Problem 12 Solution The Salazar Sunset Inn Summary Income Statement As of December 31 20X6 Net Revenues Operated Departments Rooms Food Beverages Rental and Other Income Total Operated Departments 998 000 540 000 200 000 15 000 1 753 000 Payroll Related Expenses Other Expenses 180 000 60 000 150 000 160 000 40 000 80 000 40 000 15 000 240 000 350 000 135 000 768 000 160 000 85 000 15 000 1 028 000 80 000 80 000 40 000 55 000 60 000 70 000 225 000 120 000 55 000 60 000 70 000 305 000 430 000 360 000 723 000 50 000 673 000 70 000 55 000 548 000 85 000 463 000 115 750 Cost of Sales Undistributed Operating Expenses Administrative and General Sales and Marketing Property Operation and Maintenance Utilities Total Undistributed Expenses Gross Operating Profit Management Fees Income Before Fixed Charges Property Taxes and Insurance Depreciation and Amortization Net Operating Income Interest Expense Income Before Income Taxes Income Taxes 1 753 000 240 000 Income Loss Net Income 347 250
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