Utilizing the income statement and balance sheet provided, and solve for total gross profit, net fixed assets, operating income, income before income taxes, total liabilities and total owners equity , following for the Grand Hotel as of December 31, 2016. Revenues: Rooms 840000 Food 465000 Current Assets: Telecommunications 47000 Cash 24000 Total Revenues 1352000 Short-term investments 145000 Cost of Sales Accounts Receivable 140000 Rooms 0 Inventories 15000 Food 148000 Prepaid expenses 14000 Telecommunications 31000 Total current assets 338000 Total Cost of Sales 179000 Fixed assets Gross Profit Land 68500 Rooms 840000 Buildings 880000 Food 317000 Furniture and Equipment 208000 Telecommunications 16000 Accumulated Depreciation (381000) Total Gross Profit Net fixed assets Operating Controllable Expenses Other Assets- Operating Equipment 62800 Payroll and related costs 335500 Total Assets 1176300 Direct Operating Expenses 109500 Current Liabilities Marketing 55000 Accounts Payable 71000 Utilities 81500 Accrued Income Taxes 34000 Administration & General 108500 Accrued Expenses 85000 Property Operation and Maintenance 67500 Current Portion of Long-Term Debt 24000 Total Operating Expenses 757500 Total Current Liabilities 214000 Operating Income Long Term Debt 445000 Other (non-controllable expenses) Total Liabilities Rent 20000 Owner's Equity Property Taxes 24000 Common Stock 55000 Insurance 6000 Paid-in Capital in Excess of Par 110000 Depreciation 61000 Retained Earnings 352300 Interest 60000 Total Owner's Equity Total Non-controllable expenses 171000 Total Liabilities and Owner's Equity 1176300 Income before Income taxes Income Taxes 97800 Net Income 146700

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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Question

Utilizing the income statement and balance sheet provided, and solve for total gross profit, net fixed assets, operating income, income before income taxes, total liabilities and total owners equity , following for the Grand Hotel as of December 31, 2016.

Revenues:
Rooms	840000
Food	465000	Current Assets:
Telecommunications	47000	Cash	24000
Total Revenues	1352000	Short-term investments	145000
Cost of Sales		Accounts Receivable	140000
Rooms	0	Inventories	15000
Food	148000	Prepaid expenses	14000
Telecommunications	31000	Total current assets	338000
Total Cost of Sales	179000	Fixed assets
Gross Profit		Land	68500
Rooms	840000	Buildings	880000
Food	317000	Furniture and Equipment	208000
Telecommunications	16000	Accumulated Depreciation	(381000)
Total Gross Profit		Net fixed assets
Operating Controllable Expenses		Other Assets- Operating Equipment	62800
Payroll and related costs	335500	Total Assets	1176300
Direct Operating Expenses	109500	Current Liabilities
Marketing	55000	Accounts Payable	71000
Utilities	81500	Accrued Income Taxes	34000
Administration & General	108500	Accrued Expenses	85000
Property Operation and Maintenance	67500	Current Portion of Long-Term Debt	24000
Total Operating Expenses	757500	Total Current Liabilities	214000
Operating Income		Long Term Debt	445000
Other (non-controllable expenses)		Total Liabilities
Rent	20000	Owner's Equity
Property Taxes	24000	Common Stock	55000
Insurance	6000	Paid-in Capital in Excess of Par	110000
Depreciation	61000	Retained Earnings	352300
Interest	60000	Total Owner's Equity
Total Non-controllable expenses	171000	Total Liabilities and Owner's Equity	1176300
Income before Income taxes
Income Taxes	97800
Net Income	146700