Question

Below are the balance sheet accounts and balances for The Cougar Hotel for the years 20X7...

Below are the balance sheet accounts and balances for The Cougar Hotel for the years 20X7

and 20X8, please complete the following:

1.    Organize the information into the correct Balance Sheet Format. Proper format

includes:

a.    Headings

b.    Dates

c.     Subtotals/Totals

d.    Vertical Analysis

e.    Horizontal Analysis

20X7                  20X8

Accounts Payable                               100,000             500,000

Accounts Receivable                         500,000             100,000

Accumulated Depreciation          (7,000,000)     (12,000,000) Building                                          20,000,000       25,000,000

Cash                                                      600,000             400,000

Common Stock                              20,000,000       25,000,000

Current Portion of Mortgage        1,250,000          1,250,000

Equipment                                     10,000,000       12,000,000

Goodwill                                           1,700,000          1,700,000

Inventory                                          1,000,000             200,000

Land                                                10,000,000       10,000,000

Long-term Bond Payable              2,000,000          2,000,000

Marketable Securities                       600,000             500,000

Mortgage                                       10,000,000          5,800,000

Prepaids                                               300,000             300,000

Restricted Cash                                  200,000             200,000

Retained Earnings                          4,250,000          3,700,000

Taxes Payable                                     300,000             150,000

Hint: Look at the balance sheet examples provided in the PowerPoints for both the

lectures and the sample problems.

2.    Using the completed Balance Sheet and using the additional information below, answer the following questions regarding the Balance Sheet. To receive full credit, you must show all your work:

a.    What amount of equipment was purchased during 20X8?

b.   Show the calculations for any gains or losses on the sale of assets in 20X8?

c.    What amount of the total mortgage payable was paid in 20X8?

d.   What is the amount of depreciation expense for 20X8?

Additional Information

    Any purchases made for Investments or Property and Equipment were in cash.

    Net Loss for 20X8 was ($550,000).

    The following were sold in 20X8:

Book Value

Accumulated

Depreciation

Cash

Received

Equipment                             1,000,000            500,000          700,000

Marketable Securities               100,000            N/A                   50,000

    Assume all current liabilities are paid on a timely basis.

The General Manager of The Cougar Hotel would like you to take the balances for 20X7 and

20X8 and;

1.   Prepare a comparative Summary Operating Statement that is in compliance with the USALI 11th Edition (i.e. make sure it is in the correct format, use the template found in the Income Statement module or in the “Other Course Resources” folder).

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