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
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter17: Financial Statement Analysis
Section: Chapter Questions
Problem 1FSA: Financial statement analysis The financial statements for Nike, Inc., are presented in Appendix D at...
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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
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