Reference no: EM132764247
Income Statement for the Fiscal Year Ended 3/31
Expenses General Manager Salary. $195,000
Revenues. $1,301,725
Housekeeping Supervisor Wages. $27,300
Desk Clerk Wages. $14,000
Housekeepers (4) Wages. $28,000
Payroll Taxes and Fringe Benefits $52,860
Depreciation (avg. 15-year life) $30,000
Property Taxes $48,000
Insurance $38,500
Repairs and Maintenance $223,652
Cleaning Supplies $24,960
Utilities $82,680
Linen Service $63,458
Interest on Mortgage $162,308
Miscellaneous $88,082
Total Expenses $1,078,800
Income before Income Taxes $222,925
Income Tax Expense $46,814
Net Income $176,111
Ski hotel only open for 20 weeks (140 days) The hotel building consists of a large central entrance area and two wings.
i. The South Wing has 40 rooms with an average room rate of $240 on Friday and Saturday, and of $160 on Sunday through Thursday.
ii. The West Wing has 35 rooms with an average room rate of $200 on Friday and Saturday, and of $140 on Sunday through Thursday.
iii. Both wings have an average occupancy of 100% on Friday and Saturday, and of 75% on Sunday through Thursday.
Problem 1: What is contribution margin and break even?
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