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1. Using the data provided for the year of ending December 31, 2020, create an income statement for Rex Hotels, Inc. using the examples and
1. Using the data provided for the year of ending December 31, 2020, create an income statement for Rex Hotels, Inc. using the examples and information from the textbook. Chapters 4 and 7 will come in handy as well as page 89. 2. Second, conduct a common-size analysis, also known as a vertical analysis, for your income statement, providing percentages for each line item. This will be discussed in class. (pages 226-227 can be used for reference) $1,569,847.00 $ 965,300.00 $ 165,430.00 $ 30,725.00 $ 190,770.00 $ 284,763.00 $ 40,705.00 $ 14,587.00 Revenues Rooms Food Beverage Merchandise Cost of Sales Rooms Food Beverage Merchandise Expenses Admin and General Advertising Salaries Wages Benefits Guest Supplies Cleaning Supplies Cable Gas/Electric Cash Accounts Payable Phone Water Trash Maintenance Repairs Linens and Uniforms Property Insurance Property Taxes Rent Interest Depreciation Income Taxes $ 2,500.00 $ 23,950.00 $ 375,250.00 $ 248,600.00 $ 96,250,00 $ 2,400.00 $ 22,000.00 $ 6,000.00 $ 16,200.00 $ 10,000.00 $ 15,000.00 $ 1,200.00 $ 6,000.00 $ 3,000.00 $ 18,750.00 $ 3,500.00 $ 5,100.00 $ 10,000.00 $ 17,000.00 $ 84,000.00 $ 29,985.00 $ 52,000.00 3.5%
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