ 92,000 54,000 $30,000 $258,000 Rooms 180,000 69,000 20,000 37,000 Food 1,000 296,000 Miscellaneous Income 1,000 Total Operated Departments 561,000 54,000 161,000 50,000 Lindistributed Operating Expenses: Administrative and General 43,250 10,000 53,250 Info. & Telecom. Systems Marketing Prop. Op. Maint. Energy Costs 20,000 10,000 30,000 10,000 10,000 20,000 20,000 27,000 27,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Total Undist. Op. Exp. The Income Statement 129 Gross Operating Profit Rent, Property Taxes, and 140,250 63,250 $561,000 $ 54,000 $224,250 77,000 $127,000 155,750 Insurance EBITDA 17,000 Interest Expense 138,750 Depreciation 21,000 30,000 Income Before Income Taxes Income Tax 87,750 35,100 Net Income $ 52,650 Required: noini Answer the following questions. ventory 1. What was the total gross profit for 20X6? 2. What are the total overhead costs for 20X6? 3. What is the average tax rate for 20X6? 4. What is the amount of income the general manager is most likely responsible for during 20X6? 5. What is the labor cost percentage for 20X6? 6. What is the food cost percentage for 20X6?
Transcribed Image Text:Total Undist. Op. Exp. The Income Statement 129 Gross Operating Profit Rent, Property Taxes, and 140,250 63,250 $561,000 $ 54,000 $224,250 77,000 $127,000 155,750 Insurance EBITDA 17,000 Interest Expense 138,750 Depreciation 21,000 30,000 Income Before Income Taxes Income Tax 87,750 35,100 Net Income $ 52,650 Required: noini Answer the following questions. ventory 1. What was the total gross profit for 20X6? 2. What are the total overhead costs for 20X6? 3. What is the average tax rate for 20X6? 4. What is the amount of income the general manager is most likely responsible for during 20X6? 5. What is the labor cost percentage for 20X6? 6. What is the food cost percentage for 20X6?
20X6 Problem 9 5. The Warwick Motel's income statement for 20X6 is provided below 6. Warwick Motel Income Statement For the year ended December 31, 20X6 following information is supplied to Account Labor Costs Net Cost of & Related Other Income Sales Expenses Expenses Revenue Rooms departmer Food department Supplies and oth Supplies and oth Rooms sales (Loss) Operated Departments Rooms $380,000 $ $ 92,000 $ $ 30,000 $258,000 Food 180,000 54,000 69,000 20,000 37,000 Miscellaneous Income 1,000 1,000 Total Operated Departments 561,000 54,000 161,000 50,000 296,000 Interest income Cost of food so Uindistributed Operating Expenses: Administrative and General Food sales Miscellaneous Info. & Telecom. Systems 43,250 10,000 53,250 Food purchas Marketing 20,000 10,000 30,000 10,000 10,000 Prop. Op. Maint. Energy Costs Other information is as follows 20,000 20,000 1. Two years ago, the MKI i on the bonds at an annua 27,000 27,000
Transcribed Image Text:20X6 Problem 9 5. The Warwick Motel's income statement for 20X6 is provided below 6. Warwick Motel Income Statement For the year ended December 31, 20X6 following information is supplied to Account Labor Costs Net Cost of & Related Other Income Sales Expenses Expenses Revenue Rooms departmer Food department Supplies and oth Supplies and oth Rooms sales (Loss) Operated Departments Rooms $380,000 $ $ 92,000 $ $ 30,000 $258,000 Food 180,000 54,000 69,000 20,000 37,000 Miscellaneous Income 1,000 1,000 Total Operated Departments 561,000 54,000 161,000 50,000 296,000 Interest income Cost of food so Uindistributed Operating Expenses: Administrative and General Food sales Miscellaneous Info. & Telecom. Systems 43,250 10,000 53,250 Food purchas Marketing 20,000 10,000 30,000 10,000 10,000 Prop. Op. Maint. Energy Costs Other information is as follows 20,000 20,000 1. Two years ago, the MKI i on the bonds at an annua 27,000 27,000
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