Reference no: EM13777666
The Gold Bay Hotel is in the process of developing a master budget and pro-forma financial statements for 1999. The beginning balance sheet for the fiscal year 1999 is estimated to be:
Gold Bay Hotel
Estimated Balance Sheet 1/1/9
Cash $ 20,000 Accounts Payable $ 20,00
Accounts Receivable 30,000 Notes Payable 500,000
Facilities 3,010,000 Capital Stock 100,000
Accumulated Dep. (1,100,000) Retained Earnings 1,340,000
Total Assets $1,960,000 Total Equities $1,960,000
During the year the hotel expects to rent 30,000 rooms. Rooms rent for an average of $90 per night. The hotel expects to sell 40,000 meals during the year at an average price of $20 per meal. The variable cost per room rented is $30 and the variable cost per meal is $8. The fixed costs not including depreciation is expected to be $2,000,000. Depreciation is expected to be $500,000. The hotel also expects to refurbish the kitchen at a cost of $200,000, which is capitalized (included in the facility account). Interest of the note payable is expected to be $50,000 and $100,000 of the note payable will be retired during the year. The ending accounts receivable amount is expected to be $40,000 and the ending accounts payable is expected to be $30,000.
Prepare pro-forma financial statements (Income Statement, Cash Flow, and Balance Sheet) for the end of the year.
|
Promoting healthy prenatal development
: During a healthy pregnancy, the womb provides a protective environment for the fertilized egg (or zygote) to develop into an embryo, and then into a fetus.
|
|
Probability and non-probability sampling techniques
: A researcher attends an art reception in a major metropolitan city. She decides to approach people over the age of 50 and ask them to fill out a brief survey about purchasing artwork. Is this a probability or a non-probability sampling technique? ..
|
|
How should erin conduct herself in her future visits
: How should Erin conduct herself in her future visits to the Dijon operation in order to get down to business? Should the company replace Erin with another person for the position of international liaison? Explain your answer
|
|
Nest present value of this machine to nearest whole dollar
: The Whitton Company uses a discount rate of 16%. The company has an opportunity to buy a machine now for $18,000 that will yield cash inflows of $10,000 per year for each of the next three years. The machine would have no salvage value. The nest pres..
|
|
Developing master budget and pro-forma financial statement
: The Gold Bay Hotel is in the process of developing a master budget and pro-forma financial statements for 1999. The beginning balance sheet for the fiscal year 1999 is estimated to be: During the year the hotel expects to rent 30,000 rooms. Rooms r..
|
|
Contrast the vocational rehabilitation process
: Compare and contrast the vocational rehabilitation process between public, private for public, and community based nonprofit vocational rehabilitation practice. Please provide an example for your response
|
|
How do factors like high self-efficacy expectations help us
: How do factors like high self-efficacy expectations, control, and humor help us adjust to stress?
|
|
Considering an investment proposal
: Parks Company is considering an investment proposal in which a working captial investment of $10,000 would be required. The investment would provide cash inflows of $2,000 per year for six years. The working capital would be released for use elsewher..
|
|
Environmental issues that relate to the clean water act
: An environmental group, SafePack Materials Pollute, has sprung up and launched an Internet campaign geared toward compelling fruit producers to stop purchasing your packing materials. The situation at hand raises environmental issues that relate t..
|