Question

How do I complete this income statement?

The following information pertains to a Hotel for the year 2016:

Net rooms revenue: $1,050,000

Food and beverage revenue: $650,000

Telephone: revenue: $45,000; cost of sales: $15,000; payroll: $18,000

F&B Info: Beg. Inv = $75,000; End. Inventory = $55,000; Purchases =$190,000

There were no employee meals or complimentary meals given.

F&B Payroll: $200,000; F&B Other Expense: $125,000

Maintenance payroll: $75,000; other expense: $90,000

Rooms payroll: $150,000; other rooms expense: $120,000

A&G Payroll: $105,000; other expense: $50,000

Rent and Interest: $35,000 Depreciation: $75,000

Marketing Payroll: $85,000; other expense: $65,000

Energy Expense: $105,000

The income tax rate is 30%.

Answer 1

Income Statement
Net rooms revenue	1050000
Food and beverage revenue	650000
Telephone: revenue:	45000
Total Revenue		1745000
Less: Cost of sales		$225,000.00
Telephone	$15,000.00
F&B (Opening Inv+ Purchases-Closing inventory)	$210,000.00
Gross Income		$1,520,000.00
Payroll		633000
Telephone	18000
F&B	200,000
Maintenance	75000
Rooms	150000
A&G	105000
Marketing	85000
Other expenses		450000
F&B	125000
Maintenance	90000
Rooms	120000
A&G	50000
Marketing	65000
Energy		105000
Rent and Interest		35000
Depreciation		75000
Net Income before tax		$222,000.00
Less: Tax		$66,600.00
Net Income		$155,400.00