The Warwick Motel s income statement for 20X6 is provided below: Warwick Motel Income Statement For...

  

Transcribed Image Text:

The Warwick Motel s income statement for 20X6 is provided below: Warwick Motel Income Statement For the year ended December 31, 20X6 Operated Departments Rooms Food $380,000 $ 180,000 Miscellaneous Income 1,000 Total Operated Departments 561,000 Undistributed Operating Net Revenue Expenses: Administrative and General Info. & Telecom. Systems Marketing Prop. Op. Maint. Energy Costs Labor Costs Cost of & Related Sales Expenses 54,000 $ 92,000 69,000 54,000 161,000 43,250 20,000 Other Income Expenses (Loss) $30,000 $258,000 20,000 37,000 1,000 296,000 50,000 10,000 10,000 10,000 20,000 27,000 53,250 30,000 10,000 20,000 27,000 entory Total Undist. Op. Exp. Gross Operating Profit Rent, Property Taxes, and Insurance EBITDA Interest Expense Depreciation Income Before Income Taxes Income Tax Net Income. 63,250 $561,000 $54,000 $224,250 Required: Answer the following questions. 1. What was the total gross profit for 20X6? 2. What are the total overhead costs for 20X6? The Income Statement 129 5. What is the labor cost percentage for 20X6? 6. What is the food cost percentage for 20X6? blom 10 77,000 140,250 155,750 $127,000 17,000 138,750 21,000 30,000 3. What is the average tax rate for 20X6? 4. What is the amount of income the general manager is most likely responsible for during 20X6? 87,750 35,100 $ 52,650 The Warwick Motel s income statement for 20X6 is provided below: Warwick Motel Income Statement For the year ended December 31, 20X6 Operated Departments Rooms Food $380,000 $ 180,000 Miscellaneous Income 1,000 Total Operated Departments 561,000 Undistributed Operating Net Revenue Expenses: Administrative and General Info. & Telecom. Systems Marketing Prop. Op. Maint. Energy Costs Labor Costs Cost of & Related Sales Expenses 54,000 $ 92,000 69,000 54,000 161,000 43,250 20,000 Other Income Expenses (Loss) $30,000 $258,000 20,000 37,000 1,000 296,000 50,000 10,000 10,000 10,000 20,000 27,000 53,250 30,000 10,000 20,000 27,000 entory Total Undist. Op. Exp. Gross Operating Profit Rent, Property Taxes, and Insurance EBITDA Interest Expense Depreciation Income Before Income Taxes Income Tax Net Income. 63,250 $561,000 $54,000 $224,250 Required: Answer the following questions. 1. What was the total gross profit for 20X6? 2. What are the total overhead costs for 20X6? The Income Statement 129 5. What is the labor cost percentage for 20X6? 6. What is the food cost percentage for 20X6? blom 10 77,000 140,250 155,750 $127,000 17,000 138,750 21,000 30,000 3. What is the average tax rate for 20X6? 4. What is the amount of income the general manager is most likely responsible for during 20X6? 87,750 35,100 $ 52,650

Answer rating: 100% (QA)

1 CALCULATION OF TOTAL GROSS PROFIT PARTICULARS ROOM FOOD MISLINCOME TOTAL sales 380000 180000 1000 ... View the full answer