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
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: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter7: Receivables And Investments
Section: Chapter Questions
Problem 7.3AP
Related questions
Question
Utilizing the income statement and
Revenues: | |||
Rooms | 840000 | ||
Food | 465000 | Current Assets: | |
Telecommunications | 47000 | Cash | 24000 |
Total Revenues | 1352000 | Short-term investments | 145000 |
Cost of Sales | 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 | (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 | 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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