Homework Answers
| Income statement | |||
| Particulars | Amount | Total | |
| Sales A | |||
| Room | 550000 | ||
| Less allowance | 1000 | ||
| 549000 | |||
| Add food sales | 250000 | ||
| Net sales | 799000 | ||
| Less cost of goods sold (Refer Note1) B | 66000 | ||
| Gross Margin C (A-b) | 733000 | ||
| Operating expenses (Refer Note2)D | ($466,470) | ||
| General and administrative expenses | 373000 | ||
| selling expenses | 83470 | ||
| Operating Income E (C-D) | $266,530 | ||
| Add Other Income F | |||
| Interest (30000*12%) /2 - for 6 months | 1800 | ||
| Less Other expenses G | |||
| Management fees (refer note 5) | 26972 | ||
| A and G other expeses | 15000 | ||
| Other expenses Total | 41972 | ||
| Total Income H (E+F-G) | $226,358 | ||
| Less Income tax @30% I | $67,907.00 | ||
| Income Net to Tax J (H-I) | $158,451.00 | ||
| Note 1 | |||
| Cost of Goods sold | |||
| Begning inventory (a) | 5000 | ||
| Cost of food purchased (b) | 65000 | ||
| Cost of food available for sale c (a+b) | 70000 | ||
| Less ending inventory(d) | 4000 | ||
| Cost of goods sold (c-d) | 66000 | ||
| Note 2 | |||
| Operating expenses | |||
| General and administrative expenses ( A) | |||
| Salaries and wages | |||
| Rooms | 90000 | ||
| Food | 60000 | ||
| A and G salaries | 60000 | ||
| Information and telecommunication | 15000 | ||
| Electricity | 15000 | ||
| Heating oil | 5000 | ||
| Insurance | |||
| July 1 20x1 to june 30 2013- 36000/2 | 18000 | ||
| july 20x1 to june 30 20x3 - total 4 6 months period | |||
| insurance amount for 6 months 36000/4 =9000 | |||
| Inysrance amount from jan 20x2 to dec 20x2-9000*2=18000 | |||
| Maintainance | 25000 | ||
| Depreciation (assumed on office eqipmnets) | 40000 | ||
| Payroll taxes (Refer note 3) | 29200 | ||
| Free meals | 800 | ||
| Amortization on intangibles | 5000 | ||
| Property taxes | 15000 | ||
| Total A | 383000 | ||
| Selling expenses B | |||
| Franchaise fee (Refer note 4) | 21470 | ||
| advertising | 12000 | ||
| supplies | |||
| Food | 20000 | ||
| Room | 30000 | ||
| Total B | 83470 | ||
| Operating expenses (A+B) | 466470 | ||
| Note 3 | |||
| Payroll taxes | Room | Food | Total |
| Gross salaries | 90000 | 60000 | 150000 |
| Fringe benefit taxes 20% | 18000 | 12000 | 30000 |
| Less Free meals (fringe benefit) | 300 | 500 | 800 |
| Payroll taxes | 17700 | 11500 | 29200 |
| Free meals | 300 | 500 | 800 |
| Note 4 | |||
| Franchaise fees | % | Franchaise fee | |
| Net room sales | 549000 | 3 | 16470 |
| Net food sale | 250000 | 2 | 5000 |
| Total | 21470 | ||
| Note 5 | |||
| Management Fees | Amount | % |
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de. Round a Prepare an income statement figures to the nearest $1. Problem 25 The Kaminski Motel (KM) has two major operated departments: rooms and food. The following information is supplied to you as of December 31, 20X2. Accounts Balance Account Jannol 24 Insurance (fire) Rooms Department-Salaries and Wages Food Department-Salaries and Wages abon oH Supplies and Other-Food Department 90,000 60,000 ni bt 20,000 65,000 550,000 euvni Food Purchases Room Sales Interest Income Cost of Food Sold Food Sales Administrative...
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