Get-Away World Properties' is a small eco-friendly resort located on a tiny island in Eleuthera, in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
"Get-Away World Properties' is a small eco-friendly resort located on a tiny island in Eleuthera, in The Bahamas. The resort consists of 10 freestanding structures that make up the resort. There is also a shared dining space and a small 'event' space- an outdoor terrace overlooking the ocean. The resort attracts both transient guests as well as small groups (business retreats, wellness retreats, family reunions). Considering the information given below, create a profit and loss statement for the resort. Please note you will need to represent ALL information on your sheets and categorize each item, INFO: The resort is located on a hilltop with an ocean view spanning 10 acres, and is worth $987,000. For its guests, the resort owns numerous different non-motorized 'ocean toys' such as kayaks, paddleboards, snorkel gear, surfboards, etc. - these are valued at $17,000. The resort owns two speed-boats to ferry guests back and forth. Each boat is worth $30,000 individually. Each resort's building which includes multiple structures is worth $789,000. Currently, the resort is hosting a mindful meditation and yoga retreat on the property. In total, the group is paying $15,000 for the retreat. The group still owes $5,000 to the resort for this booking. In order to host this retreat, the resort had to hire a teacher. She is owed $2,500. Currently, the resort has $12,000 cash on hand. Finally, the lodge has retained profits of $200,00 from prior years. and Shared capital of $340,000. In 2016, the resort generated revenues of $1,450,000 last year. Currently, the resort employs 5 people that that account for $250,000 worth of payroll. They incurred $274,000 of other expenses directly related to sales. They also employ one person who handles all the marketing and social media relations for the resort. Their salary is $50,000. Other operating expenses included depreciation of $41,000 and insurance costs of $21,000. Finally they were taxed at 40% of their net profit Complete the balance sheet and profit and loss statement below & indicate WHICH items you have included in each category. You can do this by including items in the red bracket area as an example below. Simple Balance Sheet Item Value A Long Term Assets (include items here) B. Current Assets Current Liabilities C Current Liabilities B-C Net current assets or working capital A+B+C Capital Employed Shareholder Finance E Long Term Liabilities D+E Sources of Finance Simple Profit & Loss Statement Item Value A Sales or operating revenue B Cost of sales C GROSS PROFIT (A-B) D Operating Expenses E NET PROFIT (Operating Profit) (C-D) F Taxation G NET PROFIT after tax (E-F) "Get-Away World Properties' is a small eco-friendly resort located on a tiny island in Eleuthera, in The Bahamas. The resort consists of 10 freestanding structures that make up the resort. There is also a shared dining space and a small 'event' space- an outdoor terrace overlooking the ocean. The resort attracts both transient guests as well as small groups (business retreats, wellness retreats, family reunions). Considering the information given below, create a profit and loss statement for the resort. Please note you will need to represent ALL information on your sheets and categorize each item, INFO: The resort is located on a hilltop with an ocean view spanning 10 acres, and is worth $987,000. For its guests, the resort owns numerous different non-motorized 'ocean toys' such as kayaks, paddleboards, snorkel gear, surfboards, etc. - these are valued at $17,000. The resort owns two speed-boats to ferry guests back and forth. Each boat is worth $30,000 individually. Each resort's building which includes multiple structures is worth $789,000. Currently, the resort is hosting a mindful meditation and yoga retreat on the property. In total, the group is paying $15,000 for the retreat. The group still owes $5,000 to the resort for this booking. In order to host this retreat, the resort had to hire a teacher. She is owed $2,500. Currently, the resort has $12,000 cash on hand. Finally, the lodge has retained profits of $200,00 from prior years. and Shared capital of $340,000. In 2016, the resort generated revenues of $1,450,000 last year. Currently, the resort employs 5 people that that account for $250,000 worth of payroll. They incurred $274,000 of other expenses directly related to sales. They also employ one person who handles all the marketing and social media relations for the resort. Their salary is $50,000. Other operating expenses included depreciation of $41,000 and insurance costs of $21,000. Finally they were taxed at 40% of their net profit Complete the balance sheet and profit and loss statement below & indicate WHICH items you have included in each category. You can do this by including items in the red bracket area as an example below. Simple Balance Sheet Item Value A Long Term Assets (include items here) B. Current Assets Current Liabilities C Current Liabilities B-C Net current assets or working capital A+B+C Capital Employed Shareholder Finance E Long Term Liabilities D+E Sources of Finance Simple Profit & Loss Statement Item Value A Sales or operating revenue B Cost of sales C GROSS PROFIT (A-B) D Operating Expenses E NET PROFIT (Operating Profit) (C-D) F Taxation G NET PROFIT after tax (E-F)
Expert Answer:
Answer rating: 100% (QA)
BALANCE SHEET Alongterm assetsnote 1 1853000 Bcurrent assets note 2 17000 Ccurrent liabilities money ... View the full answer
Related Book For
Posted Date:
Students also viewed these finance questions
-
You will need to understand solved problem S4 before answering this question. In an island population, the following data were obtained for the numbers of people with each of the four blood types:...
-
You will need to understand solved problem S4 before answering this question. A muscle - specific gene was cloned and then subjected to promoter bashin. As shown here, six regions, labeled A - F,...
-
You will need to understand solved problem S4 before answering this question .A gene that is normally expressed in pancreatic cell was cloned and then subjected to promoter bashing. As shown here,...
-
Steel It began January with 55 units of iron inventory that cost $35 each. During January, the company completed the following inventory transactions: Requirements 1. Prepare a perpetual inventory...
-
An international team was gathered to discuss how funding should be spent to eliminate human infectious disease. There is only enough funding to eliminate one disease. How would the scientists go...
-
Define the term 'loss'.
-
More than 1.5 million tests for the COVID virus were performed each day in the United States during the COVID-19 pandemic in 2021. Many employers, schools, and government agencies required negative...
-
Dutch Hollow Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2011. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note...
-
Critically analyse the following statement: 'The Human Rights Act 1998 gives judges too much power to undermine Parliament' To what extent do you agree? Refer to both parliamentary sovereignty and...
-
Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Crane Medical...
-
You are considering an investment in nickel mines in Russia. Your expectations are that you will take losses eventually, but once infrastructure is built, the project will become more profitable very...
-
What is tax planning? define its impacts and how it was implimented?
-
family business Green Grass decreasing profits a) What are the opportunities related to fraud you have observed? Do you think the fraud occurred in this business? or just owner's skepticism? b) Have...
-
Organizations are moving increasingly global. To what extent are the individual workers, work groups, and organizational leadership (i.e., the field of OB) important for firm success in this global...
-
A clause in many insurance policies require the business owner to carry at least 80% (percentage may vary) of the replacement cost or actual cost of the building. This clause is known as what? define...
-
Prepare an incremental analysis to determine the financial effect of dropping product B. Your analysis should include changes in revenues, changes in variable and fixed costs, and the resulting...
-
Below are the financial statements for two entertainment firms, Crosby Co. and Prairie Inc. for 2017 and 2018 a) How did Crosby Co.'s profit margins change from 2017 to 2018? To what would you...
-
Bobbie Singh provides writing services for small businesses. He blogs for companies that need professionally written content. His business records at November 15, 2023, are shown below: During the...
-
An object is projected directly upward from the ground with an initial velocity of 128 feet per second. Its height s at the end of /seconds is s = 1281 - 16t2 feet. (a) When does it reach its maximum...
-
Suppose that glucose is infused into the bloodstream of a patient at the rate of 3 grams per minute, but that the patient's body converts and removes glucose from its blood at a rate proportional to...
-
Use a CAS to solve each of the following equations: 1. Y" - 4y' - 6y = 0; y(0) = 1, y'(0) = 2 2. Y" + 5y' + 6.25y = 0; y(0) = 2, y'(0) = - 1,5 3. 2y" + y' + 2y = 0; y(0) = 0, y'(0) = 1.25
-
Give three reasons why the ICP accelerometer is the chosen transducer for vibration analysis.
-
More and more Japanese companies are moving in on what once was an exclusive U.S. preserve: making and selling the complex equipment that makes semiconductors. World sales are between \($3\) billion...
-
What can be used for a velocity output without the negative aspects of a seismic transducer?
Study smarter with the SolutionInn App