Problem 17 , please finish Required : Prepare an income statement based on the USALI summary operating statement.

Thanks.

Rooms SalesIncome Statement ITInterest IncomeTerest ExpenseCost of Food SoldFood SalesAdministrative and General - WagesAdvertisingMaintenance - ExpensesDepreciationPower and LightsAmortization of Franchise Flies and Other - RoomProperty TaxesDepartmentAdministrative and General - Other ExpenseOther information is as follows1 . The Wilson Motel borrowed $50 090 on January 1 20 *6 , at 19 percent , and no pay -ments were made during 20 *62 . The beginning and ending inventories of food were 52 ,090 and 53, 090 , respectivelyFood consumed by the Food and Rooms department employees during the year ( freeof charge ) totaled $500 and $300 , respectively3 . Fringe benefits and payroll taxes for all employees , excluding free food , are 20 percentof gross salaries and wagesThe Wilson Motel's average income tax rate is 25 percent of pretax incomeThe management fee to be paid to the management company is 3 percent of room salesand 10 percent of total income before management fees and fixed charges .RequiredPrepare an income statement based on the US ALI summary operating statement .Problem 17The Wilson More has two major operated departments rooms and food . The followinginformation is supplied as of December 31 20*6Account BalanceInsurance (Fire)Rooms Department . Salaries and Wages8 5 0Food Department - Salaries and WagesOther Expenses -Food DepartmentFood Purchases