The following balances were extracted from the accounts of the High Mountain Hotel on 31 December 1992. Prepare the Income Statement in accordance with USHA.

Sales:
Rooms 3,00,000 Food and Beverage 2,00,000 Telephone 20,000 Transport 12,500 Payroll and related Exp.:
Rooms 10,000 Food and beverage 20,000 Transport 15,000 Telephone 5000 Administrative and general 25,000 Property maintenance 12,500 Marketing 10,000 Cost of Sales:
Telephone 5000 Rooms NIL Food and beverage 80,000 Other Expenses: `
Food and beverage 10,000 Rooms 25,000 Transport 5000 Telephone 2500 Administration and general 5000 Property maintenance 12,500 Marketing 2500 Other Income:
Rentals and others 50,000 Profit on sale of fixed assets 25,000 Other Fixed Expenses:
Rent, rates and taxes 10,000 Depreciation 10,000