1. Depreciation had not been provided on any of the assets purchased in the current period. The hotel uses the reducing balance method to calculate the depreciation on its non-room 25:ets and charges a full year's worth of depreciation on the asset in the year of purchase. Type of Asset Cost $ Net Boolz Values Rate Computer Equipment 250.000 The following information was extracted from the books of Ocean Secrets Hotel and Spa account for the year ended December 31, 2012. 3 Revenue Rooms 600.000 Food 450,000 Beverage 120,000 Telephone 45,000 Other Income 33,400 Costs and other data Opening Stock-Food 40.000 Opening Stock - Beverage 30.000 Purchases Food 100,000 Beverage 75,000 175,000 200.000 100.000 10% Laundry Equipment Tools 50.000 25,000 10:24 Departmental Payroll and related expenses Rooms Food Beverage Telephone Administrative & General Marketing Property Operation & Maintenance 80.000 100,000 75.000 20,500 40,000 10,500 20,500 1. Additionally, the hotel estimates that 10 guest's rooms built during the year at a total cost of $3,000,000 and will have a useful life of 10 years and a negligible residual value. You are to calculate the depreciation on the rooms, charging a full year's worth of depreciation. 3. A following items relevant to the 2012 period have not been paid: (a) A National Water Commission bill in the amount of $1,200 O A Jamaica Public Service bill in the amount of $4,950 4. Income tax is to be charged at a rate of 25% Please round to the nearest whole number. 5. Stock as at December 31, 2012: Food $10,000 Beverage $9,500 Required Prepare an Income Statement based on the uniform system of accounts format Show all workings Other Departmental Expenses Rooms Food Beverage Telephone 50.000 30.000 20.000 4.000 40,000 25,000 30.000 17,500 Admin & General Marketing Energy Costa Property Operation & Maintenance Fixed Charges Property Taxes and fixed rates 20,000 # Setting up a dev We're setting up